At the end of January, we completed our purchase of the Aspinalls Group. Aspinalls provide advice to over 100 families, many of whom have been clients for nearly four decades and, in some cases, over four generations.
The deal will add around £1m of annual recurring revenue and will increase our assets under advice and management by over £130m to nearly £1.5bn. Like us, Aspinalls are recognised as a Corporate Chartered Financial Planning firm.
For Aspinalls’ clients, you can expect an enhanced range of services without losing the exceptionally high levels of service that you have come to expect. Key to the transition for Aspinalls was to find a like-minded firm with shared values to secure a controlled succession to David Aspinall’s ownership of the business.
David says “In HFMC Wealth, we have found a partner that meets all these requirements and who will protect the legacy of the business we are proud to have built over the last 38 years.”
As part of the deal, we are delighted to welcome the client team of Mark Creed, Senior Financial Planner, alongside Philip Chandler, Carolyn Bryan and Amy Greenwood, who will continue to service clients.
In addition, Madelaine Bacon, Operations Director, will join our senior operational team and will manage the integration of the business into HFMC Wealth. We’re delighted that David Aspinall will also remain with the business, overseeing key client relationships and trustee and executorship responsibilities.
The team have now relocated to our London office in St John’s Lane and can be contacted on 0207 400 4700.
A fond farewell to Howard Stagg
It is with mixed emotions that we announce that Howard Stagg, long-serving Private Client Director and partner of our LLP, will be leaving us to start his retirement at the end of March.
We’re excited for Howard and, although sad to be saying goodbye, we are delighted to have found a worthy successor in Philip Kingscott, who joined the team in January and has settled in so well he already feels like part of the furniture!
Howard has worked with many of his clients for decades, so securing a high-calibre successor has been top of our priority list. Philip is a highly experienced Financial Planner with over 20 years of experience in advice roles with an emphasis on high net worth clients and holistic planning.
There is great alignment here as Philip’s belief, along with ours, is that personal service should be at the centre of our proposition and is the key to a successful adviser-client relationship. We’re certain that Philip will continue to service clients with the care and diligence they are accustomed to and we’re delighted to welcome a new adviser of his calibre to the team.
Philip will be based in our Weybridge office, working alongside the existing client support team of Tom McMorrow and Eleanor Cawte to ensure continuity for those of you who have been advised by Howard.
Philip can be contacted on 01932 870 000.
Consistent recognition for our quality service
At the end of 2019, we were recognised by Citywire New Model Adviser as one of the Top 100 financial planning firms in the UK.
At the beginning of this year, and for the second year running, we were also nominated as one of the top five firms in the South East in the Financial Adviser of the Year category. We were thrilled to go on to win the overall regional award, especially as the category has been topped every year for the last eight years by the same firm.
The award uses a points-based system to determine the winner, so is a quantitative measure developed in partnership with AKG. AKG is an independent organisation specialising in the provision of assessment, ratings, information and consultancy to the financial services industry.
We will continue to work hard to provide the excellent service to clients that we are increasingly renowned and recognised for, both by our clients (most importantly!) and via the independent validation that industry awards provide.
We selected our first ever charity partners in 2019 and have been delighted to work alongside The Brain Tumour Charity and St John Ambulance throughout the financial year, both to raise funds and engage with spreading their important messages to a wider community.
Fundraising efforts have included sponsored runs at the Great City Race and Brighton Marathon, the RideLondon cycle event, cake bakes and football tournaments. Employee fundraising efforts this year have raised a whopping £12,650.
This is in addition to our support for our biggest corporate fundraising event of the year, the Veloce charity track day, which raised in excess of £140,000 for charitable causes.
I’m very proud of the team for throwing themselves into some gruelling challenges (as well as some quite serious cake eating) to make this happen!
Happy 3rd birthday to our passive fund proposition
On 1st February 2017, HFMC Asset Management’s low-cost passive portfolio proposition came into the world. Following similar investment philosophies to our managed portfolios, they were designed to offer our clients a long-term asset allocation and fund selection service, aligning your investment outcome with your risk/reward profile, to meet your long-term financial objectives.
Unlike the managed portfolios, the passive portfolios only use passive funds, whilst our core managed portfolios can use both active and passive funds. The costs of the portfolios are lower than our core portfolios with returns being driven predominantly from the high-level asset allocation decisions made by the Investment team.
Over the past three years, the Investment team have nurtured the portfolios, basing the asset allocation on long-term historic returns, volatility and drawdown tempered by their analysis of the fundamental investment environment.
In the face of Brexit, considerable new regulation, and general economic uncertainty, we are thrilled that we can say that each of the three passive portfolios have outperformed their respective peer group ARC benchmarks. Whether you are a supporter of active or passive investment management, I think you will agree that in today’s world that is something to celebrate!