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Cheshire-based firm joins IFW in financial wellbeing push

Cheshire-based firm joins IFW in financial wellbeing push
 

Cheshire-based Equilibrium Financial Planning has joined the Institute of Financial Wellbeing as a means of strengthening its financial wellbeing offering. 

The firm said this move will further embed the principles of financial wellbeing into all aspects of its financial planning process and enhance the client-focused approach.

Chris Budd, founder and chair of the IFW will take the role of financial wellbeing consultant and work with both the board and the planning teams over the next 12 months.

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He said: “Equilibrium has stepped up and shown fantastic commitment to its teams and clients. 

“While it is still early days in terms of being able to calculate the commercial return that financial wellbeing practices can deliver to a firm, we are beginning to hear the anecdotes from our members and Equilibrium is giving itself the opportunity to be ahead of the game.”

Equilibrium said IFW’s training and information sharing forums provide an opportunity for its advisers to share and hone a best-practice approach centred on wellbeing values.

Colin Lawson, founder of Equilibrium said it is in business to make clients’ lives better by enabling them to take control of their finances and use money as a tool and not an objective. 

“If we are going to continue to make a real difference to our clients, we need to fully understand the theory behind what constitutes a financial wellbeing offering,” he said.

“We strive to create a positive impact and by collaborating with the IFW in person, we will continue to improve our understanding of and interaction with our clients and allow our teams to grow in their roles.”

Meanwhile, IFW chief executive officer Nick Marsh, said it was rewarding to see Equilibrium, a firm with £1bn assets under management, “realise the value that financial wellbeing practices can bring”.

“Equilibrium is aware of the potential opportunity and is committed to securing its position as a provider of genuinely personalised financial planning.”

Equilibrium head of talent Lucy Woolrich, added: “We are fully committed to the required investment needed to ensure the financial wellbeing practices become the norm within Equilibrium. 

“We see this learning as a real growth opportunity for our team members and know that as clients become more aware of what financial wellbeing can mean for them that they will expect their planning firm to be able to offer financial wellbeing based advice."

Earlier this month, IFW appointed Ruth Sturkey as chair, who will succeed Chris Budd.

Sturkey was appointed to the IFW's board in February as vice chair while Clive Waller, managing director at CWC Research,  joined as ambassador.

She co-founded boutique financial planning firm The Red House, which merged with Paradigm Norton in 2017

This follows from August when the IFW was awarded 'institute' status by Kwasi Kwarteng, who was then secretary of state for business. 

sonia.rach@ft.com

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