A new wealth management firm wanting to “flip the traditional advice approach” has hit £250,000 in its first round of seed funding.
FSWM was set up by Frankie Smith who previously worked at Jarrovian Wealth Management.
Speaking to FT Adviser, the 29-year-old said: “The industry is very traditional in its approach and there's a lack of women that are becoming advisers.
"There's a real disparity between the amount of women financial advisers and also women who are running financial planning firms, compared to the amount of women who are looking to seek financial advice.
“FSWM isn’t just for women but what I found was when I engaged with women, they introduced me to the wider family.
“You know, husbands, partners, whatever it may be, and that is kind of a flip on the traditional approach.”
Smith previously worked at Jarrovian Wealth and brought her £16mn under management over to her new firm when she set up.
In 2023, Smith launched a networking community, called Frankies, where people can access financial material and a financial health check.
She said this means those accessing this service could move on to regulated advice with FSWM if they wished to.
“That model does not currently exist, the membership to wealth management model,” said Smith.
“That was what investors really liked, the fact that I'm a young female looking to disrupt the industry by [giving clients] more from their financial adviser.
“My clients get access to everything within the Frankie's community.”
Smith currently employs one trainee financial planner and hopes to be able to take on another adviser soon.
FSWM’s lead investor was Darren Carter, a board member at Peel Hunt Investment Bank.
He said: “I am excited to be investing in Frankie’s new venture as she is exactly what the financial advice industry needs, a very impressive young woman that has great passion to make a really positive difference for her clients with fresh and innovative ideas.”
Smith added: “It is tough for all new founders to get investment in the current financial climate and especially women.
"Seed funding is at its lowest rate since 2016, so it feels good to have people believe in what I am offering. I am very grateful to my angel investors for their investment and support. With their help I have achieved my funding target, and I can now get my venture off the ground and help move the financial advice sector forward.”
According to the FCA Register, FSWM is an appointed representative of Best Practice IFA Group.
tara.o'connor@ft.com
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