There is no doubt that 2020 will go down in history as an eventful year.
For some companies, it will be marked as a time they struggled to cope with the volatility in the market as a result of the ongoing Brexit talks and coronavirus pandemic.
However, for others it will have been a different story. Among the chaos, some IFA companies have managed to successfully flip a turbulent year into a triumph and are now sitting proudly on our latest Top 100 list of financial advisers.
The challenges brought by Covid-19 and its knock-on effects have impacted companies of every size and structureQuilter is one of these success stories as it has managed to secure the top slot on the prestigious chart for two years in a row.
Sarah Waring, client and proposition director at Quilter, says this is down to its ability to adapt quickly. She says: “This year has not gone as the advice sector had planned.”
The challenges brought by Covid-19 and its knock-on effects have impacted companies of every size and structure. It has been impressive how well the sector has adapted and change that one expected to see in several years’ time took place within a fortnight.
Ms Waring says: “At Quilter, as with many other firms, the rapid move to digital-led advice was not without its challenges. There were many logistics that needed to be worked through, such as what to do about signatures and how to help clients who are less comfortable with video conferencing technology.
“Once the technical hurdles were overcome, the focus shifted to how we can support our advisers to provide the best possible service to their clients.
“This involved working closely with our business consultancy team and behavioural economists to understand how advice meetings need to change to suit a digital format and how to ensure clients were comfortable.”
Key points
- All advice companies have had to adapt very quickly to coronavirus
- Quilter has come top in the Top 100 for the second year running
- Having good IT infrastructure helps streamline business and boost productivity
Part of its success can also be attributed to the fact that, in the race to change working practices, it has not neglected the emotional needs of its advisers as they navigate through a new normal.
That is why it launched a range of support services including There for You, which is a hub of practical support and expertise for advisers.
Ms Waring adds: “While the year has been full of challenges it has also, yet again, proven the importance and value of financial advice. In this nerve-wracking time clients have been reassured and comforted to know their finances are in good hands.
“We all know that doesn’t mean they have somehow avoided the market losses; it means they understand their plans are still on track and that despite the market dips they are still able to meet their financial goals and if they aren’t, we can help them adapt accordingly.”
Another success story is Bartlett Wealth Management, which has landed the second spot on the table. This is a massive jump from its 12th position last year.
The ranking is just one of the many accolades the business has been awarded – having started 2020 with the winning Best Employer at the Yorkshire Financial Awards.
Head of wealth management, David Bates, says part of its success has been down to the refurbishment of its Leeds headquarters and several employee-focused wellbeing initiatives, which meant staff were well-equipped to work remotely.
He says: “As part of the office refurbishment, our IT systems were enhanced to such a level that we’ve seen no drop in productivity as a result of this home-working. In fact, the results of a survey that we conducted suggest that, in the main, our employees feel less stressed, less tired, and more productive as a result of the change.”
Mr Bates adds: “Forming a coronavirus response project team in early March meant we have ensured that our employees feel valued, safe, and empowered to continue providing our clients with the highest quality of service.
“Covid-19 has posed many challenges, but adversity can prove to be a great educator. So, what have we learnt? That to be able to adapt and adapt quickly is crucial to success, and that communication is key.
“With the pandemic and Brexit negotiations continuing, 2020’s twists and turns are not over yet, but we will adapt in whichever ways we can to ensure that our clients, and our employees, receive the highest standards of advice, care and support.”
A push to improve IT infrastructure was echoed by Lycetts, which was 14th on the list – marking an impressive jump from its 26th position last year.
He said the insurance broker and independent financial adviser also saw turnover for the year to December 2019 rise to £22.7m, which is up from £21.6m in 2018.
Charles Foster, chief executive officer at Lycetts, says: “A new IT infrastructure paved the way for significant, group-wide productivity gains by streamlining our operations and enabling us to respond more dynamically to changing customer needs.”
He adds: “Our clients have faced a great many challenges, and continue to do so in the wake of the coronavirus pandemic. But we have continued to deliver on our core principles of professional integrity and exceptional service standards, helping to provide security and reassurance during these testing times.”
In the current climate of volatility and change, Punter Southall has managed to remain a success by focusing on its core vision of harnessing strong relations with clients. So it comes as little surprise that the company secured the 9th position on the chart, which is a jump from its 16th spot last year.
Chief executive Jonathan Punter says: “We’ve always focused on building strong relationships with every client across Punter Southall. The trust we’ve forged has been important to everyone during this time and means we have continued to talk, to transact and to deliver. This has been reflected in the level of business we’ve maintained and the progress of new projects.
“Serving clients properly means ensuring your own people are safe, well and coping. Our management teams and HR colleagues have done a great job of checking in and making sure the team spirit of our offices is intact at home.”
Aamina Zafar is a freelance journalist
