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 Kingsfleet Wealth is an attempt to do just that. We would welcome your thoughts on this or any other Parliamentary Review article.
Rt Hon The Lord David Blunkett
Rt Hon The Lord Eric Pickles
THE PARLIAMENTARY REVIEW
Highlighting best practice
30 | KINGSFLEET WEALTH
Colin Low, managing director
Kingsfleet Wealth is an independent financial advice and
wealth management company based just outside Ipswich,
Suffolk. Established in 2010, Kingsfleet Wealth has grown
through referrals only and has emerged from a financial services
environment damaged by the failures that caused the 2007
financial crisis. Managing director Colin Low explains how their
professional, trusted and personal approach has been able to
regain the trust of the public.
Without public trust, financial services firms have no future. Since the financial crisis of
2007, there has been much collective soul-searching within the financial sector. The
transparency, social benefit and ethics that are demonstrated by financial services firms
were called into doubt and people began to look at alternative ways to get more out
of their money. Some felt that much of the work wealth managers do can be done
through “robo-advice” or by simply investing in markets on a more passive basis. Some
argue that by taking out the people, the cost falls and there is no change to returns.
Kingsfleet Wealth, however, have been able to gain the trust of investors whose
faith in wealth managers and financial planners may have been wavering. Our
success and growth has been based upon our three core objectives of being
professional, trusted and personal. After four years in the business we asked our
existing clients how they would best describe us in three words. To our credit, the
most common results were the words that make up our mantra.
By rebuilding the broken bonds between investors and advisers, we have been able
to rely on the recommendations of local legal and accountancy firms who saw us as
a safe pair of hands for individuals who were at a particularly difficult time in their
lives. Technology is unable to replicate the values and care that we take with every
client. This is demonstrated by the increasing number of clients that we work with,
who clearly share this sentiment.
Since January 2013 commission is no longer payable on new pension or investment
business in the UK, and this has created a sea change in the way in which financial
advice and financial planning firms are perceived. Many advisers have continued to
study beyond the level 4 (diploma) stage that is now the minimum level required,
and Kingsfleet Wealth itself has maintained chartered status due to its founder
being a Chartered Financial Planner (level 6) and also, rather unusually, holding a
master’s degree, MSc, in financial planning.
As this change in focus has been implemented, quality financial advice firms are
increasingly regarded as seeing the long-term objectives of their clients as being
both the core of their business, and the value in their business. We share this
objective and make this clear in the way we deal with our clients.
AT A GLANCE
»Managing director: Colin Low
»Established in 2010
»Based in Ipswich, Suffolk
»Services: Independent financial
advice and wealth management
»No. of employees: 8
»Firm awarded Chartered
Financial Planners accreditation
»Citywire top 100 financial
31KINGSFLEET WEALTH |
BEST PRACTICE REPRESENTATIVE 2018
Although we have clients nationwide,
we maintain our roots in Suffolk. The
business is named after the primary
school I attended, and since our
inception eight years ago, we have
sought to deliver a social benefit as well
as a profitable client-focused business.
We do this by supporting educational
causes in Suffolk, as well as taking
every possible opportunity to provide
financial education through the
I am particularly struck by the number
of water fountains that we see
around our towns and cities, and it is
testament to the philanthropic nature
of, mainly, 19th-century business
people that they wanted to assist those
who were unable to afford their own
water supply in having fresh, clean
drinking water without cost.
We believe it is time for all of us to
realise that if our businesses are merely
perceived as being self-serving and
profit-focused, then we will alienate
the very individuals who can be our
future customers and clients. While
this is not the main motivator behind
our philanthropy, it is good to see that
potential clients see us valuing more
than profit alone.
Over this last year we have seen a
23 per cent rise in our profits and,
increasingly, we have the privilege of
new clients coming to us saying that
our involvement and support with local,
charitable causes makes a difference.
We offer a full, independent financial
planning and wealth management
service to individuals, trusts and
charities, and this focus on having a
social benefit appears to be resonating
with many of our new enquiries.
Within the last year, for example, we
have been approached by a prominent
local business owner who has asked
us to manage his significant pension
assets. The primary driver for his
request was not on the performance
that we would deliver or what we
would charge, but rather on his
knowledge of how we seek to work
in the community. We had met him at
a number of local events that we had
supported and he wanted to work with
people who worked in his community.
Everything we do is borne out by our
guiding ethos. This not only helps
us attract clients, but also means
that clients stay with us and even
recommend us to others. I feel we
have taken a strong step towards
rebuilding trust between advisers and
investors and, more broadly, people
and the financial services industry.
Going forward, we want to continue
our sustainable growth, while always
keeping our guiding ethos at the
forefront of what we do.
our roots in
»CASE STUDY 1
Ethel had recently been widowed and had been working with a lawyer
to obtain probate on her late husband’s estate. They had no family and
she thought they had no money to speak of either. She kept receiving
paperwork which she did not understand, and this was giving her sleepless
nights and beginning to affect her eating too.
We established that her late husband had been salting money away for her
for over 40 years. We tidied everything up and helped her understand where
the money was, simplifying it and tailoring it around her requirements as we
did so. Ethel was approximately £400,000 better off than she realised.
»CASE STUDY 2
Sarah and Tom had been farming for as long as Tom could remember, but
one day they received an offer to buy their farm outright.
So, how do you move from an income-generating business with the
certainty it provides into, essentially, retirement? A significant sum can be
realised, but that needs to be converted into a regular, tax-efficient income.
But that is exactly what we did following a referral from their accountants. Our
clients hold cash in reserve which we ensure is “topped up” with dividends,
bond withdrawals, capital gains, etc. We meet twice a year to ensure
everything is working out and that they have everything that they need.
Colin meets the Duke
of Wessex to discuss the
Rt Hon Kwasi Kwarteng's Foreword For The Parliamentary Review
This year’s Parliamentary Review reflects on a tumultuous and extraordinary year, globally and nationally. As well as being an MP, I am a keen student of history, and I am conscious that 2020 would mark the end of an era. It will be remembered as the year in which we concluded Brexit negotiations and finally left the European Union. Above all, it will be remembered as the year of Covid-19.
In our fight against the pandemic, I am delighted that our vaccination programme is beginning to turn the tide – and I pay tribute to the British businesses, scientists and all those who have helped us to achieve this. But the virus has dealt enormous damage, and we now have a duty to rebuild our economy.
We must ensure that businesses are protected. We have made more than £350 billion available to that end, with grants, business rates relief and our furlough scheme supporting more than 11 million people and jobs in every corner of the country, maintaining livelihoods while easing the pressure on employers. The next step is to work with business to build back better and greener, putting the net zero carbon challenge at the heart of our recovery. This is a complex undertaking, but one which I hope will be recognised as a once in a lifetime opportunity.
Through the prime minister’s ten point plan for a green industrial revolution, we can level up every region of the UK, supporting 250,000 green jobs while we accelerate our progress towards net zero carbon emissions.
With our commitment to raise R&D spending to 2.4% of GDP and the creation of the Advanced Research & Invention Agency, we are empowering our fantastic researchers to take on groundbreaking research, delivering funding with flexibility and speed. With this approach, innovators will be able to work with our traditional industrial heartlands to explore new technologies, and design and manufacture the products on which the future will be built – ready for export around the globe.
And I believe trade will flourish. We are a leading nation in the fight against climate change. As the host of COP26 this year, we have an incredible opportunity to market our low-carbon products and expertise. Our departure from the EU gives us the chance to be a champion of truly global free trade; we have already signed trade deals with more than 60 countries around the world.
As we turn the page and leave 2020 behind, I am excited about the new chapter which Britain is now writing for itself, and for the opportunities which lie ahead of us.