When Dani Wainwright stepped away from her senior finance role at a FTSE 100 retailer and took the decision to become a fractional FD, she admits her motivation was at least partially to be able to see more of her kids – but a career soft option it certainly was not. 

For many in finance, the term ‘portfolio career’ used to refer to a collection of non-executive director (NED) roles, typically performed by someone in the twilight of their career. But increasingly the term is used to describe a career that involves multiple roles.

As career choices go, it’s by no means a step back from a single full-time position, Wainwright says. Having forged a career across a range of senior financial roles in big corporates, it was a former colleague who highlighted the merits of a portfolio career. “She said, ‘it’s brilliant. I’m as busy as I want to be. It’s really interesting work and I’m really enjoying it. You should go for it.’”

Four years on and Wainwright has not only forged a successful career as a fractional FD, typically advising ambitious and growing businesses in the £1m-£10m turnover bracket, but also advises others on making the move and runs courses to help them get started. Wainwright chaired a recent ICAEW webinar on portfolio careers, available on demand, and has written previous articles about her journey for ICAEW, too.

Today Wainwright works three days a week with three clients and spends the rest of her working week on business development and networking for the collective of eight fractional FDs that work alongside her. 

Position yourself accordingly

If you’re the kind of person who needs the rigidity and relative security of a full-time role, a portfolio career may not be for you, Wainwright says. At the same time, understanding the scope of the role – typically offering commercial and strategic finance support – and positioning yourself accordingly is key.

“You need to understand what it is you want from this move. What type of clients and sectors do you want to work with? Do you want to be fully remote, partly on site or always on site with your clients? Thinking about those things at the outset is crucial,” Wainwright says.

At the same time, success hinges on business development and networking to ensure a constant pipeline of work. It’s a mindset shift that even experienced finance professionals may struggle with. “You have to be comfortable making a certain amount of noise to show people what you’re doing because it gives a level of credibility to demonstrate that you have the right skills.” 

Giving clients control back

“Often, it’s about understanding a potential client’s pain points and knowing and showing what you can do to help. If you can talk to that second degree of need and give business owners back control and peace of mind, most are interested.” 

Brand consistency is key. Every interaction – whether that’s face-to-face at a networking event or via a social media post – must speak to your brand and what you’re about. “For example, we’re very jargon free because we want to be approachable and not mega-corporate. If everything hangs together, it feels right and that engenders trust and confidence in your offer and abilities.”

Although LinkedIn may not bring in a lot of direct work, dedicating time to posting on the platform will pay dividends. “It keeps me front of mind with the connections I’ve built, so when they see an appropriate opportunity, they refer it to us.”

Let your personality shine through

In particular, posts offering business advice often gain good traction, Wainwright says. “Business owners shouldn’t have to burn themselves out to have good, profitable businesses, so we lead a lot with wellbeing and the idea of working smarter, not harder. Weave in your personality because that’s part of what people are buying,” she adds.

But LinkedIn, while useful, isn’t the be-all-and-end all – it’s also important to find or create networking opportunities that work for you. “I’m quite introverted so we’re starting our own outdoor networking and wellbeing events this year that will bring like-minded business owners together for activities outside and great conversations. It’s more natural than shouting in someone’s ear in a bar. I’m five foot nothing, so I don’t do so well in that environment!”

The benefits of a collective

“A lot of people think if they work through a collective, they won’t have to do much business development or networking. But it varies from none to quite a lot. Our little community of FDs is almost like having colleagues. You can bounce questions off each other and we get together occasionally. A lot of people value that, but make sure you feel you’re getting enough value to justify giving away some of your day rate.” If you’re not part of a collective, you should devote one day a week where you’re not client facing, to do your billing, marketing and networking, she says. 

Also, if you do go down the collective route, make sure you do your diligence on a partner and understand the terms and conditions, Wainwright advises.

The issue of how much you charge will depend on a range of factors, including geography, experience and scope of work. When you’re starting out, be prepared to pitch a lower day rate in exchange for experience, the mindset change you’ll get from being up and running, and all-important client references, Wainwright advises. 

“Getting your first client will give you things to talk about to your next prospect. You could say, ‘I will work with you at this lower rate because I want to work with you, but we will need to review that rate after three months.’ Even if you stick with that lower rate, you could do it on the basis that they will provide you with a video testimonial so that you’ve got something to help you win more work.” 

• Listen in to ICAEW’s on-demand webinar with expert advice on how to make a portfolio career work for you.