Client-Centric Financial Planning: Bruce Fleming's Perspective

Bruce Fleming, CFP®, a veteran in the financial planning sector, has seen the industry evolve dramatically over nearly three decades. Starting his career as a legal advisor, Bruce transitioned into financial planning in 1999 after realising the potential of lifestyle financial planning, a client-centered approach that was ahead of its time. In this discussion, Bruce reflects on the industry's journey from commission-based product selling to a more holistic, client-first model. He attributes much of this shift to legislative changes, which have increasingly aligned the industry’s practices with the best interests of clients. However, he points out that his ethos of client care predates these regulations.

Bruce stresses the importance of trust in client relationships. He divides trust into three types: instant distrust, referral-based trust, and, most importantly, earned trust. Building this third type of trust, according to Bruce, requires ensuring clients understand 100% of their financial strategies. His six-step financial planning process is designed to offer tailored solutions based on thorough client needs assessment.

As an advocate for education, Bruce believes clients today are more knowledgeable and empowered, and financial planners should encourage this. For new entrants into the industry, his advice is clear: build trust through integrity and transparency. Bruce is also passionate about nurturing future talent, offering internships to young professionals and emphasising the importance of practical, hands-on experience over sales targets.

Key Points:

• Transition from legal advisor to financial planner in 1999.

• Emphasis on lifestyle financial planning and putting clients first.

• Industry shift from commission-driven product sales to client-focused approaches.

• Importance of educating clients and ensuring transparency in financial decisions.

• Bruce’s three levels of trust: distrust, referral-based trust, and earned trust.

• Building trust and empathy as critical skills for financial planners.

• Intern programs for young professionals as a method for developing talent in the industry.