Broom Consultants Ltd

A Message from Lord Pickles and Lord Blunkett, followed by Broom Consultants Ltd's best practice article

The ability to listen and learn from one another has always been vital in parliament, in business and in most aspects of daily life. But at this particular moment in time, as national and global events continue to reiterate, it is uncommonly crucial that we forge new channels of communication and reinforce existing ones. The following article from Broom Consultants Ltd is an attempt to do just that. We would welcome your thoughts on this or any other Parliamentary Review article.

Blunkett signature Rt Hon The Lord David Blunkett
Pickles signature Rt Hon The Lord Eric Pickles
Highlighting best practice
Owner and Managing
Director John Broom
John Broom created a specialist group of firms in the personal
development space to create facilities that allow people and
companies to grow into market-leading financial advisers.
Based in Brentwood, he has operated in this sector for over
27 years. Not using a one-size-fits-all philosophy, his team
act as holistic general practitioners, establishing needs and
shortfalls, then cross-referring between four distinct firms that
provide specialist solutions as required. Owner and Managing
Director John tells the
how this philosophy works and
how the growth of his companies allows them to manage over
£200,000,000 in invested assets, and employ 40 people.
I have established four distinct companies that work in very specific areas to ensure
clients receive comprehensive and expert advice from advisers specialising in a particular
aspect of financial services. Each separately operated model employs people of the
highest calibre who can focus on their area of expertise. This model came about when,
as a traditional IFA, I found that I was offering specialist advice to a developing network
of similar IFAs who wished to access my resources for their own clients. To avoid any
potential conflict of interest with IFAs referring to a company in the same field, I created
independent companies that would not conflict with the introducing IFAs, providing them
with compartmentalised services in specific fields.
Four distinct brands – four distinct services
Broom Consultants Ltd: Established in 1992 as an independent financial advisory firm.
Today we employ eight financial advisers, two mortgage-only advisers, with a further two
trainee advisers, working their way up via apprenticeships. A large administration hub
backs-up the advisers, providing expert guidance in SIPP and SSAS, personal pensions and
drawdown, life assurance and protection, savings, ISAs and investments, along with tax
planning and discretionary fund management solutions. This company identifies shortfalls
in our clients’ financial planning and looks to the general practice model which diagnoses,
prescribes and administers solutions that may include referrals to associated companies
which provide in-depth advice in specific areas.
Countrywide (SE) LLP: Financial adviser firms understand the importance of clients having
a current Will and the benefits of placing assets in trust during lifetime or on death. Many
IFAs, however, lack the time or systems to cover this in-house. We appreciated these
IFAs may not want to introduce clients to a rival IFA. Setting up the independent Wills
and Trust arm, with a Trust and Estate Planner on board, backed by a Wills and Trust
corporation, seemed logical. This offering was first established in 2006 as an in-house
resource. As a natural progression, Countrywide (SE) LLP was set up in 2012 as a regional
Wills, Trusts and Probate service to other independent adviser practices.
Developing systems that assist other IFA firms across the region to ensure their clients
receive full, holistic estate planning in an easily accessible manner. This approach has led
»Owner and Managing
Director: John Broom
»Founded in 1992
»Based in Brentwood, Essex
»Services: Financial advice for
businesses and individuals
»No. of employees: 40
Broom Consultants
to excellent tax-efficient outcomes with no
fear of cross-selling for those companies
Pension Income Planning Ltd: Post pension
freedoms, I anticipated the broad demand
for defined benefit scheme advice in
relation to transfer or remain options.
Another specialist company, Pension
Income Planning Limited, was set up in
2015. Initially using in-house technical
expertise, we felt we could once again
offer a new bespoke service to our IFA
community. Anyone reading or listening
to the news will relate to stories regarding
these types of pensions. These have
become a hot topic in the industry. We
wanted to lead the way in getting correct
outcomes for clients. This company has
grown rapidly, serving IFA introducers
nationwide and now boasting eight FCA
recognised pension transfer specialists,
headed by a Fellow of the Pensions
Management Institute. The unique
approach to this complex area has led to
rapid recognition as a leader in the field
and appointment to a large IFA Network’s
national panel. Many IFA firms exclusively
use us for their defined benefit clients.
Brooms Payroll and Pensions Solutions Ltd:
Broom Payroll and Pensions was created to
provide advice and services for businesses
to meet their regulatory needs, setting up
auto-enrolment pensions and servicing
those employer pension payments via
payroll. This complements any IFA’s
offering, allowing a professional outlet
for customers in an area that is not strictly
within an adviser’s daily remit.
Regulatory challenges
We believe our success is largely down
to our unique business model. We are
expanding and foresee continued growth
as steady rather than rapid. Advisers across
the country face challenges from many
• Associated costs when employing new
staff can be burdensome. Therefore, taking
on specialist employees when the workload
is not guaranteed, is a financial risk.
• Ever-rising Professional Indemnity
premiums and other associated business
costs can mean less growth or lead to
increased fees, in turn, restricting the
general public’s access to quality advice
and, therefore, the consumers are being
penalised. This is at odds with the FCA view
that advice should be readily accessible.
• Americanisation of attitudes towards
claims has damaged the sector. Some firms
encourage claims of mis-selling based on
a scattergun approach. This is costing IFAs
time and money. Fortunately, the FCA have
recently created a system for regulating
claims handling firms, ensuring claims have
a valid basis.
These issues have a knock-on effect on
recruitment strategies. Negative portrayals
in the media result in fewer young,
qualified graduates wanting to join the
industry. Older advisers are leaving the
industry and fewer new businesses are
being established, compounding this
sector’s problems.
• Concentrating specialists who work hand
in hand with other adviser firms reduces the
staff hiring needs when workloads may not
be guaranteed. Specialists working in one
company on specific areas develop more
in-depth skills and can constantly strive to
improve the offering.
• Systems and staff concentrated on a
specific market solution, allow introducing
IFAs to benefit from a pooled cost. It also
allows the public to access expert advisers
at competitive prices in areas that may not
be viable for their own trusted adviser to
• Targeted investment into bespoke
systems and people creates robust and
consistent compliance. This is more easily
obtained when a larger volume of business
is written in one specialist centre. Our
solutions relieve our introducers of the need
to develop expensive, complicated systems
and employing specialist skill-sets that may
only be needed a few times a year. Pooling
the work, benefits introducing adviser
firms and, most importantly, clients seeking
We believe
our success is
largely down
to our unique

This article was sponsored by Broom Consultants Ltd. The Parliamentary Review is wholly funded by the representatives who write for it. The publication in which this article originally appeared contained the following foreword from Rt Hon Michael Gove.

Rt Hon Michael Gove's Foreword For The Parliamentary Review

By Rt Hon Michael Gove

This year's Parliamentary Review comes at a momentous time for parliament, as we collectively determine the destiny of the United Kingdom. 

On October 31, the UK will leave the European Union. The successful implementation of this process is this government's number-one priority.

Three years after a historic referendum vote, we will deliver on the decisive mandate from the British people. Trust in our democracy depends on it. Until that final hour, we will work determinedly and diligently to negotiate a deal, one that abolishes the backstop and upholds the warm and close relationship we share with our friends, allies and neighbours in the EU. But in the event that the EU refuses to meet us at the table, we must be prepared to leave without a deal.

As the Chancellor of the Duchy of Lancaster, it is my job to lead on this government's approach, should that scenario happen. Preparing for Brexit is my department's driving mission. But while I am leading this turbocharged effort, the whole of government is committed to this endeavour.

Ministers across Whitehall are working together to ensure that every possibility is considered, every plan is scrutinised and every provision is made. A daily drumbeat of meetings means that we are holding departments accountable, so that preparations are completed on time.

The chancellor has confirmed that all necessary funding will be made available. And we have mobilised thecivil service, assigning 15,000 of our most talented civil servants to manage our exit from the EU.

We will make sure that on November 1, there is as little disruption to national life as possible. Our trade relationships will continue to thrive, thanks to agreements with countries around the world worth £70 billion. Our country will remain secure, thanks to nearly 1,000 new officers posted at our borders. And the 3.2 million EU nationals now living and working among us can remain confident, with absolute certainty, of their right to remain in the UK.

Above all, our goal is to be transparent. Soon, we will launch a public information campaign so that citizens, communities and businesses are ready and reassured about what will happen in the event of “no deal”.

In my first few weeks in this role, I have travelled to ports and tarmacs, borders and bridges, all across the UK –from the seaside of Dover to the rolling green hills of County Armagh. I have heard from business owners and border officials, farmers and hauliers. They are ready to put an end to uncertainty. And they are ready to embrace the opportunities ahead.

Our departure from the EU will be a once in a lifetime chance to chart a new course for the United Kingdom. Preparing for that new course will be a herculean effort. But this country has made astounding efforts before. We can do it again.
Rt Hon Michael Gove
Chancellor of the Duchy of Lancaster