Wanted: An IFA

by | Apr 18, 2017

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City Editor Neil Martin has a brief chat with Charles Chami, Director of Glamis IFA, on their hunt for a new member of the team.

Glamis IFA, a family run IFA firm based just north of Bristol, currently has two advisers and an administrator (trainee Paraplanner). It’s on the look-out for an experienced adviser with an existing book of business to join its growing operation.

In return, Glamis is offering a competitive fee sharing arrangement; administration and paraplanning support; dedicated desk space and meeting room availability; compliance and research support; and, business leads.

I asked Chami why they were expanding at this time. He said: “We are getting an increasing amount of enquiries, either from existing client referrals or from new enquiries through search websites. We are keen to increase our capacity in order to continue to satisfy the increase in demand we are seeing.”

As to whether they will having any problem finding the right person, Chami thought not: “We are a small firm which means we can be flexible and open to discussion in how we work. We think this could be attractive to someone who possibly feels a little constrained in a larger firm or network. We also recently moved to new offices with plenty of parking in an easily accessible location.”

I then asked whether, given the trend for consolidation, they were tempted to join one of the bigger groups of firms. Chami is sure about this: “We are a family business so I will provide the succession and continuity for my father when he decides to take more time off. Selling up is not something we ever envisage doing.”

We then moved on to talk about the industry in general.

“I think the industry is in great shape, “ he said “…advisers are better qualified and there is more transparency around fees than ever before. Investment charges from the fund management industry are coming down and regulations mean clients are getting a clear, valuable ongoing service for the fees they are paying.

“There are still issues about an advice gap for less well-off clients, but there are signs of improvement with banks taking a tentative steps back into this area, as well as fintech firms starting to innovate in mass market offerings.”

As to what are the main challenges that face his firm, he explained: “A national shift away from Defined Benefit pensions means there is lot of education work to be done, ensuring clients understand the importance of having adequate savings for their retirement.

“Fortunately there is a huge amount of value an adviser can add in this area, guiding client choices early on, as well as making sure client savings are invested appropriately to try and maximise their returns over time whilst taking an appropriate level of risk for the clients circumstances.

“From an industry/firm perspective, legislation like pension freedoms and auto enrolment have increased demand for our services. Also from a  demographic point of view it is a great time to be a younger adviser, with many senior advisers looking to retire or exit the industry in the coming years.”

The hunt for a new adviser, continues.

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