An interview with David

What does your work with a client usually involve?

A potential new client will normally be referred to me either by an existing client or by another professional adviser with whom the client already has a trusted relationship. 

Clients may have a specific issue that needs to be resolved or clarified regarding pensions, investments, insurance or tax.  Alternatively, it may be that they’ve either experienced, or are contemplating, a significant life change which has a financial implication, for example: the sale of a business, retirement, downsizing to a smaller property and releasing equity, the death of family member leading to an inheritance, getting married or divorced.  

While there are a variety of reasons why people initially seek financial advice, I’ve found that the underlying central question my clients want an answer to is ‘What should I be doing with my money?’  My role involves providing my clients with an initial and ongoing answer to this question and I do this by making sure they have the right financial plan in place. 

Wealth planning involves a good deal more than providing financial advice on pensions, investments, insurance or tax. The right financial plan is also designed to improve overall quality of life for you and your family over the short, medium and longer term.

How did you get into this field of work? 

Having done a business studies degree, like many young people I wasn’t certain of what to do when I left university. A part time job in retail gave me some time to reflect on what path to take, and it was only after doing this for a while that I responded to a tiny advert in a broadsheet newspaper advertising for a trainee role at a City firm.

Looking back, my entry into the world of financial advice was very much in at the deep end and a steep learning curve for someone almost straight out of university.  On day one of the job my boss simply turned and said “Right, there’s the Yellow Pages, there’s a phone, off you go and start building yourself a business!”

At times this early period was very tough, but I persevered and learned some important skills and practicalities of the role.  It wasn’t though until a few years later when I moved into wealth management in a large accountancy business that I stated to appreciate fully the true value of what I was doing and the positive impact it could have for clients.

What excites you about your role?

Some years ago, around the time when I turned 40, I had a lightbulb moment in relation to money.  This led to the development of a way of providing financial advice which is unique in the wealth planning space.  It’s an advice process based on timeless principles, the latest scientific findings and Nobel Prize winning research.  Money is important, obviously, but genuine wealth is about a lot more than just money, and that’s the guiding principle underpinning the process I use to provide advice. 

It’s exciting to have the opportunity to share this process and provide financial advice for people in a way that brings the subject of money to life and, ultimately, helps achieve lasting financial security, genuine wealth and peace of mind.

What does your ideal client look like?

I would say you’re an ideal client if the following apply:

• You’re successful at what you do, but don’t consider yourself to be a personal finance or investment expert. 

• You know how to make money, but aren’t always certain what to do with it to best effect in your life.

• You want to grow your personal wealth alongside your business wealth, but you’re also focused on the right kind of wealth, not just making money for money’s sake.

• You want the peace of mind of knowing that you have the right plan, and are making the right financial decisions to benefit you and those you care about.

What have your highlights been so far?

Making the decision fairly early on to work with business owners and entrepreneurs was a highlight and milestone in itself and has led to numerous highlights along the way.  It has enabled me to meet and work with some extraordinary people over the years and I’ve be fortunate to learn a great deal from my clients in return. 

What are the challenges currently facing your sector?

The challenges vary depending on the part of the financial advice market in which you’re operating.  However, one challenge faced by the sector as a whole is how best to harness the growing benefits of technology without losing the value inherent in a long term, trusted client-adviser relationship.  

I don’t believe there’s a one-size fits all solution to this across the profession; just think about the way certain groups of our society view and interact with technology and money. For example, this may be totally different for a baby boomer compared to a millennial and the solution to this challenge therefore can’t be one dimensional.  

My advice to any budding financial adviser would be to specialise and become an expert within a niche market.  That way you can provide a bespoke service (using technology in an appropriate way) designed to add real value and meet the specific needs of your clients.  

Do you find companies try to do this area of work themselves - and get stuck? What are the common issues?

Most business owners I know face relentless demands over their time. They’re often working so hard on and in their business, that it’s easy to miss out on the opportunity to grow their personal wealth alongside business wealth – potentially losing out on tens or even hundreds of thousands of pounds in the process. 

Added to this, I would argue that the two other biggest barriers to making progress with one’s personal finances are complexity and not knowing who to trust.

As a result, it understandably sometimes feels easier to do nothing on the personal finance front and keep focussing on the business instead.

Should a busy entrepreneur prioritise this area of work? How can they make time for it with everything else on their plate?

You can’t be an expert at everything, and few entrepreneurs regard themselves as personal finance or investment experts. 

The opportunity cost for not prioritising personal wealth planning can be high.  I would argue that the amount of wealth we experience is based on decisions we routinely make about what we do with our time, and our money; it’s an area of our lives which is too important not to prioritise, therefore.  

Also, if you’re working with the right adviser, then the amount of time you need to devote to personal finances and investments should steadily reduce over time and increasingly you may only need to make minor adjustments to your financial plan each year.  

How do you see your work changing over the next ten years?

The rate and pace of change in finance, like many areas of business, is increasing exponentially, driven in large part by technology.  When the internet was first created in 1995, many of us probably viewed it simply as a helpful resource that was quicker than going to the library. 

Fast forward twenty-five years and it’s staggering to think of the way in which the world has changed due to the internet.  We’ve seen advancement the like of which we couldn’t possibly have conceived back in 1995.

I expect this trend to continue at an ever-faster pace and that technology will change finance in ways that are currently beyond our imagination.

What do you do when you're not at work?

First and foremost, my family life! As a husband, father of two teenage boys, with a 2-year old black Labrador thrown into the mix, life is varied and busy! My biggest passions are sport and music; I’m lucky enough to share these loves with my family, along with a keen focus on health, fitness and travel.  I’ve been a Brighton and Hove Albion fan since my childhood, although I try not to watch them live these days as it tends to be too much of a stressful experience!

As an avid reader, I spend much of my spare time reading within the areas of my interest, as well as soaking up as much knowledge as I can through other means such as podcasts and online talks. Walking the dog and meditation provide much needed space for me and I’m a new fan of yoga.

What are the benefits do you think of working together in a collective way like Runway Advisors? 

There’s massive value to be gained from being part of a network of like-minded professionals with a common purpose and shared values.  If you combine a meaningful business with a greater number of meaningful relationships, then put simply you’re more likely to be able to make a positive difference to a greater number of people and be rewarded for it in return.