The financial services industry has lost one of its brightest lights in Paul Etheridge, founder of the Prestwood Group. What a star. The Sirius of the financial universe, now looking down upon us from his big office in the sky.
Paul was a financial giant of an individual. A transformer in so many ways – changing the financial lives of individuals for the better up and down the country, and arming the financial adviser community with the tools to do their work in an utterly professional way.
God, Sirius will be missed. Big time. For all time. Especially by his wonderful wife Judith who was a rock throughout their marriage. Loyal and devoted.
Although Paul didn't really need to give me the time of day (I’m just a pesky journalist after all), that wasn’t his way. He embraced every one. He was inquisitive and kind at the same time.
I first got to know Paul when I would rock up at the Cellar Club in Birmingham (he co-founded the club in 1974) and sing for my proverbial supper.
I was introduced to this merry (sometimes very merry) band of financial advisers by Joanna Coull, a financial planner who thought it would be a good idea if I gave a speech at one of the regular dinners they held.
He was passionate about making financial advice universal... Enthusiasm coursed through Paul’s veins.I had first met Joanna at a financial adviser event in London organised by Fiona Price (celebrating successful women in the male-dominated world of financial advice) and we got on like a house on fire. She’s also persuasive. Hence my nerve-racking Cellar Club debut.
While my first speech at the club was rather aggressive and chippy, the members invited me back again, and again. A bond was formed and rather than preaching (how arrogant), I began to listen. I learnt more from them than they did from me.
Paul stood out amongst this very fine band of successful advisers. As a founding father of the club, he always took it upon himself to ask the first, and second, questions.
He was also genuinely interested in what I had to say about the industry. He was passionate about making financial advice universal – he didn’t like the consequences of RDR.
Enthusiasm coursed through Paul’s veins. I liked him. Indeed, I liked him a lot as did Joanna (last week, she stressed how supportive he had always been to her – something of a father figure). He was a loyal friend who would go out of his way to help people.
It was as if I was an adviser myself. I was impressed. Lifetime cash flow modelling suddenly made superb sense.I am sure that the love for Paul from members of the Cellar Club was universal. You couldn’t help but fall under his spell.
Paul invited me one Monday to come and visit his Prestwood operation near Stourbridge in the West Midlands. We sat in his auditorium while he gave me a presentation on his services to advisers.
It was as if I was an adviser myself. I was impressed. Mightily impressed. Paul was delighted with my reaction. Lifetime cash flow modelling suddenly made superb sense.
What with the pandemic and increased pressure at work (deadline after deadline), I must confess that I hadn’t seen him for a while. How do I feel about that? Bloody awful.
A lasting impression
Last week, I spoke to a number of Cellar Club members about the great man. To a man and woman, they had nothing but overwhelming affection for him – and admiration for the work he had done in putting lifetime cash flow modelling on the map. Social media is also awash with tributes.
Mark Rogers, chairman of the Cellar Club, described Paul as an "icon and a legend within financial planning circles". He added: "I cannot think of anybody who has had more of an influence on me personally and the profession in general."
Warren Shute, a chartered financial wealth manager and a successful financial author, visited Paul in the week before his death on the 6th of this month.
He first met the great man 26 years ago at a conference Paul spoke at, hosted by the Life Insurance Association. He was "immediately hooked" by what he heard. A spark was lit inside Warren’s brain – a desire to become a "great financial planner".
On behalf of advisers, their clients and pesky journalists, a big thank you for everything."Paul’s way, more commonly known as the Prestwood Way, was the path I chose," he said. "From the age of 23, I attended every training session and conference I could to hear Paul’s wise words, eventually becoming a member of his Advanced Planners Group for many years. I owe a great deal to him both personally and professionally."
There’s more. Richard Jennings of JNJ Financial Management said Paul’s main driver was raising standards across the financial planning industry. It’s a view echoed by David Hutt of Hutt Professional Financial Planning. "The world of financial planning is a better place because of him."
Sirius. Keep burning bright. On behalf of advisers, their clients and pesky journalists, a big thank you for everything; your passion, generosity and acute business acumen. The world of financial planning owes you an almighty debt.
As for the Cellar Club, it will be holding a dinner in honour of Paul. Come hell, high water or deadlines, Pesky will be there to raise a glass or six.
Jeff Prestridge is group wealth and personal finance editor at DMGT
