Perrett & Co Financial Services

A Message from Lord Pickles and Lord Blunkett, followed by Perrett & Co Financial Services'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 Perrett & Co Financial Services 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.perrettandco.com/

THE PARLIAMENTARY REVIEW
Highlighting best practice
20 | PERRETT & CO.
Roger Perrett, managing
director
Perrett & Co. is one of the leading firms of independent
financial advisers in the East Midlands, offering a high-quality
and competitive service proposition to private individuals and
businesses. Roger Perrett, their managing director, elaborates.
It has been quite a journey
So many financial products reviewed, so many plans implemented, so many market
ups and downs to navigate through. Seven different chancellors of the exchequer. So
what have we learnt?
»Time has the greatest value. It is important to put in place effective planning
to enjoy the journey, as well as planning for the future. Financial models do not
guarantee longevity or the health to enjoy accumulated wealth.
»Always have a plan B. Various crises will come and go, funds will go down as well as
up. “Plan B” is contingency planning that should enable you to remain invested for the
longer term, if appropriate. The best returns are often experienced in the wake of a crisis.
»It is never too late to change direction. People often feel locked into the career
path that they chose in their teenage years. Some of our most successful clients have
completely changed track along the way. Don’t be afraid to challenge the status quo.
A good financial adviser should be able to help you with “blue sky thinking” and not
simply be looking to sell you a product.
»It is essential to be on your guard. A healthy degree of scepticism is necessary. We have
seen time and time again products coming on to the market that seem to offer it all: high
returns for low, or no investment risk – often falling short of their claims. It is essential to
read the small print and wise to seek a second opinion if things seem too good to be true.
What we do
»Holistic planning service – we help our clients to identify and achieve their financial
objectives. We encourage them to take “time out” from an often-busy schedule to
reflect on their needs and priorities for the longer term. Strategies are then proposed
to help meet the objectives set.
»Portfolio review service – we offer a proactive investment review service that is
transparent and accountable, with monthly reporting and recommendations for fund
switching when deemed appropriate.
»Monitoring – most clients attend regular review meetings where fund performance is
analysed and financial models are updated, to ensure that planning remains on track.
Industry challenges
We are keen to keep the level of charges down for customers, hopefully encouraging
more people to seek the benefits of financial advice. Cost containment is therefore
an ongoing challenge for us, with fixed costs continuing to rise well above the rate of
inflation. We are concerned that these costs create a significant barrier of entry to the
profession, stopping people from setting up practices, taking on premises and staff.
The level of costs is also driving consolidation within the industry, and we see signs
that this is not necessarily resulting in an improved offer to the end consumer.
AT A GLANCE
PERRETT & CO.
»Founder and managing
director: RogerPerrett
»Established in 1990
»Based in Loughborough,
Leicestershire
»Services: Financial planning,
pensions and retirement
planning, full range of
investments and savings,
employee benefits, tax
planning, estate planning,
personal and corporate
protection
»No. of employees: 12
Perrett & Co.
21PERRETT & CO. |
BEST PRACTICE REPRESENTATIVE 2018
» ARE WE DIFFERENT?
There are many excellent
advisers in the marketplace.
The level of professionalism in
the industry has significantly
improved over recent years. We
strive to offer the best possible
financial planning experience
we can, always seeking to go
“the extra mile”. We have full-
time investment professionals
working in-house to constantly
assess new products, fund
performance and portfolio
positioning. We aim to “earn
our keep” in everything we do.
A request to policymakers
The recent pension reforms are
encouraging people to save more for
their retirement. The changes are very
popular and we hope that there will be
no reversal of the flexibility afforded.
From our viewpoint, a polarisation does
seem to have taken place over the last
decade, resulting in a concentration of
wealth. We would welcome policies
that seek to address this disparity
and, in particular, policies that help
to empower smaller businesses – the
consequences of failure are often too
great on the individuals concerned, and
entrepreneurial vigour is too often stifled
through a lack of access to capital.
The scale of the PPI misselling scandal
was truly staggering, alongside many
other examples where corporate greed
has eroded public confidence in financial
services. To help to restore confidence,
we would welcome much stiffer penalties
for those who are found to have abused
positions of responsibility and trust.
A message to consumers
It is vital to read the documentation that
is presented when recommendations
are made. A lot of regulatory changes
have been made in order to empower
consumers and this documentation
contains important information that you
should be aware of. It is essential that
your adviser answers any queries raised
to your satisfaction, before you proceed.
You must never feel too embarrassed to
ask again if an explanation is unclear.
The loss of defined benefit pension
schemes in the UK is a travesty. Most
defined contribution schemes are a
poor substitute, with responsibility
passed on to the shoulders of people
who have little understanding of the
implications. It is essential to get on with
retirement planning now – you simply
cannot afford to leave it to another day.
We believe that total ongoing charges
for a typical investor with over £100,000
to invest should be no more than 1.5 per
cent per annum – this includes adviser fees,
fund charges and any product fees. If you
are paying more than this, it may be worth
assessing the value that you are receiving
and time to seek a second opinion.
A rewarding career path
There seems to be a rising demand
for good-quality independent financial
advice from people who need help
in dealing with increasingly complex
financial markets and products. There are
therefore excellent career opportunities.
In the course of our work, we are
fortunate to meet people from all walks
of life, covering the wealth and the age
spectrum. You get to know people very
well over time and it can give huge job
satisfaction to see the plans that you
have put in place successfully come to
fruition. It is a very rewarding career
path, and one that bears a great deal of
responsibility. We are constantly learning
through the experiences of others.
Our future
We believe that the future is bright. We
have a terrific team in place at Perrett
& Co., working together, sharing ideas
and taking pride in our work. We will
shortly be passing on the benefit of our
knowledge and experience through the
establishment of an Adviser Training
School. The training will be available to
people who wish to change career, as well
as graduates. We are looking forward to
getting this new initiative underway.
Perrett & Co. Financial Services Ltd
is authorised and regulated by the
Financial Conduct Authority. The
Financial Conduct Authority does not
regulate taxation and trust advice and
some aspects of employee benefits.
Time has the
greatest value.
Itis important to
put in place
effective planning
to enjoy the
journey, as well
as planning for
the future
Loughborough team

www.perrettandco.com/

This article was sponsored by Perrett & Co Financial Services. 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