Penguin Wealth is looking to significantly increase it numbers of wealthy clients from just 13 today to 180 by 2022, as part of a long-term plan to restructure the business.
Craig Palfrey, partner and certified financial planner at Cardiff-based Penguin Wealth, explained to FTAdviser that last year was spent re-writing the business plan and altering the Penguin structure and processes for 2015.
“We’ve agree to target more wealthy clients and have been working on a marketing plan, as well as setting up relationships with accountancy firms to offer advice to their clientele.”
As previously reported, the firm’s strategy is two pronged, with the mass market still catered for by its Get Financial Advice brand - an internet-based model backed by telephone and desk-based advisers providing a simpler solution at a lower cost.
Mr Palfrey reiterated his commitment to “not shedding them like other advisers”, especially given the potential surge in demand for advice brought by April’s at-retirement reforms.
“We have had to alter the course for GFA as our plans were derailed slightly when the government announced the pension freedoms last year.
“This has been tough, but the business has continued to grow and attract more people looking for help, which has resulted in us taking on a brand new financial adviser in the last month or so just to advise clients of this business.”
The business also maintains two information websites - Increaseyourpension.co.uk and Cashmypension.co.uk - aimed at driving enquiries towards free sessions offered by its advisers.
“We had 120 new enquiries last week, but the problem is quite a lot of them are from those aged under 55 who have been targeted by liberators. We call them back and urge them not to use these schemes, but unfortunately many still will,” stated Mr Palfrey.
He was also sceptical of the benefits that advisers should expect from the Pension Wise guidance service, commenting that mentions of regulated financial advice came so far down the website that many would miss them.
“We have signed up to the Mas directory, but I think more cases will continue to come in via Unbiased.”
An exclusive survey conducted by FTAdviser with Unbiased revealed earlier this week that less than 30 per cent of advisers have so far signed up to the directory developed by the Money Advice Service where individuals will be signposted after their guidance session.
peter.walker@ft.com
