In the bleak mid-winter
In the bleak mid-winter, which as far as I was concerned was last week when temperatures hovered around 2 degrees, my heating and hot water packed up.
Being resourceful – or so I thought- I went to see the plumber who is working on a big project downstairs. He kindly came to look at the problem and said he thought it was likely to be a set of valves, but said he only builds systems he does not repair.
So, I went to see Elvis our caretaker. Elvis said he had heard ‘Bob’ was a good plumber and gave me his telephone number.
Bob said he would pop by and fix the valves – great, - job done.
I have a client who I will call Mario who has a substantial buy to let residential portfolio which he acquired over time at auction.
I happened to mention to Mario and that my heating and water were not working, and he told me to contact Fred, his building manager, a straight-talking northerner – which I did.
By this time, Bob had popped by, and I had engaged him to fix the valves.
I relayed the story to Fred ‘You have done what?’ he said ‘You are allowing a ‘stranger’ into your home to fix valves, when you are not sure they are faulty, for a price you do not know is fair. Did you check out what work he has done for your neighbours; did you ask if he is a Gas Safe Registered Plumber? I am really concerned that he will take your money and run. The world is full of charlatans and sharks!…..’
Bob came by the next day and fitted the valves and left, but neither the heating nor the hot water was fixed. Fred called the next day ‘How did you get on?’ I confessed that the valves had been changed, I had paid the money and the situation was no better.
Fred’s bark was worse than his bite, he asked me to take a photo of the boiler and spotted an error message which he asked me to take a closer look at; ‘F24’. ‘Your problem’ he said ‘is with the pump in the boiler’
I phoned Bob and asked if he was a Gas Safe Registered Plumber, he was and took a photo of his card to show me. I explained what the problem was and – he said he would phone his supplier to see if it had a boiler in stock
Hurrah they had just one left, Bob asked me if I wanted to buy this one and he would fix it the following day. I said I wanted a full invoice, schedule of works and we agreed a price. I know I should have talked to Fred first, but I had been cold for four days and Bob said there was only one boiler in stock.
Timidly I telephoned Fred, who was not pleased ‘What boiler have you bought?’ he demanded ‘Is it sufficient to cover the whole apartment – did you check? What did you pay?’
Bob came back the next day carrying an enormous boiler, which he fitted, and heat and hot water were restored.
I told Fred what boiler had been fitted, what I had paid, for it and the fitting. He conceded that I had done well but was not finished with good advice. ‘Make sure the boiler is commissioned to you if you do not you will not get a guarantee. I made a note of what he said
However, before I was able to speak to Bob, I received an email direct from the manufacturer to say that the boiler had been registered to me, I had a full guarantee and did not need to fill in the back pages of the booklet.
You may ask did Fred assist given that it all worked out well in the end with Bob? I may never know. But maybe, Bob gave me a better service, because he knew, thanks to Fred I knew more than his average customer – and it was better not to pull the wool over my eyes
Vulnerable customers are prey to charlatans and sharks, it is no different in the private client industry on which I write in detail in my book ‘Reimagining the Role of the Private Client Industry’ post lockdown, and which is why I set up Caroline’s Club https://carolines.club
The private client industry needs to build trust with its clients through its network. Each professional needs to be better informed about what other professionals do for their clients whether accountants, lawyers, bankers, investment managers, auction brokers, trust administrators, insurance brokers or estate agents we all need to know what others do for their clients so we can make recommendations in confidence and serve our clients better.
Please let me have your comments and don’t forget to register for Caroline’s Club – it’s FREE to register and you can then learn more about our exclusive award winning club of leading private client professionals who are keen to win business and build trust with clients simply register here