Lucent Financial Planning

A Message from Lord Pickles and Lord Blunkett, followed by Lucent Financial Planning'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 Lucent Financial Planning 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

www.lucentfinancialplanning.co.uk

THE PARLIAMENTARY REVIEW
Highlighting best practice
24 | LUCENT FINANCIAL PLANNING
Managing Director
StevenRowe
Founded in 2009, Lucent Financial Planning are a chartered,
independent financial advisory business, based in Solihull.
Lucent help ambitious business leaders and their families make
important financial decisions for the future, while bringing clarity to
confusing jargon. Lucent always look at the finances of their clients
through the spectrum of their life and aim to help clients “live the
life they want” in retirement. Managing Director Steven Rowe
explains that managing your money is in direct relation to how
you want to live your life. What is money for if not to be spent?
Cliché as it may sound, our approach to financial advice is different to most of
our competitors. When offering financial advice, we frame it as life planning,
where money is merely invested to help individuals and families achieve their
hopes and dreams. Finance should always be looked at through the lens of your
life, and enabling our clients to live the life they want is central to our philosophy.
Meanwhile, we offer high-quality financial advice, delivered by our chartered
independent financial advisers, who work alongside a tight-knit support team.
A rapid ascent
I established Lucent Financial Planning in 2009 and shortly afterwards qualified
as a chartered independent financial adviser. Initially, I provided services to my
clients alone, but as business began to grow I hired an administrator to assist
me. I founded Lucent because I had become disillusioned with the way financial
institutions were treating clients and I knew I could provide a better service.
Clients were not treated as human beings, and advisers were not interested in
using an individual’s money to enhance their happiness, only their funds under
management. I wanted to put an end to this, and I was careful to ensure that I had
a clearly set-out ethos that any new members of staff would have to buyinto.
I’ve been told I have a personable, honest and all-encompassing approach that allowed
me to quickly build a client base through referrals and recommendations. I knew
that jargon only confused clients, while I tried to build an understanding of what they
were trying to achieve with their money and what their motive was. To ensure my
service is as helpful and successful as possible, I am constantly striving to improve how
we deliver our financial advice. The best financial plan in the world is useless unless
implemented correctly; pensions and investments are important, but we aim to
ensure our clients understand where their misconceptions and thought processes
can harm their wealth as unnecessary tinkering with a plan can have profound
effects on future values. That can be the difference between retiring at 65 or 60.
Today, we have approximately 200 clients on our books, and in our recent feedback
survey, of those surveyed, 100 per cent of our customers say their wealth is in safe
hands with us, and 100 per cent of our clients say we really understand their goals and
AT A GLANCE
LUCENT FINANCIAL PLANNING
»Managing Director:
StevenRowe
»Founded in 2009
»Based in Solihull, Birmingham
»No. of employees: 8
»Services: Chartered,
independent financial advice
for individuals and businesses
Lucent Financial
Planning
25LUCENT FINANCIAL PLANNING |
BEST PRACTICE REPRESENTATIVE 2019
objectives. Also, 100 per cent of clients
surveyed say we provide a five-star
service. I ran the business with just three
employees until 2017, when I decided
to expand our capacity dramatically
to allow us to service the burgeoning
demand for advice, hiring a new COO,
three new analysts and a chartered
financial adviser. We have continued to
look at growth since, and in early 2019
we will move into a new office and
expand the team evenfurther.
The satisfaction of our clients and the
high demand for our services has led
to efforts to develop our capacity and
grow the business. To ensure our newly
retired clients get the most from their
time, we have begun building a project
called “Lucenteers”, which aims to
organise social events for the recently
retired and implement a mentoring
scheme. The programme is an attempt
to further enhance the lifestyle of our
clients through maximising their early
years in retirement by trying as many
new activities as possible to enjoy
their newly found leisure time, while
connecting them with other like-minded
people that have also recently retired
and using their years of experience in
business to help youngerentrepreneurs.
Seeing challenges as an
opportunity
We have always tried to view the
potential challenges we may face as
an opportunity to improve our service
and become better for our clients. New
legislation and regulation, including
MiFID and GDPR, did not come as a
shock to us, and in many instances our
processes have already been a step
ahead of our competitors. We saw
GDPR as a great opportunity to touch
base with clients about the changes
and to discuss how it may affect them
or their business. Keeping an open
and honest dialogue with clients
keeps them engaged and invested
in our work, and it ensures they feel
valued and respected. With regard to
economic instability and challenges, our
diversified approach ensures our clients’
assets are often shielded fromvolatility.
The biggest challenge we currently face
is growing the business to meet the new
demand for our services. We want to
ensure we are hiring the right people,
which can be difficult considering the
speed at which we are likely to grow.
As I mentioned, buying into our ethos
and embracing the Lucent way is crucial,
while we also require all of our advisers
to be chartered in order to maintain
our expertise and chartered firm status.
Finding a high-quality, chartered adviser,
who believes in our client-first approach,
can present a challenge, but we are
determined not to rush the process and
to wait until we find the correct fit.
Our staff have personality, and they
are open and honest with clients. We
have built up genuinely sustainable
relationships with clients, and this
has just served to enhance the quality
of our service. We are enthusiastic
and passionate about our work and
our clients, and they respond with
openness and honesty in return. Our
clients receive the same level of quality
support, regardless of how long they
have been with us or how complex or
simple the request is. We are confident
we will continue to provide this going
forward, and we are excited about the
next step we will take on this journey.
A personalised financial
plan for you to keep
100 per cent of
our customers
say their wealth
is in safe hands
with us, and
100 per cent of
our clients say
we really
understand their
goals and
objectives

www.lucentfinancialplanning.co.uk

This article was sponsored by Lucent Financial Planning. 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 The Rt Hon Theresa May MP.

The Rt Hon Theresa May MP's Foreword For The Parliamentary Review

By The Rt Hon Theresa May MP

This foreword from the then Prime Minister appeared in the 2018/19 Parliamentary Review.

British politics provides ample material for analysis in the pages of The Parliamentary Review. For Her Majesty’s Government, our task in the year ahead is clear: to achieve the best Brexit deal for Britain and to carry on our work to build a more prosperous and united country – one that truly works for everyone. 

The right Brexit deal will not be sufficient on its own to secure a more prosperous future for Britain. We also need to ensure that our economy is ready for what tomorrow will bring. Our Modern Industrial Strategy is our plan to do that. It means Government stepping up to secure the foundations of our productivity: providing an education system that delivers the skills our economy needs, improving school standards and transforming technical education; delivering infrastructure for growth; ensuring people have the homes they need in the places they want to live. It is all about taking action for the long-term that will pay dividends in the future.

But it also goes beyond that. Government, the private sector and academia working together as strategic partners achieve far more than we could separately. That is why we have set an ambitious goal of lifting UK public and private research and development investment to 2.4 per cent of GDP by 2027. It is why we are developing four Grand Challenges, the big drivers of social and economic change in the world today: harnessing artificial intelligence and the data revolution; leading in changes to the future of mobility; meeting the challenges of our ageing society; and driving ahead the revolution in clean growth. By focusing our efforts on making the most of these areas of enormous potential, we can develop new exports, grow new industries and create more good jobs in every part of our country.

Years of hard work and sacrifice from the British people have got our deficit down by over three quarters. We are building on this success by taking a balanced approach to public spending. We are continuing to deal with our debts, so that our economy can remain strong and we can protect people’s jobs, and at the same time we are investing in vital public services, like our NHS. We have set out plans to increase NHS funding annually by an average by 3.4 percent in real terms: that is £394 million a week more. In return, the NHS will produce a ten-year plan, led by doctors and nurses, to eliminate waste and improve patient care.

I believe that Britain can look to the future with confidence. We are leaving the EU and setting a new course for prosperity as a global trading nation. We have a Modern Industrial Strategy that is strengthening the foundations of our economy and helping us to seize the opportunities of the future. We are investing in the public services we all rely on and helping them to grow and improve. Building on our country’s great strengths – our world-class universities and researchers, our excellent services sector, our cutting edge manufacturers, our vibrant creative industries, our dedicated public servants – we can look towards a new decade that is ripe with possibility. The government I lead is doing all it can to make that brighter future a reality for everyone in our country. 

British politics provides ample material for analysis in the pages of The Parliamentary Review 
The Rt Hon Theresa May MP
Prime Minister