Poole-based PFM Associates has been giving independent, holistic, one-to-one financial planning advice for more than 20 years. PFM serves a wide range of clients, offering financial advice to professionals, business owners and those approaching and in retirement. Additionally, it has several advisers who are experts in advising medical professionals, including GPs, hospital consultants and dentists. The firm’s philosophy is made up of four pillars: technology, sustainability, locality and professionalism. PFM strives to use the best available technology across all functions to improve the level of service it offers to clients. When it comes to sustainability, the firm set up a division – Purposeful Money – dedicated to advising on investing in ESG portfolios, and it actively encourages clients to consider investing their money here. PFM Associates works with the local community on several projects. One that stands out is its work with the Dorset Wildlife Trust. For the last two years, PFM has sponsored the Trust’s barn owl webcam, which provides a glimpse into the lives of these amazing birds, enabling the local community to see wildlife in action, in real time. Its fourth pillar, professionalism, is maintained by the firm continually encouraging all its planners to become chartered, which represents the ‘gold standard’ of financial planning advice. The firm itself has chartered status from the Chartered Insurance Institute.
Bridgend-based Magenta Financial Planning, founded in 2016, has become well known in the advice world for its fuchsia-soaked website and business cards and everything in between. The all-female team is flying the flag for women in the profession. Managing director Gretchen Betts is in the process of launching a podcast about diversity and inclusion in financial services. Additionally, Magenta has signed the Women in Finance Charter, which commits firms to ingraining gender equality by setting and publishing internal targets, ensuring executive pay is linked to those goals, and electing a member of senior staff to oversee diversity and inclusion. The firm has made a name for itself in the local community and beyond. In 2019 it was presented with the Employer Partnership Award by Bridgend College, and Magenta is a regular guest on BBC Radio 4’s Money Box. The firm has committed to reducing its environmental impact to be in line with international benchmarks. It is on track to reduce paper usage by 50% this year. It is also on track to become a dementia-friendly business, meaning that all staff members will be trained recognise the early signs of dementia when speaking to clients and know how to help clients suffering from the disease. The business is working towards accreditation from the Alzheimer’s Society.
In the beautiful county of Pembrokeshire, West Wales, you can find Thomas and Thomas. Founded in 2006 by Darren Lloyd Thomas and his wife Lisa, the firm is a regular in the pages of New Model Adviser, which recognised Thomas and Thomas in its 2020 Top 100 list. The firm was NMA’s 2019 transparency champion due to its publicised fees on its website. Thomas and Thomas charges £100 per hour for building financial plans. It does not charge any more for implementing an investment or financial product recommended by the plan, but does charge a percentage fee for ongoing portfolio management and care. The firm is able to offer 100% ethical investments to clients. In 2019 it ran a local advertising campaign to challenge people on how ethical their investments were. The company website has an ethical investments page, which acts as an introduction to ethical investing. The firm is also involved in its local community. Most recently, staff members headed to nearby Newgale Beach for an annual beach clean. Many clients helped, too, and over the course of the morning they filled 10 bin bags with litter.
Bournemouth-based Strategic Solutions was set up 10 years ago. Its advisers are well qualified: nine have a diploma in financial planning; four are chartered; and eight have been awarded a fellowship from the Chartered Insurance Institute, the highest qualification for an adviser. The awarding-winning firm has been recognised on many occasions for the good work it does in the financial advice world. It does a huge amount of charitable work, too. The firm launched its Community Foundation last year, with advisers donating 0.5% of their gross income and Strategic Solutions matching the amount. This means about £35,000 per annum goes to good causes. The firm’s foundation committee assesses applications and makes the awards. They look to local causes, with a preference for financial education. Kevin Forbes, principal at Strategic Solutions, is chairman of Dorset Deaf Children’s Society, which receives regular donations from the firm. Strategic Solutions also helped equip a sensory room for the Windward Foundation, a charity that helps adults with a learning disability with the cost of holidays, day trips and equipment.
Investment Solutions has been providing independent financial advice to clients across the country including London, Brighton, Worthing and the south coast since 1988. Managing director – and former NMA cover star – Ivan Lyons said in 2015 that the company employed 12 people, had 700 active clients and £165m AUM. Today, the firm boasts more than double those figures. Six of its eight advisers have been awarded chartered status by the Chartered Insurance Institute. Lyons and another adviser have recently been awarded a certificate of excellence from VouchedFor, the UK’s leading review site for financial advisers. They each had an average score of 4.8 out of 5 from their client reviews. Investment Solutions conducts investment research and recommendation entirely in-house. It does not outsource what it calls ‘the most vital part of the advice process to a third party’, meaning clients can be sure the firm always knows their goals and are actively working to help clients achieve them. As Investment Solutions is not paying anybody else for these services, clients are not subject to additional costs. Additionally, the firm offers clients a money-back guarantee if they are not completely satisfied with their service.
Back in 2018, two of the biggest names in financial advice, Bristol-based Paradigm Norton and London-based Red House Consulting, merged. At the beginning of this year, chief executive Barry Horner announced that the firm had launched a leadership academy with the University of the West of England ‘as a result of a desire to equip the future leaders of the business to lead with excellence.’ In 2019, Paradigm Norton transferred 80% of its shares to an employee-ownership trust, giving all its staff a stake in its future. In an interview with NMA at the time, Horner said of the move: ‘The collective ownership by all the team secures the future of the business and our core values, meaning we can long outlast the founders and senior team without the threat of a takeover or sale that could result in a dramatic change in business culture. ‘We can now build confidently for the future, continuing to offer all the team the very best of opportunities, thereby preparing to serve our clients’ next generation.’ Paradigm Norton prides itself on helping local charities and social issues by encouraging staff to participate in corporate social responsibility days. In late 2019 Paradigm Norton was awarded B-Corp status, meaning it balances purpose and profit and is legally required to consider the impact of its decisions on its workers, customers, suppliers, community and the environment.
Located halfway between Cardiff and Newport is Gould Financial Planning, a firm with more than 150 years of financial services experience among its staff The firm was founded in 2001 by the partners of Kilsby & Williams LLP, a firm of chartered accountants and experienced financial planners Simon Gould and Andy Gait. It charges clients a fee for the time spent with them rather than being rewarded with a payment for the sale of a product to clients. The firm is renowned for its client engagement. Last year, prior to the launch of its new client portal, it selected a range of clients of different ages and service propositions to interact with and test the portal. Clients were asked to use certain parts of the system and test the output before providing feedback to Gould. This meant that the clients felt part of the business development and allowed the launch of the portal to be seamless. Every Christmas the team at Gould Financial Planning donate to Cardiff Foodbank instead of doing an office secret Santa. Staff members also choose a charity each year to receive their dress-down Friday donations, when they wear casual clothes and donate 50p. The firm then matches the donation. The chosen charity in 2019 was the Dogs Trust; this year it is a local cancer support charity. Additionally, the team fundraises and donates to the Teenage Cancer Trust.
Ashlea Financial Planning, a chartered and accredited firm based in Cheltenham, is a shining example of a smaller independent advice firm. While there may not be plans to grow the company into a behemoth of the profession, the business is promoting the importance of life-focused financial planning. In an interview in August, managing director Diane Weitz said of financial advice industry: ‘There is still a misconception that it is about selling products.’ This is something that she is quick to dispel. ‘I like to see the profession as empowering people to have control of their own affairs. It is about providing people with the confidence that they can have control over something centrally important in their lives.’ Weitz’s daughter, Eleanor Clark, also plays an important role in the firm as a financial planner. As a member of the NextGen Planners group, Clark is committed to working with and learning from the sharpest young minds in planning. Ashlea Financial Planning is active in the local community. Upon moving to new premises last year, it engaged with a group of local artists to exhibit their work. Prior to the lockdown, artwork was being rotated regularly, with clients and professional connections being invited to meet the artists. Financial planner Nik Marsh describes this as ‘a great way to connect with clients and potential ones, while supporting the local art community.’
Based in Newport, Heron House Financial Management is one of the most prominent advice firms in South Wales. It connects with clients on a regular basis through its client newsletter and has been building a stronger presence on social media to spread the word about financial advice. All Heron House clients receive bespoke investment portfolios, and the company has put particular emphasis on developing a broad range of solutions for those who have strong sustainability and ethical preferences. All clients are urged to talk about the things that matter most to them, and the financial plan is then built around their values and objectives. Heron House measures itself against the 17 sustainable development goals outlined by the United Nations. This is part of a drive to raise awareness of broader political issues and ensure the firm operates in a way that benefits all stakeholders. Heron House also donates £100 to a charity of a client’s choice when they successfully refer a new client. At the end of September, directors Saran Allott-Davey and Chris Jordan sold a controlling portion of their shares in Heron House through an employee-ownership trust. This has created a long-term succession plan, and in theory removes the need for the business to be sold when the directors decide to exit. It also gives staff a greater say in the future of the firm.
Headquartered in Exeter, Cathedral Financial Management has a strong presence in the South West. The chartered firm offers a strong focus on planning and stands out from the crowd by having its own in-house DFM. Cathedral has a proud history in the New Model Adviser Awards, winning the annual award for the South West twice and being shortlisted a further seven times. It has also been awarded the Investor in Customers Gold award for 2020. This accreditation is based on a firm’s ability to attract and retain clients. At a time when the profession needs young talent, Cathedral has led the way by having a graduate placement programme. In August it took on a new pre-graduate placement student. Head of investment Shane Bennett has gone the extra mile by completing a six-month career mentoring programme with the University of Plymouth. Cathedral was founded in 1993 and owes its name to its initial home in Cathedral Yard. It moved to its current location, Eagle Park at Exeter Science Park, in 2018. The firm has grown organically but also made two acquisitions. As a result of its second, in 2010, it has a presence in Plymouth city centre, too.
Ken Abram started Cardiff-based Abram Partnership on 1 March – St David’s Day – 1992 as a sole trader. As the business grew with the addition of Daniel Howell, it incorporated and became Abram Partnership in 2009. The team has since grown to include Abram’s wife Sue as financial director, and son James as director and trainee financial adviser. After taking over the clients of a business in Penarth in 2015 and working with the owner, the owner’s daughter will now become a qualified and authorised financial adviser within the Abram Partnership in late 2020. Dan Howell became managing director three years ago, as Abram wanted to focus on working with clients rather than running the business. With more than 100 years’ experience within the financial services profession, the firm is chosen by many business owners, entrepreneurs and millionaires for tax-efficient, long-term financial planning, and investment, pension, retirement and tax advice. The Abram Partnership helps people to live meaningful, fulfilled lives without worrying about money. It does this by establishing what their goals are, finding out how much is ‘enough’ to achieve those goals, and then putting plans in place to help clients achieve them. The firm’s reputation is built on profound, specialist knowledge together with integrity and quality advice and service.
Chetwood Wealth Management is a chartered IFA firm based in Somerset but looking after clients throughout the UK, with an additional office in London. The company became directly regulated in 2001 with chairman Mark Pendarves at the helm. The day-to-day running is now down to managing director Richard Hansell, who joined Pendarves in 1997. Chetwood has grown substantially in recent years, partly by organic growth through referrals and professional connections, and partly through acquisitions. Chetwood has spent a great deal of time and resources building up a technical back-office team to support the client-facing advisers. There are currently four fully qualified advisers who do not have their own clients, but support those out in the field. This, when added to the firm’s paraplanning team, ensures high-quality technical advice is available to clients with a focus on investment, pensions and estate planning. The company launched its own range of in-house advisory model portfolios in 2008. Last year, due to demand, a close linked DFM, Chetwood Investment Management, was set up outside of the financial services group. A focus on improved use of IT and a more differentiated client service meant that Chetwood has been able to provide a continuous service to clients throughout the pandemic. This includes weekly communications to clients and more detailed quarterly reporting on clients’ portfolios, whether in-house or run via third-party managers.
Create Wealth Management is a chartered financial planning firm. It specialises in cashflow-based lifetime financial planning and investment, retirement planning and wealth preservation. With offices in Newport, Cardiff, Windsor and Marlow, the firm was formed with the belief that high-quality, professional financial advice and investment planning can only be achieved through a transparent, fee-paying relationship, free from the potential for bias associated with commission-based firms and services. The firm and its directors gained certification to BS8577 & ISO22222 in 2015 and have continued to maintain this annually. Standard International’s financial planning certifications are known for being some of the toughest to achieve and have helped the business achieve strong organic growth, year on year. In October 2019 Create Wealth became one of the first adviser firms in the UK to be awarded fully Regulated Claims Management permissions by the FCA. Create Wealth has invested heavily in technology and its processes as a result of lockdown, and is looking forward to taking on further clients in 2020.
Continuum is a fresh and modern national financial advice business that strives to be one of the leaders in the sector and to be viewed by clients, advisers, employees, strategic partners and the regulator as the quality benchmark others should aspire to. The firm believes in building a business that is big enough to make a difference yet small enough to care, one that focuses on the advisers, clients and the staff by developing a true partnership-centric model. By embracing modern technologies, it delivers an outstanding client and stakeholder experience at all times. This past year has been a defining year for Continuum. While the world has seen uncertainties both economically and socially following Covid-19, it has maintained a significant level of growth across all key areas. It continues to adapt and develop its client offering, providing new and improved ways to support to the adviser and client community across all of the UK, which will not only create a short-term positive impact, but also long-term meaningful client relationships.
FiveWays made its second acquisition last year, taking over Dawn Richards Associates and adding 120 clients and £20m of AUM. Since launching in 2012, FiveWays has grown to seven advisers and 10 paraplanners and administrators. It attracts most of its new clients through professional and client referrals and an investment seminar programme. It is a full-service professional IFA, providing an ongoing advice service to clients. Individual advisers have specialist knowledge of pensions and divorce, later-life advice and tax-sheltered investments. In 2019 FiveWays purchased an office in Worle, close to M5 Junction 21 and conveniently located for client meetings, though during 2020 most clients have been content to have remote meetings, partly because they already have full online access to their investments through the Intelligent Office portal. FiveWays’ CIP uses model portfolio services managed to specific mandates by DFMs Parmenion and Wellian. The mandates are aligned with FiveWays’ risk and suitability profiling system. One of FiveWays’ advisers, Ian Evans, has been a member of the Society of Later Life Advisers (Solla) for many years and is now South-West regional coordinator for Solla and a member of its advice board. Over the next three years, FiveWays will internally finance the retirement of two of the founding directors, and will consider further acquisitions.
Sovereign IFA is a chartered financial planning firm based in Bristol. The firm, which has featured in New Model Adviser's Top 100 in the past few years, is known for providing outstanding service and support, which results in almost all clients coming to the firm through referrals. The firm believes in the power of investing in the future, offering employment opportunities to young people and supporting them as they work towards their financial services qualifications. Sovereign IFA is passionate about supporting charities, local schemes, schools and businesses, deepening connections and making an impact in the community of Thornbury and beyond. The firm supports the community and charities in a number of ways, including raising money for the Alzheimer’s Society by completing activities such as half marathons. The firm is also a member of Premium Partners, a scheme promoting the collaboration of local schools and businesses to share knowledge and create opportunities. The firm has discussed a career in financial planning with several sixth formers.
Baker Davies sets out to protect clients’ financial futures at each stage of their life. This basic premise has helped to form its client-centric ethos. ‘We seek to put them first and do the right thing by them in everything that we do,’ it states on its website. Baker Davies is one of the larger independent firms in the South West, with offices in Poole and Salisbury. Nonetheless, all clients are offered flexible bespoke solutions, and the model portfolios used for clients are built around a proper understanding of the client and their risk profile. The firm communicates regularly with clients, and like many others has embraced video calls this year. It also has a Facebook page, with regular updates to keep clients informed on market trends, local issues, tax updates and any news that might have relevance to a client’s personal or business finances. To guarantee the best possible client service, Baker Davies operates a six-stage financial planning process. After an initial ‘getting to know’ meeting, client risk attitude and capacity for loss is assessed. Next, solutions and products are researched, and this is followed by investment research. The fifth stage is a bespoke recommendation, and the final stage is the ongoing monitoring and reviews of the client’s financial position and aspirations.
Penguin Wealth Planners is a Cardiff-based Financial Planning firm formed in 2010 by a group of financial planners who share the same vision and love for what they do. The processes, support team and the accreditation they have achieved all reflect the firm’s principles and prove that it is best placed to help you live the life you deserve with peace of mind. Penguin believes life is precious. While financial planning is important, those in the firm know that some things are more important than money, such as contentment, family, friendships, giving back, good health and achieving success. Penguin builds bespoke financial plans that will contribute to a client’s goals and values, while helping them plan a more comfortable and enjoyable future. Penguin helps prepare clients, their family and their business for all eventualities by protecting them from the curveballs life can throw at them and keeping them on track to fulfil their goals and dreams, no matter what happens. Penguin are committed to helping people live their best life by making smarter financial decisions.
Seabrook Clark is made up of multiple award-winning chartered financial planners and DFMs based in Exeter. Offering dynamic performance built on knowledge, expertise and integrity, the firm offers a truly personalised service and is passionate about enriching the lives of its clients. Established in 2013, the company has £140m of AUM and prides itself on giving clients a unique experience. It is committed to providing a bespoke wealth management service built on long-term relationships. This includes professional independent and trusted investment, pension and tax saving advice tailored to individual circumstances. At the leading edge of the profession, Seabrook Clark provides an approachable and friendly service that draws on the latest technology to ensure seamless communication and efficiency. Seabrook Clark believes in transparency and displays the full performance history of its managed portfolios, which sets it apart from many of its competitors. It is committed to presenting information clearly, in a manner that is free of technical jargon and easily understood. Seabrook Clark is committed to its team and encourages all staff members to carry out continued professional development and attend relevant events to widen their skill set and knowledge base. It has created trainee roles for school leavers and graduates to gain experience working in the finance industry, which has allowed them to gain a foothold in their chosen career.
JLW Financial Solutions is run by sisters Jade and Leah Williams. They are unique in that they are young female advisers in the industry and have a diverse client base that is intergenerational. The firm’s aim is to provide a sustainable and trusted advice path for all of their clients. They are passionate about sustainability, ethical investing and, most importantly, long-standing client relationships. For JLW, it is important to continually support clients through good and bad times. JLW is also excited about recruiting and empowering the next generation of advisers entering the industry. The Williams sisters are developing their firm whereby they are recognised not for how many assets they have under management but for the quality of the advice they provide and their personalised, friendly approach.
Welcome to the New Model Adviser regional Top 20s, in partnership with PIMCO. As part of our commitment to the regions across the UK, we have launched our regional Top 20 publications, showcasing some of the best firms within financial planning and wealth management. We will be covering the Midlands, Scotland, South East, South West and the North of England. Each Top 20 list will focus on the firms we think are doing great work building bonds with clients and driving the profession forward, both in terms of growth and best practice. This special publication corresponds with our virtual regional roundtables, also in partnership with PIMCO, which focuses on building bonds with clients, particularly during a pandemic and challenging lockdowns. This issue we look at the South West of England. Our list looks at the firms that are championing great advice, especially during a year where firms have had to adapt and overcome difficulties to ensure they are still providing clients with great service. There are plenty of great financial advisers working across the UK, and those listed in these pages are providing dedicated services throughout the South West. One of the biggest things that shines through, regardless of which firm you speak to, is that it is all about the clients.
The huge disruption the pandemic has caused is having ripple effects within the way financial advisers and providers communicate with each other and their clients. Still, issues such as the advice gap and preparing for the big wealth transfer to the next generation continue to pose challenges to consumers and the way they perceive financial advice as a profession. In the first of a series of regional events across the UK organised by PIMCO and Citywire, advisers from the Midlands and city fund managers met on Zoom to share their views on how to build and maintain long-lasting client relationships. Communication is key Communication with clients has inevitably been more frequent since the Covid-19 outbreak, advisers say, but working towards maintaining a high level of trust with clients hasn’t changed because of the pandemic. ‘Being yourself and telling the truth’ has been the constant mantra for Philip McGovern, managing director for Henley-in-Arden-based MPA Financial Management. ‘Clients trust truth, and obviously, continue to produce solutions for what they want to do during their lifetimes and try to satisfy their goals’. But sometimes, building durable relationships doesn’t have to be centered around financial statements and investment talk – a simple, kind gesture can do the trick. For example, Gary Metcalf, director at Gemini Wealth Management, shared the inspirational and heartfelt book, The Boy, the Mole, the Fox and the Horse, with a client, who spent lockdown on his own. ‘The feedback I had was amazing,’ says Metcalf. ‘Nothing to do with financial services, just showing that you think about them and you care about them. I do a lot of that sort of stuff with my clients, and it works, and they tell other people and it’s a good referral tool, as well.’ The event’s participants have also discussed building relationships with fund providers, where other dynamics are in place. Joseph McCurdy, vice president and account manager at PIMCO, says timely and appropriate communication and the ability to avoid information overload is what emerged the most during the pandemic in his business relationship with advisers. ‘You do have to be able to know when to step in, but sometimes you have to know when to step out,’ says McCurdy. ‘Going through that period, it’s providing people with the appropriate information. To explain what’s going on in the market, can I produce something that will allow you to communicate better with your clients?’ In the height of the pandemic, where markets saw the biggest selloff in decades, one challenge was how to communicate bad news. As Gareth Cope, chartered financial planner at Intelligent Wealth Partnerships, puts it, ‘you can’t sugar coat these things,’ so advisers need to explain clearly what is happening in markets and what they are planning to do to protect their portfolios. Changing the perspective For many years, or at least since the introduction of RDR in 2010, adviser businesses had to cope with a change in their models, meaning that a large chunk of the market couldn’t afford financial advice at a reasonable price. This has caused an advice gap that still resonates today within the industry. Changing people’s mind on financial services remains tricky, advisers say. The trust element always comes into play, says Ian Smith, director of Central Wealth Planning. ‘I don’t think there’s a particularly easy way to suddenly get people [financial advice] that are not interested or don’t trust us to suddenly trust us, apart from if they get somebody else to tell them who they know and trust,’ Smith says. Another issue around the advice gap is capacity and the ability to travel around the country to meet clients. Cope thinks it is in the hand of the next generation of professionals to find more efficient ways to reach out to existing and new clients. ‘It’s going to be the next generation that does it through social media. I’ve been doing it for over 20 years. It’s not going to be me that does this, but other people coming into the industry,’ Cope says. Attracting younger clients can help build a larger audience, albeit this might not immediately be profitable for advisers. One way to attract a younger clientele is to engage with the daughters and sons of existing clients sooner rather than later. ‘Advice only becomes valuable when people actually go searching for it, and advisers will know this really well,’ says McCurdy. ‘When you’re young and you’re going through that stage of getting married, having kids and so forth, you generally don’t have the money to either pay for financial advice or to invest. And it’s not until you come to the later stages of [life] where you actually inherit money or that you’re earning enough that you do put that money to work for you, that you actually see the value of advice.’ For others, the rapid increase in DB transfers has pushed more people to seek advice. This has not only raised more queries by people that had never asked for advice before, but also served as a way to distinguish good from bad advice. McGovern says: ‘With this big explosion of DB transfers the last few years, you’ve spoken to people who’d never sought financial advice before. Some people think it’s really expensive, but they don’t fully understand what they’re getting for it.’ For McCurdy, to bridge the advice gap is to demonstrate the value of advice and finding better ways to connect the older and younger generations, especially when it comes to intergenerational wealth planning. ‘You spend two or three hours with a client and the client at some stage, does have to appreciate that they’re not necessarily just paying for those two or three hours – they’re paying for the 20 years of experience and the exams and the training and everything that you’ve done through that period of time in order to condense their needs into those two or three meetings in order to deliver them a solution,’ McCurdy says. For Gemini’s Metcalf, building bloodline protection Wills has worked well as a way to engage with his clients’ children, the trustees and beneficiaries of the will. ‘Certainly, when you’ve got your top clients passing large amounts of money down to their children, they need to understand the value of that and the role of the trustee and the executor,’ he says. ‘Doing any inheritance tax planning, you would like their children there because they’re the ones that will benefit from any amount of inheritance tax planning you do.’
On top of technology Many lessons have been learnt since March, and the world has come to terms with the start of a new normal. Technology has been a protagonist of the pandemic for those lucky enough to be able to work from home. For Tim Kirby, co-founder of WKM Wealth, technology has been ‘massively important’ especially since his firm launched during the pandemic. ‘We’ve known nothing else other than being tech savvy to operate the business,’ says Kirby. ‘We’ve invested quite a lot in our online portal, which the clients are really enjoying and really like the two-way shared communication through that. ‘I came from a more traditional firm before I left and set up WKM, and I can only imagine the difficulties perhaps they’re having, not being tech savvy as a business, but all firms have learnt over the last six months that clients are pretty adaptable,’ he says. While most clients have surprised advisers in how quickly they have adapted to technology and online meetings, things have proved more challenging when building new relationships from scratch. ‘I’ve spoken to people that have taken on new clients very well and we’ll wait and see whether we can do annual reviews again by Zoom,’ Cope says. ‘I suspect we’ll be going back to face-to-face for a fair few because I’m finding that not so many things are cropping up in Zoom. It’d be great if we could have a lot of our meetings on Zoom because we’ve got more time to do our prep or follow up work. We’ll have to wait and see in the next year whether that continues.’ Overall, the enhanced use of technology has allowed advisers and investment professionals to see clients wherever they are located. Since Covid-19 broke out, McCurdy has taken more clients onboard, and working for a US firm such as PIMCO, he was able to easily help clients across Europe, where the firm has a vast bulk of assets. ‘I did a meeting with a firm in Edinburgh and the product specialist was in Newport Beach in California. The firm in Edinburgh had four people from their investment committee dialling in from four different parts of Scotland, and for them to be able to do that and be able to question on a consistent basis was brilliant, because to get those guys into an office in Edinburgh for a meeting and get somebody across from the US takes a huge amount of resources and we don’t necessarily need to do that going forward,’ says McCurdy. Getting technical So what are the tech must-haves and must-dos in the new normal to engage with clients? Advisers agree that a coherent and clear website and the ability to respond quickly to client requests are paramount. Cope believes that the relationship with providers has not changed because of Covid but has made communication quicker, although he still likes to deal with representatives of the firm in person, instead of compiling questionnaires on their website. ‘I do like to speak to someone there rather than rely upon emails and internet forms,’ he says. The way technology has helped businesses during most of 2020 is unquestionable. As ever, it is up to the single individual and their habits to see how technology can help the relationship further. Kirby says people will still want to meet their advisers face-to-face, for example. ‘We were talking to a fund manager that manages a £1.8bn investment trust. We’d never have been able to see them face-to-face before, but now, through this type of medium, we’ve got that access. On the client side and on the provider side, there’s some great advantages to this, but it will still take some getting used to for lots of people.’
Much has changed in society since March and the beginning of lockdown. This is also true for financial advisers and their clients, who have found new ways of communicating with each other. But what has been easier for them to do to keep their conversations alive and what have been the challenges?
A word about risk: Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and the current low interest rate environment increases this risk. Current reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than the original cost when redeemed. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. Currency rates may fluctuate significantly over short periods of time and may reduce the returns of a portfolio. High-yield, lower-rated, securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. The services and products described in this communication are only available to professional clients as defined in the Financial Conduct Authority’s Handbook. This communication is not a public offer and individual investors should not rely on this document. Opinion and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. For investment professionals only. PIMCO Europe Ltd (Company No. 2604517) Ltd (Company No. 2604517) and PIMCO Europe Ltd - Italy (Company No. 07533910969) are authorised and regulated by the Financial Conduct Authority (12 Endeavour Square, London E20 1JN) in the UK. PIMCO Europe Ltd services are available only to professional clients as defined in the Financial Conduct Authority’s Handbook and are not available to individual investors, who should not rely on this communication.
Poole-based PFM Associates has been giving independent, holistic, one-to-one financial planning advice for more than 20 years. PFM serves a wide range of clients, offering financial advice to professionals, business owners and those approaching retirement and in retirement. Additionally, they have several advisers who are experts in advising medical professionals, including GPs, hospital consultants and dentists. The firm’s philosophy is made up of four ‘pillars’: technology, sustainability, locality and professionalism. PFM strives to use the best available technology across all functions to improve the level of service it offers to clients. When it comes to sustainability, the firm set up a division - Purposeful Money - dedicated to advising on investing in ESG portfolios, and it actively encourages clients to consider investing their money here. PFM Associates works with the local community on several projects. One that stands out is its work with the Dorset Wildlife Trust. For the last two years, PFM has sponsored the Trust’s barn owl webcam, which provides a glimpse into the lives of these amazing birds, enabling the local community to see wildlife in action, in real time. Its fourth pillar, professionalism, is maintained by the firm continually encouraging all its planners to become chartered, which represents the ‘gold standard’ of financial planning advice. The firm itself has chartered status from the Chartered Insurance Institute.
Bournemouth-based Strategic Solutions was set up 10 years ago. Its advisers are well qualified: nine have a diploma in financial planning; four are chartered; and eight have been awarded a fellowship from the Chartered Insurance Institute, the highest qualification for an adviser. The awarding-winning firm has been recognised on many occasions for the good work it does in the financial advice world. It does a huge amount of charitable work, too. The firm launched its Community Foundation last year, with advisers donating 0.5% of their gross income and Strategic Solutions matching the amount. This means about £35,000 per annum goes to good causes. The firm’s foundation committee assesses applications and makes the awards. They look to local causes, with a preference for financial education. Kevin Forbes, principal at Strategic Solutions, is chairman of Dorset Deaf Children’s Society, which receives regular donations from the firm. Strategic Solutions also helped equip a sensory room for the Windward Foundation, a charity that helps adults with a learning disability with the cost of holidays, day trips and equipment. This is just a snapshot of the good work that Strategic Solutions are involved in. The list is endless.
Investment Solutions has been providing independent financial advice to clients across the country including London, Brighton, Worthing and the south coast since 1988. Managing director – and former NMA cover star – Ivan Lyons said in 2015 that the company employed 12 people, had 700 active clients and £165m AUM. Today, the firm boasts more than double those figures. Six out of eight of its advisers have been awarded chartered status by the Chartered Insurance Institute. Lyons and another adviser have recently been awarded a certificate of excellence from VouchedFor, the UK’s leading review site for financial advisers. They each had an average score of 4.8 out of 5 from their client reviews. Investment Solutions conducts investment research and recommendation entirely in-house. It does not outsource what it calls ‘the most vital part of the advice process to a third party’, meaning clients can be sure the firm always knows their goals and are actively working to help clients achieve them. As Investment Solutions is not paying anybody else for these services, clients are not subject to additional costs. Additionally, the firm offers clients a money-back guarantee if they are not completely satisfied with their service.
Located halfway between Cardiff and Newport is Gould Financial Planning, a firm with more than 150 years of financial services experience among its staff. The firm was founded in 2001 by the partners of Kilsby & Williams LLP, a firm of chartered accountants and experienced financial planners Simon Gould and Andy Gait. It charges clients a fee for the time spent with them rather than being rewarded with a payment for the sale of a product to clients. The firm is renowned for its client engagement. Last year, prior to the launch of its new client portal, it selected a range of clients of different ages and service propositions to interact with and test the portal. Clients were asked to use certain parts of the system and test the output before providing feedback to Gould. This meant that the clients felt part of the business development and allowed the launch of the portal to be seamless. Every Christmas the team at Gould Financial Planning donate to Cardiff Foodbank instead of doing an office secret Santa. Staff members also choose a charity each year to receive their dress-down Friday donations, when they wear casual clothes and donate 50p. The firm then matches the donation. The chosen charity in 2019 was the Dogs Trust; this year it is a local cancer support charity. Additionally, the team fundraises and donates to the Teenage Cancer Trust.
Chartered financial planning firm Fitzallan was founded in 2004 by directors Gregor Johnston and Neil Brennan, when former employer, Ernst & Young (E&Y), exited the regulated financial advice market. They were soon joined by a number of their former E&Y colleagues, since when the team has continued to grow. Both Johnston and Brennan remain key client advisers, with the advisory team boosted in recent years by Gill Hunter from Grant Thornton and the promotion of ‘homegrown’ Pamela Walters, both chartered financial planners. Fitzallan’s advisers are well-supported by an experienced and qualified team of paraplanners and administrators. The business continues on a ‘steady growth’ trajectory to ensure it continues to satisfy the requirements of existing and new clients. The firm’s client base comprises high net worth individuals, businesses and trusts, and includes professional service partners, business executives and lottery winners. Fitzallan’s clients around the UK meet their advice team at least once a year. Advisers work closely with client and other professional advisers, and regularly have combined meetings. Fitzallan also uses advanced cashflow modelling to help clients visualise their plans for the future, and relationships exist with generations of clients’ families to ensure continuity of advice and service.
Sovereign IFA is a chartered financial planning firm based in Bristol. The firm, which has featured in New Model Adviser Top 100 in the past few years, is known for providing outstanding service and support, which results in almost all the clients coming to the firm through referrals. The firm believes in the power of investing in the future, offering employment opportunities to young people and supporting them as they work towards their financial services qualifications. Sovereign IFA is passionate about supporting charities, local schemes, schools and businesses, deepening connections and making an impact in the community of Thornbury and beyond. The firm supports the community and charities in a number of ways, including raising money for the Alzheimer’s Society by completing activities such as half marathons. The firm is also a member of Premium Partners, a scheme promoting the collaboration of local schools and businesses to share knowledge and create opportunities. The firm has discussed a career in financial planning with several sixth formers.
Seabrook Clark is made up of multiple award-winning chartered financial planners and DFMs based in Exeter. Offering dynamic performance built on knowledge, expertise and integrity, the firm offers a truly personalised service and is passionate about enriching the lives of its clients. Established in 2013, the company has £140m of AUM and prides itself on giving clients a unique experience. They are committed to providing a bespoke wealth management service built on long-term relationships. This includes professional independent and trusted investment, pension and tax saving advice tailored to individual circumstances. At the leading edge of the profession, Seabrook Clark provides an approachable and friendly service that draws on the latest technology to ensure seamless communication and efficiency. Seabrook Clark believes in transparency and displays the full performance history of their managed portfolios, which sets them apart from many of their competitors. They are committed to presenting information clearly, in a manner that is free of technical jargon and easily understood. Seabrook Clark is committed to its team and encourages all staff members to carry out continued professional development and attend relevant events to widen their skill set and knowledge base. They have created trainee roles for school leavers and graduates to gain experience working in the finance industry, which has allowed them to gain a foothold in their chosen career.
