Inside thewinner’scircle

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Encouraging excellencein financial advice

Awards 2010

GoodAdvice

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The Good Advice Awards 201020 October 2010

Leading by exampleConfidence in the financial servicesindustry remains decidedly fragile, withmany consumers understandablyconcerned about the financial challengesand potential hardships they face. Volatilestock markets have made investorsincreasingly nervous, the pensions crisisshows no sign of relenting, whilst theprotection gap has continued to widen.

The only consolation is that the media’s

ongoing fascination with consumer finance

has led to a remarkable level of interest in

financial planning. Indeed, the need for truly

independent financial advice has never

been greater. As a result, advisers have a

huge responsibility to ensure that clients

can trust the advice they provide. This

means delivering a client centric service,

building long term relationships and

making suitable decisions based on an

individual’s circumstances.

The public also has a right to expect a high

degree of professionalism, knowledge and

expertise in those who provide them with

financial advice. With this in mind, our Good

Advice Awards, now in their second year,

are designed to reward the very best adviser

organisations and promote excellence in

financial advice. We hope that they will

provide a useful gauge for consumers when

seeking out those companies delivering

high quality advice from the thousands of

firms potentially available to them.

The processSo how do the Good Advice Awards work?

Entries were invited from the adviser

community throughout Spring 2010, with

awards on offer in five categories: Best

Protection Adviser, Best Retirement Adviser,

Best Investment Adviser, Best Tax and

Estate Planner and Best Equity Release

Adviser.

Advisers were asked to provide us with

details of their organisation, the level of

expertise on offer and why they felt they

should win the category entered. We also

asked them to support their nomination with

client testimonials and evidence of their

ability to deliver award winning service.

From the initial entries, a shortlist was drawn

up, based on the quality of the submissions.

Those shortlisted companies were then

judged by a panel of industry experts.

Judging criteriaEach of the shortlisted entries was assessed

against four key areas:

1. Understanding client needsThis is arguably the most important criteria

and will usually form the backbone of any

financial orientated relationship. Without a

clear understanding of a client’s goals, the

advice that follows could be wholly

inappropriate. Consequently, the judges

were looking for evidence that the adviser

firms displayed a commitment to getting to

know their client and a desire to establish a

long term relationship. Judges were also

looking for a strong focus on research when

making recommendations and for any signs

of innovative problem solving for the benefit

of their clients.

2. Customer serviceIn many respects, client service is just as

important as financial expertise. Once a

client has adopted a recommended plan, it

is vital that they are kept fully informed of

any actions and the performance of their

policies in relation to their agreed goals.

Here judges were looking for evidence of

client satisfaction and a commitment to

treating clients fairly at every opportunity.

3. Commitment to professionalismThe Retail Distribution Review promises to

bring a new level of professionalism to the

financial advice sector when it is

implemented in 2012. In the meantime, it is

important that adviser firms demonstrate

continued growth in their knowledge and

skills base, particularly as the financial

environment in which they operate is

constantly changing. Judges were asked to

assess the extent to which the firms

displayed a commitment towards

professionalism and raising standards,

either through implementing training

programmes or gaining higher

qualifications.

4. Client communicationUnderstandable, jargon-free literature, clear

informative newsletters and educational

seminars all add to the overall client

experience. Judges were required to assess

the quality of the organisation’s literature

and client correspondence, and consider its

overall willingness to communicate with

clients on an ongoing basis.

The chosen fewThose firms which eventually emerged as

winners across the five specialist advice

categories are showcased over the next few

pages. The winners were presented with

their trophies at the Investment Life &

Pensions Moneyfacts Awards luncheon on

17 September 2010 at the Marriott Hotel,

Grosvenor Square, London, in front of over

400 industry professionals.

The winners are also able to use the Good

Advice Awards logo on their website and

business literature - a clear message to

clients that they have come to the right

adviser.

The 2010 Good Advice

Awards were fiercely

contested, but which IFA

firms eventually

triumphed? We revealthis year’s leading lights

Awards 2010

GoodAdvice

Encouraging excellence in financial advice

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21October 2010The Good Advice Awards 2010

Best Protection Advisersponsored by:

Alan Lakey of Highclere Financial Services (centre) collects the Best Protection

Adviser award from Lutine’s Martin Tyler and Sylvia Waycot, Publishing Director at

Moneyfacts Group

The winnerHighclere Financial Services is a partnership with Alan Lakey as

the senior partner and the only authorised adviser. It was

formed in May 1991 with a focus on protection and mortgages.

Prior to forming Highclere Financial Services, Mr Lakey worked

for thirteen years within other advisory firms and insurance

companies.

The judges’ verdictAlthough Highclere Financial Services transacts lower business

volumes than many multi-adviser firms, it represents a classic

example of “quality over quantity”. Its submission demonstrated

a real desire to understand and analyse the needs of a wide

spectrum of clients, ranging from the modest requirements of

single parents to the complex issues relating to commercial

protection.

However, it was Highclere’s innovative product research which

really set it apart from other advisory firms. The judges were

impressed with the quality of its critical illness advice, where it

has spent the past two years untangling the statistical jungle

that underpins the value of critical illness plans.

“Protection advisers are often focused on premiums, on

counting the number of critical conditions covered and league

tables of claim payouts,” said Alan Lakey, Senior Partner at

Highclere Financial Services. “Our methodology has been to

emulate the pricing basis used by reinsurers but to take it to an

enhanced level using data to place a value on the claims

wordings used by the different insurers. The end result being a

system which enables an evaluation of the most beneficial plan

for each individual client.”

Winner: Highclere Financial Services

Highly commended: CBK Colchester

Commended: Proactive Medical & Life

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The Good Advice Awards 201022 October 2010

Awards 2010

GoodAdvice

Encouraging excellence in financial advice

Best Retirement Adviser

sponsored by:

The winnerInformed Choice is a privately owned and managed firm of

Chartered Financial Planners. It was established in 1994 by

husband and wife Nick and Andrea Bamford, with their son Martin

becoming the second generation to join the business in 2002.

Over the past sixteen years, the business has grown to a team of

ten Financial Planners and five individuals in the client support

team.

The judges’ verdictThe judges felt that communications strategy was a key

differentiator between Informed Choice and other IFA firms. Every

client receives an annual review, consisting of a comprehensive

review report and meeting with their Financial Planner. Clients with

more complex needs or higher levels of assets under

management receive more frequent reviews, with a number

receiving a quarterly review report to support a proactive

investment management service.

The judges praised the wide range of information available to

clients through the company’s website, weekly email newsletters

and quarterly investment outlook report, as well as its use of social

media as a way of ensuring ongoing and regular communication.

“We are continually looking to enhance our client proposition as

technological, economic and legislative circumstances provide

new opportunities,” said Martin Bamford, Managing Director at

Informed Choice. “We embraced the fee charging approach long

before the RDR was announced, because we passionately

believed that remuneration solely as a result of product

implementation did not engender a client centric approach to

providing independent advice.”

Best Investment Adviser

sponsored by:

The winnerEstablished in Newcastle upon Tyne in 1971, Lowes Financial

Management is one of the largest privately owned IFAs in the

UK, managing in excess of £350 million for its clients

nationwide. It was one of the first advisers in the country to

achieve the accreditation Chartered Financial Planners and is

ranked within the Top 100 Independent Financial Advisers

according to the annual Plimsol Publishing analysis.

The judges’ verdictThe judges were particularly impressed with Lowes’

commitment to professional qualifications and the company’s

investment expertise. A key area of investment advice where

the judges felt Lowes truly excelled was with regards to

structured products.

Whilst some advisers have only occasionally dabbled in this

market, Lowes has become a renowned expert in this field,

having identified and avoided problem areas well in advance.

This year the company relaunched its web based structured

products review service, which gives clients the opportunity to

learn more about the sector, offering articles and guidance,

along with access to an extensive library of structured

products.

“We believe in investing in well diversified portfolios with a view

to achieving the best possible returns without exposing the

client to undue risk,” said Ian Lowes, Managing Director at

Lowes Financial Management. “Although the majority of client

portfolios are invested in managed funds, the structured

products that complement these have been fundamental in

achieving the client satisfaction we are justly proud of.”

Winner: Informed Choice

Highly commended: Concept Financial Planning

Commended: Lift-Financial

Winner: Lowes Financial Management

Highly commended: AWD Chase de Vere

Commended: Whitechurch Securities

Philip Sullivan of Informed Choice (centre) collects the Best Retirement Adviser

award from MGM Advantage’s Aston Goodey and Sylvia Waycot, Publishing

Director at Moneyfacts Group

Ian Lowes of Lowes Financial Management (centre) collects the Best Investment

Adviser award from Canada Life’s Matt Logan and Sylvia Waycot, Publishing

Director at Moneyfacts Group

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23October 2010The Good Advice Awards 2010

Best Equity Release Adviser

sponsored by:

The winnerBased in Leeds, Cavendish Equity Release is a whole of market

broker of lifetime mortgages and home reversion plans,

employing 21 staff. Owned by the CGA Group, it is the longest

established UK equity release specialist, recently celebrating

25 years.

The judges’ verdictIt was clear to the judges that Cavendish is a company

committed to going the extra mile for its customers, with its

advice processes and paperwork going far beyond what is

recommended by the FSA.

Even though the products Cavendish recommend are meant to

be lifelong products, its advisers regularly re-visit clients to

check if they can negotiate a better deal on their behalf.

The exemplary service delivered by Cavendish was evidenced

by the multitude of positive client testimonials and letters it was

able to supply.

“The result of our hard work is clear - the compliance

department has had a landmark year with no complaints made

against Cavendish, and the implemented Treating Customer’s

Fairly protocols have borne fruit with a glowing assessment

from the FSA in June,” said Charlotte Bartlett, Marketing

Manager at Cavendish Equity Release. “Almost daily we receive

thank you notes, postcards and phone calls congratulating our

staff on their hard work and customer service. These arrive not

just for the advisers but for the initial appointment bookers, the

administration team and everybody that helps keep the

operation smooth.”

Best Tax and Estate Plannersponsored by:

The winnerDickinson Dees is one of the top 50 law firms in the UK and

provides a full range of services to corporate, public sector and

private clients. The Investments & Pensions Team within

Dickinson Dees was established in 1999. The team is part of the

Wealth Management Department which offers clients financial,

legal, trust, tax and estate planning advice.

The judges’ verdictThe judges felt that Dickinson Dees demonstrated a true desire

to deliver quality, independent, fee based advice, tailored

specifically to meet clients’ needs. Particular praise was

reserved for the high level of technical expertise the firm is able

to draw on, with IFAs working closely with chartered

accountants and qualified solicitors who specialise in trust, tax

and estate planning. Indeed, the Wealth Management

Department within Dickinson Dees boasts an impressive nine

STEP registered Trust and Estate Practitioners.

Its team members also frequently present and attend seminars,

both in-house and externally, to intermediaries and clients,

covering investment, pension, legal, taxation and trust issues.

“Our typical clients include high net worth individuals, business

owners, company directors, lottery winners, trustees, charities

and family dynasties,” said Simon Patterson, Manager of the

Investments & Pensions Team at Dickinson Dees. “The team

currently has over £1 billion of assets under influence, and

continues to win new client instructions on a regular basis. Our

clients legal, financial and tax affairs are therefore often

complex, but thanks to our expertise we are able to offer an

integrated service to meet all these needs.”

Winner: Cavendish Equity Release

Highly commended: LaterLiving

Commended: Almary Green Investments

Winner: Dickinson Dees

Highly commended: IFS (Professional Connections)

Commended: Affluent Financial Planning

Charlotte Bartlett of Cavendish Equity Release (centre) collects the Best Equity

Release Adviser award from Bridgewater’s Peter Welch and Sylvia Waycot,

Publishing Director at Moneyfacts Group

Simon Patterson of Dickinson Dees (centre) collects the Best Tax and Estate

Planner award from Octopus Investment’s Neil Buckland and Sylvia Waycot,

Publishing Director at Moneyfacts Group

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