Setting up one’s own business means not just dealing with clients but also meeting with partners, giving inspirational talks, presenting to law firms – and finding time for the family, golf and the gym
Monday
It’s gym first thing. For the past three years I have been working with a personal trainer: 90 per cent diet and 10 per cent fitness. I still end up with a thrashing three times a week. Not only good for the body but great for the mind.
Later on there is a weekly conference call with fellow partners to cover ongoing matters. Having moved from a large corporate it is refreshing to have full control of our client proposition and tailor services to individual clients.
Next up, I have an interesting meeting with two other advisers on behalf of a client who is due to exit a business and who I have yet to meet.
Tuesday
Since setting up Lockhart I have been able to spend more quality time with my family. The school run is always entertaining as success is getting my 15 and 10-year-olds to school without them arguing.
Later on I attend the local rotary lunch where I am the guest speaker. My talk is on my past 12 months and the challenges in setting up a business. If I could summarise it in one word: liberating.
There are two other meetings today. Former clients of mine have contacted me with the aim of moving to Lockhart. The support from many former clients has been overwhelming and proof that we are very much a relationship business.
Wednesday
Another successful school drop off. Today our chief investment officer, Andrew Wilson, and I are presenting to a law firm on end of tax year guidance and overview of markets.
Being able to take someone of Andrew’s ability to these talks is invaluable. We then follow up with two client meetings where we go into more detail about our investment proposition. This is particularly pertinent at a time of such volatility and uncertainty in the markets. Bitcoin, Trump, actives v passives are all handled expertly by Andrew.
Thursday
One of our challenges at Lockhart is client capacity. The aim of each partner is to manage no more than 50-60 clients to ensure a bespoke and personal service. It means that we have to be selective with whom we engage.
We will only work with clients who have an ongoing need for advice and it is already evident that additional adviser resource is going to be required in each of our locations. So today, I am finalising our offer to a new adviser and someone I know will bring great qualities to the office as well as valuable support.
I have an early afternoon meeting with a client where we present our cash flow analysis of their financial position. Using live cashflow with Voyant makes the discussion so much clearer, while informing and validating the risk discussion. Once risk has been agreed and there is clarity around what the objectives are we can proceed to our recommendations.
As a planning led firm, our investment strategy is structured around each client’s financial plan and achieving their objectives efficiently. Some clients request access to their own cash flow analysis which allows them to run various scenarios for themselves within set parameters. I leave early at 4.30pm as my son has his weekly golf coaching.
Friday
I have one meeting today with an ex-client looking to re-engage. The ability to offer a truly personal service and one where they can see there is full client alignment resonates very strongly with many clients.
The rest of the day is spent reviewing advice reports and prepping for the following week. We have recently appointed a technical analyst to strengthen our team and she and I spend time discussing the client cases before agreeing upon the advice for each client. I also start preparing for next week’s quarterly partnership meeting.
The past few months have seen tremendous growth in such a short time and it is important that while we reflect on this we also look forward and continually strive to be better. Children’s activities will dominate the weekend; however I am hopeful of getting a game of golf in, depending on the weather.
Bryan Innes is a founding partner at Lockhart Capital Management
