This has not hindered him; his success has enabled the founder of Universe Financial Advice to launch a charitable campaign that sees his company giving all income raised from new clients during May, June and July, to charity.
I could see charities like mine struggling to do a lot of things that aren’t coronavirus-related and still good for society. I decided to see if on a very small scale I could make a difference and help out with my firm.It was decided that new income would go to a charity of the clients’ choosing, both to allow clients to see their money going to a cause they believed in and to help organisations whose work benefits society.
Mr Beavis says he has always sought to run an ethical company. He himself is the treasurer of his local West Berkshire children’s charity Home-Start, and the desire to help his charity as well as others came out of the Coronavirus crisis.
He explains: “When coronavirus hit, the decision to create this campaign was rooted around a meeting I was in about how funds had been pulled away from local charities because a lot of the big funders were directing all their money toward coronavirus relief efforts.
“I could see charities like mine struggling to do a lot of things that aren’t coronavirus-related and still good for society. I decided to see if on a very small scale I could make a difference and help out with my firm.”
Asked how he managed to sustain this for three months, Mr Beavis says he realised he had already built up some secure business with ongoing clients who paid him annually. These clients “have been really supportive, and keep business going” he says, because they know it is helping the company sustain its charitable efforts.
He highlights advantages to the campaign, including getting to know his clients better.
“I’m able to have conversations with clients that are more meaningful. When you are dealing with clients you tend to know everything about their money, and even what hobbies they like.” But now with asking them to choose a charity, Mr Beavis says he “learns what causes they would like to support – what makes them tick”.
Another, more personal, advantage of the charity campaign was the exposure. “In the industry I am fairly young – the average age of advisers is higher than my age at the moment. And I’ve really appreciated the visibility it’s given me within the industry”, says Mr Beavis.
Understandably, the higher visibility has boosted his business, bringing in new clients. He says this is “fantastic, because it means we can help more people – and if we can help more people, we can help more charities”.
Inspiring the next generation
Mr Beavis adds that he has really benefited from feedback received. He says: “I’ve had some feedback from younger advisers who are new and starting out in the industry who are really looking up to what I am doing.
“They are realising that actually they can do this too, so I am giving them advice of ways through – how to set up a business, in a complex and regulation-tied world.”
I’m able to have conversations with clients that are more meaningful.In terms of adapting to the working conditions brought about by coronavirus, Mr Beavis acknowledges that while the pandemic is tragic, in terms of his business it has helped him do things in a new way that is “a breath of fresh air”.
“It has opened my eyes to different ways of working”, he says. “Before, I used to spend 40 or 50 minutes travelling to a client meeting and back again. Now I can use the time spent travelling on adding value to my client in other ways.”
He also says he originally thought maybe clients who are not “tech-savvy” would not “like being on Zoom” with him. He has been pleasantly surprised, and they too are reaping the benefits of remote meetings.
“I can give them answers instantly, I can share my screen with them, I can show them what I am seeing in my office, and if I have a piece of paperwork to show them, and it’s right there. If you’re travelling to meetings and you forget a piece of paperwork it can be a real nightmare.”
He also perceives the eco-friendly outcome of working remotely as an important advantage. “Not having to drive all those miles and not having to send out reams of paperwork [is environmentally beneficial]. We do as much as possible securely online, e-signatures for example, to reduce the administrative burden.”
Asked what he sees as the opportunities of being a young adviser, he responds: “You can do anything and be anything.”
Forging his own path
Mr Beavis was originally advised when starting out that he would have to work as an admin assistant for an IFA for at least five years before becoming an adviser.
He says “I’m very glad I didn’t take that advice. As long as you have a good head on you and you know how to build relationships with people and know the people who can help you, you can learn the industry fairly quickly.”
“I’ve had some feedback from younger advisers who are new and starting out in the industry who are really looking up to what I am doing.He also warns young advisers not to be tempted by fees associated with more complex products, and “stick to work [they] feel 100 per cent comfortable with. You need to work out where you can really add value.”
Mr Beavis’s general advice for the adviser community is “do more. It doesn’t have to be charity. It could be doing more in the area of Black Lives Matter or doing more for your staff and their mental health”.
He concludes: “There’s a lot of money in our industry to do something for good, and I believe that, by doing so, my clients feel they are part of a family that is forward thinking.”
Anita Boniface is a freelance journalist
