After a combined tenure of 15 years at Octopus Investments, Joe Payne and Tom Wood have decided to help bridge the advice gap, leaving the stability of Octopus’ employment to start an advice firm of their own. At 31 and 34 years old respectively, Joe and Tom are considerably younger than the average financial adviser of 58 years old. They are now tasked with building a client base from scratch, something they have decided to do organically rather than joining an existing firm or buying a book of clients. They leave Octopus Investments, focused on higher risk tax efficient investments, where Tom ran London City managing a team of 11 whilst Joe looked after distribution in the South East of England.
Having worked with financial advisers across all different networks, nationals and service providers, Joe and Tom opted to partner with the relatively new player, M&G Wealth Advice.
On the recent incorporation of the business, Joe Payne said “it is easy to see why there are few younger advisers entering the market. Increased regulation is making it more difficult than ever for advisers to set up new firms. Similarly, when starting from scratch, having an adequate financial buffer (especially during a cost-of-living crisis) to support you in the early years is essential”. Co-founder Tom Wood added that “building my own business has been a life-long ambition. Being able to do this in an area I am passionate about and alongside someone who has the same core values as me is a bonus. We believe that by keeping our clients’ interests at the heart of the company we can build Fortify Wealth into a well-respected and trusted brand.”
Fortify Wealth is a London based financial planning firm with aspirations of growing to support clients across the UK. The company mission: “helping build confidence in your future whilst making the most of today.”
