Barwells Wealth, based in Glynde, has more history than your average financial advice business. While the firm itself is just over 20 years old, its roots go all the way back to 1896, when parent firm Barwells Solicitors was founded. It is also a family business. Managing director Lee Waters took over from his father Roger in 2014. As you would expect, the wealth and legal arms of Barwells work in tandem, offering a connected service for clients. This joined-up approach has gone from strength to strength, and all initial concerns about the partnership were erased when it became clear that clients were benefitting from it. When featured on the cover of New Model Adviser, Waters outlined the importance of looking after clients the right way. ‘I don’t measure success by profit,’ he said. ‘Getting paid is secondary to doing right by the client.’ Waters also mentioned that his primary objective, and also that of Barwells Wealth, is simply to do a good job for anyone who’s on their books. ‘Some people ask, “who’s your best client?” Without wanting to be trite, every single client is the most important client.’ Barwells is also active in the local community, sponsoring Balcombe Cricket Club. It has a longstanding association with St Wilfrid’s Hospice in Eastbourne too, and through its stewardship of the Keith Baker Charitable Trust played a role in facilitating an award of £500,000, which helped to build a new facility. On a smaller scale, Barwells also sponsors the Glynde village Christmas tree.
With more than half a billion in assets under advice and offices in Bury St. Edmunds, Norwich, Ipswich and Kibworth, Beckett Investment Management is one of the South East’s largest independent firms. It won the most recent New Model Adviser award for the East of England and has held Chartered status with the CII since 2011. The firm’s website notes that the client satisfaction rate is 98%. Beckett continues to invest in improving the client experience and last year introduced a new customer relationship management system to enable smoother communications. A holistic service is achieved through competence in wealth management, family protection, retirement planning, estate planning, tax planning and later life planning. Employee benefits is also a large part of the proposition. Earlier this year, Beckett acquired the employee benefits division of NW Brown from wealth manager Brown Shipley. It now works in partnership with over 800 businesses and charities across a range of sectors. Mental health is also an area of focus, with managing director Ian White a vocal supporter of wellbeing in the workplace. The firm offers dedicated sessions for all staff and has also organised workshops externally in association with mental health charity Mind.
Critchleys Financial Planning, a two-time New Model Adviser cover star, is one of Oxfordshire’s best-known financial planning firms. The firm, at its core an accountancy business, has been in operation since 1906. Chief executive Jason McGuigan is responsible for working with the leadership team and pushing the business forward. He has been helping to drive the initiative to fully integrate Critchleys’ competencies into a comprehensive service. This has meant ensuring that clients get the full benefit of Critchleys’ various teams for wealth management, financial planning, tax planning and accountancy. The firm has also realised the need to market financial planning in a way that truly engages prospective clients. The website was overhauled a few years back, with content targeted at certain cohorts of potential clients, such as business owners, charities and private clients. The firm has also dabbled in podcasting, with its Critchleys Conversation broadcasts. Financial planner Jessica McGuigan has also made efforts to make financial planning more accessible to the general public. Realising the frustrations of having to turn away clients who are not commercially viable, she created a vlog series that maps out some essential financial concepts within a five-part millennial money course. This was accompanied by a series of school visits, to provide younger people with basic education on the topic, and her setting up a money education Instagram page called She’s Got Wealth.
There are several things that make EQ Investors one of the UK’s leaders in the profession. Besides being one of London’s largest advisers, it is also a positive impact specialist, a Chartered advice firm, a B Corporation and a DFM. EQ is clearly a firm with a keen eye on the future as well as the present. Accordingly, it has also made sure to invest heavily in technology and personnel, and clients receive access to the firm’s carefully designed client portal as well as its in-house investment expertise. In recent months, the firm has also held webinars, with CEO John Spiers hosting sessions covering financial planning, impact investing and the economic outlook. As well as investing in a sustainable manner, EQ is heavily involved in charitable activities. All staff are encouraged to spend two days per year on volunteering activities, and the firm has developed strong links with Panathlon, The Whitechapel Mission and Galleywall Nature Reserve. EQ also matches donations up to £1,000 for any charity work that a client engages in. To add to the above, EQ has awarded more than £800,000 in grants through its EQ Foundation. The foundation has primarily focused on UK charities that support education and employment for people from disadvantaged backgrounds. EQ’s B Corporation membership also marks it out as a trailblazer. Qualification for the status involves a rigorous process and a thorough demonstration that all stakeholders’ interests are accounted for.
Founded in 2015 and based in Ascot, Flying Colours is quickly making its mark on the UK financial advice scene. While it is headquartered in the South East, it has a national footprint with office hubs across the country. Managing director Guy Myles believes there is a huge opportunity to make a difference in the advice market and to promote the advice process as a positive step for prospective clients rather than something that should only be sought out of necessity. As the firm grows, it plans to expand into the affordable advice gap. Although Flying Colours advisers have freedom to vary their proposition, the firm places particular emphasis on financial life planning. The intention is for clients to receive an ongoing service that fosters strong relationships with advisers, helping them to achieve their lifetime ambitions. The firm has recently stepped up its efforts to reach the British public, launching an independent adviser directory on This Is Money, the financial news arm of the Daily Mail. It intends to connect clients with a select number of carefully vetted advice businesses. Flying Colours is seeking to raise awareness of financial advice too. In doing so, it is looking to create genuine brand awareness for Flying Colours while highlighting the benefits of independent advice. Early partnerships with Reader’s Digest and iNews have helped with this, and Flying Colours has since featured in several national newspapers.
HFMC Wealth is a boutique wealth planner, asset manager and employee benefits specialist, with two offices in London and Surrey. The firm is chartered and has three times the industry average of chartered advisers. Its synthesis of client-centric, full financial planning, combined with specialist third-party DFM, mortgage, portfolio lending, cash management and tax reporting means HFMC delivers a family-office service that is almost unique for an independent non-private banking firm. The firm is a huge advocate of financial education for children and promoting financial advice as a career. It is involved with the CII/PFS in their Discover Fortunes programme, a pro bono initiative to deliver financial education workshops to schools covering elements of financial education with themes relevant to students’ life stages. Themes include future finances, staying safe from financial scams, understanding your first payslip, and understanding attitudes to risk and how that impacts decision making. Additionally, HFMC has expanded its proposition to include a client segment for children and family members of clients who might not otherwise meet minimum client requirements. This includes helping children to plan their affairs and understand their parents’ plans, as well as discussing estate planning.
Formed in 2003, Holden & Partners is a London-based firm that serves clients across the UK. A key focus of the firm over the last 18 months has been increased client engagement and communication. In addition to existing communications, Holden provided ESG-focused investment articles on hot topics, hosted regular client webinars, and provided weekly update emails throughout the first six months of the pandemic. These weekly updates featured commentary on the financial implications of the crisis and covered ongoing environmental and societal issues facing both the world and the UK. Not only does the firm have chartered status from the Chartered Insurance Institute, but Holden also holds B Corporation status, meaning that 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. The firm hired an ESG analyst to further develop its investment proposition. Holden & Partners has raised large sums of money for charities throughout the coronavirus pandemic, despite its planned volunteering and fundraising being impacted. Most recently, four members of staff provisionally broke the Guinness World Record by travelling the 128 miles of the Thames in a pedalo in the fastest time (58 hours and 15 minutes), raising well over £2,000 for Age UK. The firm also hosted a weekly quiz for staff, which raised more than £1,500 for their chosen charity, Richard House Children’s Hospice.
Kingsfleet Wealth is based in the heart of rural Suffolk, in the village of Claydon. The name Kingsfleet is based both on the founder’s primary school and on the name of a tributary of the River Deben where Edward III fitted out his fleet for his expedition to Flanders in 1338. The idea behind it is that its clients start their journey, or expedition, with the firm as they get to know each other and begin building a long-term relationship. Since being founded in 2010, Kingsfleet has made a name for itself not only as being a fantastic advice firm, but also for all its charitable donations and voluntary work. It supports several Suffolk-based charities, such as Suffolk Mind, a mental health charity, and Suffolk Age UK, a charity that supports vulnerable and lonely older people. Additionally, it is a gold sponsor of the Felixstowe Book Festival. During the coronavirus pandemic, the team at Kingsfleet Wealth took all the money that they would usually have spent on travelling to see clients and donated it to local charities instead. The firm has its own charitable trust – the Kingsfleet Community Fund – specifically to support local educational causes.
With eight offices across the South East of England, Kreston Reeves Financial Planning (KR) is a household name in the advice industry. The firm prides itself on its client engagement. When the pandemic hit and face-to-face meetings were not possible, KR prioritised proactively contacting clients and fully embraced a mixture of virtual and, where necessary, face-to-face meetings – providing all recommended precautions were taken. All clients are now able to electronically sign and return documents via their online client portal, meaning they are more secure and accessible at any time. Recognising that some of their clients may be less tech savvy, KR has a dedicated support team to help guide clients through their client portal and virtual meeting software. The team provide continued assistance when needed, meaning that clients are now confident using these methods. This ties in nicely with Kreston’s pledge to be a carbon-neutral firm by the end of 2021. It has fully committed to printing less paper and cutting down on all but essential travel, meaning the client portal and virtual meetings are becoming increasingly important. In the past year, the KR Foundation has raised over £18,500 for charities. Following the outbreak of Covid-19, it promoted and supported the ‘Thank You NHS’ campaign, raising £2,205 for local NHS staff.
With three offices across London, Sussex, and Kent, Lothbury Pendil offers independent financial advice to private individuals and businesses alike. The firm has corporate chartered status awarded by the Chartered Insurance Institute (CII), which positions Lothbury Pendil among some of the best financial planning firms in status, qualifications, technical competence, ethics, client service and ongoing client support. In conjunction with the CII, Lothbury Pendil provides an interactive session in schools called ‘Discover Fortunes’. As an introduction to the role of financial planning, it offers a taster of the job as a career option. Its website also recommends resources for clients to use to help them educate their children on the importance of saving and budgeting wisely. Lothbury Pendil is committed to investing time to develop the next generation of advisers. The firm values the importance of knowledge sharing and source the most appropriate providers for this, such as NextGen Planners and the apprenticeship scheme. Each year, Lothbury Pendil hosts a summer seminar for clients, which provides a range of economic and global updates. The firm believes it is a great time to connect with clients and the event forms an important part of its year. During the pandemic, Lothbury followed government advice and held its seminar via Zoom.
Just west of Ipswich sits the head office of Matthew Douglas. Founded in 2003, the firm has established itself as one of the leading advice firms in East Anglia. Matthew Douglas offers its clients a plethora of services. These range from the more common services such as retirement planning to much more abstract services. In June 2020, it launched its ‘Springboard Service’, which is designed specifically for clients who want their children to be educated on the basic principles of money and modern banking. Matthew Douglas is also known for its engagement with local community. It has sponsored Colchester Rugby Club for a number of years and is the lead sponsor for youth rugby at the club. The firm involves itself in local charities and schools to promote advice by working with Hadleigh High School and other schools in Ipswich. Additionally, Matthew Douglas staff members recently volunteered their free time at Suffolk Refugee Support, where they mentored Syrian refugees. Matthew Douglas also has a graduate trainee programme to bring on the next generation of advisers as part of its succession planning. It hired three 23- and 24-year-olds as part of this scheme, all of whom are on the pathway to adviser status.
Investment Quorum is a forward-thinking business for today’s financial services. The firm is a youngster in wealth management. At only 20 years old, the firm consistently embraces change, with a massive investment in graduates, new staff and technology in 2020 after a very successful MBO. The firm now has a business of financial strength that is ready to face the ever-changing world. The financial services industry is in danger of being left behind by disruptive tech, and Investment Quorum’s current CEO and board are firmly committed to ensuring that the firm stays ahead by being innovative in all that it does. The business is committed to investing in AI to speed up report writing and reduce costs in a heavily regulated world. The firm is also investing in a bespoke back- and front-office system using Notion, which creates a totally integrated onboarding and client management system that is directly linked to the brand-new website. This innovation was also made to ensure ever greater security and give clients the service and information that they desire.
Founded in 2001 by managing director Stephen Girling, SG Wealth Management (SGWM) has been recognised six times as one of Citywire’s top 100 advisers. The chartered firm prides itself on being ‘impartial, accountable and trusted’ with a team of 35 staff serving private and business clients across East Anglia and beyond. With offices in Norwich and Ipswich, it is also one of the select number of UK advisers with discretionary investment permissions, which allows them to manage our clients’ investments without needing to use a third party. SGWM’s team of 11 wealth managers, including a Society of Later Life Accredited Adviser and Pension Transfer advice specialists, is supported by paraplanners and an experienced client services team, with the expertise to cover all aspects of financial planning. SGWM takes a holistic, integrated and bespoke approach to their clients by striving to understand their personal objectives and lifetime goals so that the firm can provide financial advice covering retirement income plans, investments, pensions, estate, tax and later life planning. The interests of SGWM’s clients are at the heart of everything it does, and its ultimate goal is to help clients achieve ‘financial peace of mind – for life’.
The Private Office is an award-winning, chartered financial planning firm that has been delivering independent, tailored financial advice for more than 10 years. Based in Leeds, London and Bath, the firm helps clients across the UK with their financial planning needs. Many of the expert team have worked together as colleagues for over 20 years, looking after private clients, families and owner-managed businesses. Clients benefit from collective knowledge, resource, time and expertise, while still receiving the unrestricted, personalised service from their dedicated adviser. The Private Office offers advice that is fully independent; meaning the firm can be unbiased and sit on ‘your side of the table’. The business works in partnership with all of its clients to shape its approach to their circumstances and needs. It’s a fully tailored, transparent service built around the client.
Recognised by the FT Adviser as one of the top five firms in the UK for financial planning in 2019, Mazars’ full-service, financial planning business is made up of investment managers, certified financial planners and personal tax experts. Mazars Independent Financial Advisors understands that an individual’s goals and ambitions are unique. The firm has been recognised by its clients for its advice and services provided on the UK’s leading review site for financial advisors, VouchedFor. It has received an overall rating of 4.8 out of 5. This year, Mazars once again supported Financial Planning Week, led by the Chartered Institute for Securities & Investment. The focus this year was on family wealth and the pandemic. Mazars offered free consultations to all and provided free top tip downloads and videos. The business was also awarded the New Model Adviser award for National Financial Planning Team of the Year and the Gold Standard Award for Independent Financial Advice for the eighth year running.
Skerritts is a firm of wealth managers and chartered financial planners based on the south coast and London. Established in 1990 by managing director Richard Skerritt, the firm has grown steadily, year on year, by acquisition and organically. Skerritts launched in-house discretionary model portfolios in 2008 and, in 2018, a range of OEICs, four risk-rated growth funds and one income fund. It also recently added an ESG fund. Skerritts has won a number of awards over the years, including IFA of the Year, Technology IFA of the Year and the New Model Adviser award for the South East for nine of the last 10 years. The firm sees itself as client-focused and technology-based to give a range of clients the levels of service and investment they need. Skerritts is starting to see other IFA firms using the open-ended investment companies it has launched, especially the VT Esprit Sustainable Growth fund. Although based in the South East, Skerritts’ clients span the world and cover all areas of financial planning and investment, which gives clients a holistic service. Covid-19 and lockdown has made the firm rethink aspects of the business, and it currently operates with most employees and advisers working from home and through virtual meetings, something it expects to continue for the foreseeable future.
Client connections are the cornerstone of Beaufort Financial, a national and independent firm based in Surrey. With the business offering marketing, compliance and administration support to all advisers, it intends to free advisers up to do what they do best: serving clients. Beaufort Group, parent company of Beaufort Financial, is looking to grow the business and achieve a bigger national footprint. It recently announced that it was undergoing due diligence with a financial advice group with private equity backing to help realise its ambitions. Beaufort Financial is an ambitious firm that has grown rapidly over recent years with new ARs joining regularly. The firm also actively engages in charity activities. Last year, the Beaufort Financial Reading office announced that it had reached a milestone of £250,000 raised towards the Ark Cancer Centre in Basingstoke. It has also supported the Berkshire Community Foundation, which raises funds and makes grants to local charities and community groups.
Boosst is a family business and was recently awarded the title of Accredited Financial Planning Firm of the Year 2020 by the CISI. It is one of just two firms to achieve British Standards BS 8453 and BS 8577, in addition to all Financial Planners being certified to ISO 22222. Boosst is run by a young and exciting leadership team, with an average age of 39 and a great blend of skills to continue developing the business. All of the team are considered to be extended members of the Butten family and treated as such. The team shares a motivation to achieve excellence; led by directors Keith Butten and his son Josh, who became a Certified Financial Planner, Chartered Financial Planner, Chartered Wealth Manager and Fellow of the Personal Finance Society in 2015, at the age of 23, making him the youngest to achieve this accolade. Boosst’s desire to be unique extends to all that it touches, from its purpose-built lakeside eco-office and gym, to its award-winning ‘bright to Boosst’ development programme for trainees. Keith’s ambition is to leave financial planning in a better place than where he found it, with a stated goal of personally developing at least five financial planners who are better than him. Boosst is a resident fixture in the NMA Top 100 and have had team members featured in the NMA Next Generation shortlist for the past three years. New for 2020, the firm have launched a series of educational workshops for the friends and family of existing clients, to provide financial education and financial planning skills. Boosst acknowledges the shortfall of financial planners in the UK and have developed workshops which seek to educate consumers rather than simply generate new leads.
Timothy James & Partners was founded 1995 with the aim of being the best independent financial advice firm in London. It currently has £1.2bn in assets under management. The company has always operated on a referral-only basis, with new clients coming through professional connections such as accountants and solicitors or through existing clients. The firm wants clients to regard them in the same way they view their lawyer, accountant or family GP, as Timothy James & Partners believes the key to the best financial advice is knowing the bigger picture. Timothy James & Partners is very investment-oriented and provides holistic financial advice, with all advisers qualified to advise on debt as well as pensions and investments through corporate finance, inheritance tax planning and mortgages. In December 2019, Timothy James & Partners merged services with Waverton Investment Management, giving the firm increased distribution and the ability to roll out market-leading MPSs for clients, including trackers, active funds and direct shares. Throughout the events of 2020, Timothy James & Partners has not furloughed any staff, nor taken any government grants as the firm believes that keeping a full strength workforce is crucial to maintaining the best possible service for clients in a year when they need a financial planning firm more than ever.
Maseco Private Wealth is a pioneer and industry leader at providing wealth management services to Americans living in the UK and offshore trusts with US beneficiaries. The Maseco Institutional business also arranges custody and manages portfolios for other wealth management firms with US clients. The firm focuses on helping high-net-worth American families who have lived in the UK for at least five years, and expect to stay for the foreseeable future, with their wealth management needs. Maseco is an expert in managing portfolios for US families and have access to investment strategies that are designed to be compliant with both tax and regulatory requirements Josh Matthews and James Sellon, cofounders and managing partners, set up Maseco in 2008 after significant non-domiciled tax law changes came into effect in the UK in 2008. Maseco established an affiliated asset management business and a Hong Kong office in more recent years. Following the launch of Maseco, the team worked with US fund management companies to achieve UK reporting status for US mutual funds for the first time, which is integral for US taxpayers living in the UK for tax efficiency purposes. In 2009, the firm won a Private Asset Management award in recognition of this achievement. Maseco is also a B Corporation UK Founding member and was the first UK B Corporation in the financial services industry.
Welcome to New Model Adviser’s 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 have selected 20 firms in the Midlands, Scotland, South East, South West and the North of England. Each 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. For this issue, we’re looking at the South East of England. Our list looks at the firms who are championing great advice, especially during a year where all 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 East. One of the biggest things that shines through, regardless of which firm you speak to, is that it’s 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.
With over half a billion in assets under advice, and offices in Bury St. Edmunds, Norwich, Ipswich and Kibworth, Beckett Investment Management is one of the South East’s largest independent firms. It also won the most recent New Model Adviser award for the East of England, and has held Chartered status with the CII since 2011. The firm’s website notes that the client satisfaction rate is 98%. Beckett continues to invest in improving the client experience, and last year introduced a new customer relationship management system to enable smoother communications. A holistic service is achieved through competence in wealth management, family protection, retirement planning, estate planning, tax planning and later life planning. Employee benefits is also a large part of the proposition. Earlier this year, Beckett acquired the employee benefits division of NW Brown from wealth manager Brown Shipley. It now works in partnership with over 800 businesses and charities across a range of sectors. Mental health is also an area of focus, with managing director Ian White a vocal supporter of wellbeing in the workplace. The firm offers dedicated sessions for all staff and has also organised workshops externally in association with mental health charity Mind.
Critchleys Financial Planning, a two-time New Model Adviser cover star, is one of Oxfordshire’s best-known financial planning firms. The firm itself, at its core an accountancy business, has been in operation since 1906. Chief executive Jason McGuigan is responsible for working with the leadership team and pushing the business forward. He has been helping to drive the initiative to fully integrate Critchleys’ competencies into a comprehensive service. This has meant ensuring that clients get the full benefit of Critchleys’ various teams for wealth management, financial planning, tax planning and accountancy. The firm has also realised the need to market financial planning in a way that truly engages prospective clients. The website was overhauled a few years back, with content targeted at certain cohorts of potential clients, such as business owners, charities and private clients. The firm has also dabbled in podcasting, with its Critchleys Conversation broadcasts. Financial planner Jessica McGuigan has also made efforts to make financial planning more accessible to the general public. Realising the frustrations of having to turn away clients who are not commercially viable, she created a vlog series that maps out some essential financial concepts within a five-part millennial money course. This was accompanied by a series of school visits, to provide younger people with basic education on the topic, and her setting up a money education Instagram page called ‘She’s Got Wealth’.
There are several things that mark EQ Investors out as one of the UK’s leading businesses in the profession. Besides being one of London’s largest advisers, it is also a positive impact specialist, a Chartered advice firm, a B Corporation and a DFM. EQ is clearly a firm with a keen eye on the future as well as the present. Accordingly, it has also made sure to invest heavily in technology and personnel, and clients receive access to the firm’s carefully designed client portal as well as its in-house investment expertise. In recent months, the firm has also held webinars, with CEO John Spiers hosting sessions covering financial planning, impact investing and the economic outlook. As well as investing in a sustainable manner, EQ is heavily involved in charitable activities. All staff are encouraged to spend two days per year on volunteering activities, and the firm has developed strong links with Panathlon, The Whitechapel Mission, and Galleywall Nature Reserve. EQ also offers matched giving up to £1,000 for any charity work that an ongoing client engages in. To add to the above, EQ has awarded over £800,000 in grants through its EQ Foundation. The foundation has primarily focused on UK charities that support education and employment for people from disadvantaged backgrounds. EQ’s B Corporation membership also marks it out as a trailblazer. Qualification for the status involves a rigorous process, and a thorough demonstration that all stakeholders’ interests are accounted for.
Founded in 2015 and based in Ascot, Flying Colours is quickly making its mark on the UK financial advice scene. While it is headquartered in the South East, it has a national footprint with office hubs across the country. Managing director Guy Myles believes there is a huge opportunity to make a difference in the advice market, and to promote the advice process as a positive step for prospective clients rather than something that should only be sought out of necessity. As the firm grows, it plans to expand into the affordable advice gap. Although Flying Colours advisers have freedom to vary their proposition, the firm places particular emphasis on financial life planning. The intention is for clients to receive an ongoing service that fosters strong relationships with advisers, helping them to achieve their lifetime ambitions. The firm has recently stepped up its efforts to reach the British public, launching an independent adviser directory on This Is Money, the financial news arm of the Daily Mail. It intends to connect clients with a select number of carefully vetted advice businesses. Flying Colours is seeking to raise awareness of financial advice too. In doing so, it is looking to create genuine brand awareness for Flying Colours while highlighting the benefits of independent advice. Early partnerships with Reader’s Digest and iNews have helped with this, and Flying Colours has since featured in several national newspapers.
HFMC Wealth is a boutique wealth planner, asset manager and employee benefits specialist, with two offices in London and Surrey. The firm is chartered and has three times the industry average of chartered advisers. Its synthesis of client-centric, full financial planning, combined with specialist third-party DFM, mortgage, portfolio lending, cash management and tax reporting means HFMC delivers a family-office service that is almost unique for an independent non-private banking firm providing exceptional added value to clients. The firm is a huge advocate of financial education in children and promoting financial advice as a career. It is involved with the CII/PFS in their Discover Fortunes programme, a pro bono initiative to deliver financial education workshops to schools covering elements of financial education with themes relevant to students’ life stages. Themes include future finances, staying safe from financial scams, understanding your first payslip, and understanding attitudes to risk and how that impacts decision making. Additionally, HFMC has expanded its proposition to include a client segment for children and family members of clients who might not otherwise meet minimum client requirements. This includes helping children to plan their affairs and understand their parents’ plans, as well as discussing estate planning.
Formed in 2003, Holden & Partners is a London-based firm that serves clients across the UK. A key focus of the firm over the last 18 months has been increased client engagement and communication. In addition to existing communications, Holden provided ESG-focused investment articles on hot topics, hosting regular client webinars, and provided weekly update emails throughout the first six months of the Covid crisis. These weekly updates featured commentary on the financial implications of the crisis and covered ongoing environmental and societal issues facing both the world and the UK. Not only does the firm have chartered status from the Chartered Insurance Institute, but Holden also holds B Corporation status, meaning that 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. The firm hired an ESG analyst to further develop its investment proposition. Holden & Partners has raised large sums of money for charities throughout the coronavirus pandemic, despite its planned volunteering and fundraising being impacted. Most recently, four members of staff provisionally broke the Guinness World Record by travelling the 128 miles of the Thames in a pedalo in the fastest time (58 hours and 15 minutes), raising well over £2,000 for Age UK. The firm also hosted a weekly quiz for staff which raised more than £1,500 for their chosen charity; Richard House Children’s Hospice.
Kingsfleet Wealth is based in the heart of rural Suffolk, in the village of Claydon. The name Kingsfleet is based both on the founder’s primary school, and on the name of a tributary of the River Deben where Edward III fitted out his fleet for his expedition to Flanders in 1338. The idea behind it is that its clients start their journey, or expedition, with the firm as they get to know each other and begin building a long-term relationship. Since being founded in 2010, Kingsfleet has made a name for itself not only as being a fantastic advice firm, but also for all its charitable donations and voluntary work. It supports several Suffolk-based charities, such as Suffolk Mind, a mental health charity, and Suffolk Age UK, a charity that supports vulnerable and lonely older people. Additionally, it is a Gold Sponsor of the Felixstowe Book Festival. During the coronavirus pandemic, the team at Kingsfleet Wealth took all the money that they would usually have spent on travelling to see clients and donated it to local charities instead. The firm has its own charitable trust – the Kingsfleet Community Fund – specifically to support local educational causes.
With eight offices across the South East of England, Kreston Reeves Financial Planning (KR) is a household name in the advice industry. The firm prides itself on its client engagement. When the pandemic hit and it meant face-to-face meetings were not possible, KR prioritised proactively contacting clients and fully embraced a mixture of virtual meetings and, where essential, face to face – providing all recommended precautions were taken. All clients are now able to electronically sign and return documents via their online client portal, meaning they are more secure and accessible at any time. Recognising that some of their clients may be less tech savvy, KR has a dedicated support team for clients to contact and help to guide them through both their client portal and using various virtual meeting software and provided continued assistance when needed, meaning that its clients are now confident with using these methods. This ties in nicely with Kreston’s pledge to be a carbon-neutral firm by the end of 2021. It has fully committed to printing less paper and to cutting down on all but essential travel, meaning the client portal and virtual meetings are becoming increasingly important. In the past year, the KR Foundation has raised over £18,500 for charities. Following the outbreak of Covid-19, it promoted and supported the ‘Thank you NHS’ campaign where donations it obtained raised £2,205 for local NHS heroes.
With three offices spaced out between London, Sussex, and Kent, Lothbury Pendil offers independent financial advice to private individuals and businesses alike. The firm has corporate chartered status awarded by the Chartered Insurance Institute (CII), which positions Lothbury Pendil among some of the best financial planning firms in status, qualifications, technical competence, ethics, client service and ongoing client support. In conjunction with the CII, Lothbury Pendil provides an interactive session in schools called ‘Discover Fortunes’. As an introduction to the role of financial planning, it offers a taster of the job as a career option. Its website also recommends resources for clients to use to help them educate their children on the importance of saving and budgeting wisely. Lothbury Pendil is committed to investing time to develop the next generation of advisers. The firm values the importance of knowledge sharing and source the most appropriate providers for this, such as NextGen Planners and the apprenticeship scheme. Each year, Lothbury Pendil hosts a summer seminar for clients where it provides a range of economic and global updates. The firm believes it is a great time to connect with clients and forms an important part of their year. During the coronavirus pandemic, Lothbury followed government advice and held its seminar via Zoom, which proved to be a great success.
Just west of Ipswich sits the head office of Matthew Douglas. Founded in 2003, the firm has established itself as one of the leading advice firms in East Anglia. Matthew Douglas offers its clients a plethora of services. These range from the more common services such as retirement planning, to much more abstract services. In June 2020, it launched its ‘Springboard Service’, which is designed specifically for clients who want their children to be educated on the basic principles of money and modern banking. Matthew Douglas is also known for its engagement with their local community. It has sponsored Colchester Rugby Club for a number of years and is the lead sponsor for youth rugby at the club. The firm involves itself in local charities and schools to promote advice by working with Hadleigh High School and other schools in Ipswich. Additionally, Matthew Douglas staff members recently volunteered their free time at Suffolk Refugee Support, where they mentored Syrian refugees. Matthew Douglas also has a graduate trainee programme to bring on the next generation of advisers as part of our succession planning. It hired three 23- and 24-year-olds as part of this scheme, all of whom are on the pathway to adviser status.
Investment Quorum is a forward-thinking business for today’s financial services. The firm is a youngster in wealth management. At only 20 years old, the firm consistently embraces change with a massive investment in graduates, new staff and technology in 2020 after a very successful MBO. The firm now has a business of financial strength that is ready to face the ever-changing world. The financial services industry is in danger of being left behind by disruptive tech, and Investment Quorum’s current CEO and board are firmly committed to ensure that IQ stays ahead by being innovative in all that the firm does. The business is committed to investing in AI to speed up report writing and attempting to reduce costs in a heavily regulated world. The firm is also investing in a bespoke back- and front-office system using Notion, which creates a totally integrated onboarding and client management system that is directly linked to the brand-new website. This innovation was also made to ensure ever greater security and give IQ clients of today and tomorrow the service and information that they desire.
Founded in 2001 by managing director Stephen Girling, SG Wealth Management (SGWM) has been recognised six times as one of Citywire’s top 100 advisers. The chartered firm prides itself on being ‘impartial, accountable and trusted’ with a team of 35 staff serving private and business clients across East Anglia and beyond. With offices in Norwich and Ipswich, it is also one of the select number of UK advisers with discretionary investment permissions, which allows them to manage our clients’ investments without needing to use a third party. SGWM’s team of 11 wealth managers, including a Society of Later Life Accredited Adviser and Pension Transfer advice specialists, is supported by paraplanners and an experienced client services team, with the expertise to cover all aspects of financial planning. SGWM takes a holistic, integrated and bespoke approach to their clients by striving to understand their personal objectives and lifetime goals so that the firm can provide financial advice covering retirement income plans, investments, pensions, estate, tax and later life planning. The interests of SGWM’s clients are at the heart of everything it does, and its ultimate goal is to help each achieve ‘financial peace of mind – for life’.
The Private Office is an award-winning, chartered financial planning firm that has been delivering independent, tailored financial advice for more than ten years. Based in Leeds, London and Bath, the firm helps clients across the UK with their financial planning needs. Many of the expert team have worked together as colleagues for over 20 years, looking after private clients, families and owner-managed businesses. Clients benefit from collective knowledge, resource, time and expertise, while still receiving the unrestricted, personalised service from their dedicated adviser. The Private Office offers advice that is, and always has been fully independent; meaning the firm can be unbiased and sit on ‘your side of the table’. The business works in partnership with all of its clients to shape its approach to their circumstances and needs – it’s a fully tailored, transparent service built around the client.
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.
Recognised by the FT Adviser as one of the top 5 firms in the UK for financial planning in 2019, Mazars’ full-service, financial planning business is made up of investment managers, certified financial planners, and personal tax experts. Mazars Independent Financial Advisors understands that an individual’s goals and ambitions are unique. The firm has been recognised by its clients for its advice and services provided on the UK’s leading review site for financial advisors, VouchedFor. It has received an overall rating of 4.8 out of 5. This year, Mazars once again supported Financial Planning Week, led by the Chartered Institute for Securities & Investment. The focus this year was on family wealth and the pandemic. In line with the week, Mazars is offering free consultations to all as well as providing free top tip downloads and videos. The business was also awarded the New Model Adviser award for National Financial Planning Team of the Year and the Gold Standard Award for Independent Financial Advice for the eighth year running.
Skerritts is a firm of wealth managers and chartered financial planners based on the south coast and London. Established in 1990 by current managing director Richard Skerritt, the firm has grown steadily, year on year, by acquisition and organically. Skerritts launched in-house discretionary model portfolios in September 2008 and in 2018 launched a range of OEICs, four risk-rated growth funds, one income fund and has recently added an ESG fund. Skerritts has won a number of awards over the years, including IFA of the Year, Technology IFA of the Year and has won the New Model Adviser award for the South East for 9 out of the last 10 years. The firm sees itself as client-focused and technology-based to give a range of clients the levels of service and investment they need. Skerritts is starting to see other IFA firms using the open-ended investment companies it has launched, especially the VT Esprit Sustainable Growth fund. Although based in the South East, Skerritts’ clients span the world and cover all areas of financial planning and investment, which gives clients a holistic service. Covid-19 and lockdown has made the firm rethink aspects of the business, and it currently operates with most employees and advisers working from home and through virtual meetings, something it expects to continue for the foreseeable future.
Client connections are the cornerstone of Beaufort Financial, a national and independent firm based in Surrey. With the business offering marketing, compliance and administration support to all advisers, it intends to free advisers up to do what they do best: serving clients. At present Beaufort Group, parent company of Beaufort Financial, is looking to grow the business and achieve a bigger national footprint. It recently announced that it was undergoing due diligence with a financial advice group with private equity backing to help realise its ambitions. Beaufort Financial is an ambitious firm that has grown rapidly over recent years with new ARs joining regularly. The firm also actively engages in charity activities. Last year the Beaufort Financial Reading office announced that it had reached a milestone of £250,000 raised towards the Ark Cancer Centre in Basingstoke. It has also supported the Berkshire Community Foundation, which raises funds and makes grants to local charities and community groups.
Boosst is a family business and was recently awarded the title of Accredited Financial Planning Firm of the Year 2020 by the CISI. It is one of just two firms to achieve British Standards BS 8453 and BS 8577, in addition to all Financial Planners being certified to ISO 22222. Boosst is run by a young and exciting leadership team, with an average age of 39 and a great blend of skills to continue developing the business. All of the team are considered to be extended members of the Butten family and treated as such. The team shares a motivation to achieve excellence; led by directors Keith Butten and his son Josh, who became a Certified Financial Planner, Chartered Financial Planner, Chartered Wealth Manager and Fellow of the Personal Finance Society in 2015, at the age of 23, making him the youngest to ever achieve this accolade. Boosst’s desire to be unique extends to all that it touches, from its purpose-built lakeside eco-office and gym, to its award-winning ‘bright to Boosst’ development programme for trainees. Keith’s ambition is to leave financial planning in a better place than where he found it, with a stated goal of personally developing at least five financial planners who are better than him. Boosst is a resident fixture in the NMA Top 100 and have had team members featured in the NMA Next Generation shortlist for the past three years. New for 2020, the firm have launched a series of educational workshops for the friends and family of existing clients, to provide financial education and financial planning skills. Boosst acknowledges the shortfall of financial planners in the UK and have developed workshops which seek to educate consumers rather than simply generate new leads.
Timothy James & Partners was founded 1995 with the aim of being the best independent financial advice firm in London. It currently has £1.2bn assets under management. The company has always operated on a referral-only basis, with new clients coming through professional connections, accountants and solicitors, or through existing clients. The firm wants clients to regard them in the same way they view their lawyer, accountant or family GP, as Timothy James & Partners believes the key to the best financial advice is knowing the bigger picture. Timothy James & Partners is very investment-oriented and provides holistic financial advice, with all advisers qualified to advise on debt as well as pensions and investments through corporate finance, inheritance tax planning and mortgages. In December 2019, Timothy James & Partners merged services with Waverton Investment Management, giving the firm increased distribution and the ability to roll out market-leading MPSs for clients, including trackers, active funds and direct shares. Throughout the events of 2020, Timothy James & Partners has not furloughed any staff, nor taken any government grants as the firm believes that keeping a full strength workforce is crucial to maintaining the best possible service for clients in a year when they need a financial planning firm more than ever.