Male clients don’t necessarily want to sit opposite an “alpha male” adviser, according to a Glaswegian IFA run by two sisters.
Nicola and Jennifer Ellis started up their advice business Wellington Wealth back in 2015, and said they have since taken the ‘David Attenborough approach’ - "assume a level of intelligence, but no knowledge of a subject".
Whilst Jennifer takes care of the operations, Nicola is one of the firm’s Chartered advisers.
“Nicky's actually advised quite a lot of very senior people in FTSE 250 companies,” said Jennifer. “Males as well, it’s not necessarily a female dynamic that comes to us,” Nicola chipped in.
“I think it’s possibly because they feel more comfortable without having an alpha male opposing them. They can ask Nicky questions and make sure they really understand it, without feeling stupid. And that’s important,” said Jennifer.
“One thing Nicky does really well is trying to make sure the client really understands what they have and what they've got and what they need, before anything is put in place for them.”
Nicola said these sorts of clients tended to network and were fairly influential people in their industries, which was benefitting the business. “We’ve never had to advertise,” she said.
“It’s the David Attenborough approach,” said Nicola. “Of assuming a level of intelligence but no knowledge of a subject. That’s how I deal with these particular clients.”
Nicola had her first child in the year her and her sister started the business. Wary of her old clients having to bear with a lot of change that year, she and Jennifer decided to throw a ‘client care event’ at Glasgow Art Club to thank them.
“Clients brought their neighbours, and that’s how I was introduced to the first chap who then spread the word and was our biggest advocate.”
Reflecting on the event’s success, Nicola said: “Maybe because there was no intended sales pitch or trying to ask for referrals. It genuinely was to say thank you and it was a really enjoyable event. And that's how this client came onboard.”
Often, when Wellington Wealth’s executive clients retire, their peers ask them who they spoke to, which is another channel through which the advice firm gains referrals.
Investing in a 'home-from-home'
Just before the pandemic, Jennifer and Nicola bought a larger office in Glasgow. Unsure whether it was the right investment, the pair have since refurbished it to give the space a homely feel.
Instead of branding it ‘Wellington Wealth’, the two decided to call it the ‘Financial Planning Studio - in part to give them a space better suited to future events.
“Pre-pandemic, most clients came to the office to see us,” Nicola explained. “Obviously that has changed slightly since the pandemic, but it’s something which wasn’t the norm for a lot of businesses.
“When we created this studio, it was very much a home-from-home. It doesn’t look like an office. That was deliberate. It’s a relaxed space.”
Clients have often been caught breastfeeding in meetings, there are dogs roaming around, and there is even a space for their clients’ children to play.
Wellington Wealth's' Glasgow office
Yet as a young female when she started, Nicola said she never wanted to go to people’s houses who she didn’t know. “It was quite a daunting thing. Whereas solicitors and accountants - nobody thinks twice about going to see them at an office. So we thought, if we create that space, people will come to us.”
Having a family-feel to their business, both structurally and spatially, has also helped the IFA focus on intergenerational wealth, they said.
“It comes naturally to us,” said Nicola. “Because of the family dynamic and us being sisters, for a lot of our clients we now advise their siblings and are putting things in place for their children.”
She added: “We've also a natural progression that when unfortunately a client has passed away, we're now advising the next generation. That's been a really positive thing that other businesses find quite hard to do.”
Nicola and Jennifer’s father is also a financial adviser, having become one late in his career after leaving hospitality.
When Nicola first started out in the industry, she confessed she was “blinded by fund manager salaries”. But after getting a 2:2 at university, she settled for a small administration role at an advisory firm which changed her perspective of the industry.
“You begin to get insights into people’s personal circumstances, and then it becomes not so much about the money.”
Jennifer used to draw maps, chartering where oil pipelines were on boats. In her spare time, she helped her father get his firm’s systems up-to-date. “After that, I never left the industry.”
The third Ellis sister is in the army. “That’s an incredibly male-dominated space too. It's not something we set out to do,” the other two laughed.
Wellington Wealth is at a point where it can either grow quickly, or continue to grow slowly. Now a nine-person firm, Nicola said she is happy with her existing client book.
“Scaling is really difficult, we don’t want to suddenly lose our personality.” The two sisters are still planning the ‘right’ approach for their business.
ruby.hinchliffe@ft.com
