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In 2023 we updated the Wren Sterling brand, and a central part of that process was getting under the skin of why people get financial advice through conversations with clients, employees and partners.
Often the conversation would start with an answer that focused on a product solution. For example, “people with money to invest need to know the best way to invest it”. Fine, that’s true.
But why is that important? “Well, so I can maximise returns.” Again, that’s true. But why is that important? “So, I can retire comfortably”. And… “That gives me a sense of control over my destiny, which is comforting and allows me to focus on enjoying life with my friends and family.”
Now, we’re starting to get somewhere. When you break down the “why” in a lot of people’s initial requirements, it leads to an emotional response.
During the brand work we settled on this as our purpose:
“Wren Sterling’s purpose is to help create a better life for our clients and their families, now and for generations to come.
We do this by making the complex simple, developing bespoke financial plans and establishing long term relationships that give our clients clarity, confidence and control.”
We have found that the clients we have enjoyed the longest relationships with, who have lived through the ups and downs of life and choppy markets, see Wren Sterling and their Financial Planner as a constant that keeps them on track.
We concern ourselves with the ongoing suitability and performance of our clients’ plans, so they don’t have to.
Setting a strategy and keeping you on track
Whilst individual circumstances and time horizons will vary, Vanguard, one of the world’s largest fund managers, estimates that working with a Financial Planner could add about 3% per annum in additional investment return. They call this the “Adviser Alpha.”
They cite a combination of practical and emotional benefits:
- Having a suitable asset allocation for your portfolio
- Providing cost-effective implementation
- Portfolio rebalancing as circumstances change
- Behavioural coaching and staying in the market. This is especially important during market turbulence
- Tax allowance planning
- Withdrawal order and which tax wrappers to sell first
- Total-return versus income investing
Knowledge and experience
Part of the value we offer is genuine expertise in many areas. For example, we have clients who are investment managers in their day job. People who invest money for others as a professional. Why would they need a Financial Planner? Because investing is just one area of a financial planning service.
Investment managers might not understand how to structure their finances effectively for tax. They might not know the right insurance mix to protect their financial plans, and they might not be keeping up to date with legislative changes. And even if they wanted to, they might not have the time to become experts in those fields because they want a life outside of work to spend with their family, or on the golf course, or travelling – we all have unique “whys”.
Financial planning takes all of those aspects (and more!) and plots them into a coherent plan with a client’s end goals driving it.
Continuity
Knowing your client is a regulatory requirement in our industry, but it’s the only way to provide a valuable service on an ongoing basis. By staying with Wren Sterling, all the knowledge we have continues with us, even if advisers change.
This is the history of every client’s financial plans, their circumstances and aspirations as they have moved over time. Plans for the next generation, and all the myriad of soft facts that go into getting to know someone.
Continuity is at the heart of our purpose message too: “for generations to come”. We know our clients want to help younger generations to get on the housing ladder and to eventually pass wealth on to them. Our most successful multi-generational client relationships involve the wider family because that way everyone is on the same page in the planning phase, while Wren Sterling is there at the most challenging times to provide guidance and impartial advice.
Investment growth
Ultimately, we know a lot of confidence comes from seeing assets increase in value. We ensure we’re recommending the UK’s best value solutions through a number of checks and balances:
- Our Investment Committee. This meets quarterly and assesses the performance and cost of the solutions we recommend to our clients versus what is available in the market. In recent years we’ve removed solutions from our panel for underperformance and recommended new ones with the support of external experts.
- Our in-house investment management business works closely with Wren Sterling to optimise the investment process and to drive down the cost of investing for Wren Sterling’s clients.
- Annual reviews. Reviewing clients’ plans annually means we’re taking a close look at the ongoing suitability of plans and adjusting where necessary to make sure they’re structured to meet overall goals.
Broad range of services and partners
Financial advice is often accessed through the gateway of needing investment or pension advice. There’s much more to our offering though. We can help clients with mortgages, personal financial protection, business protection, tax planning, estate planning, establishing trusts, inheritance tax planning and much more. Plus, we have relationships with trusted professionals who can offer accountancy services, conveyancing, will writing, foreign exchange – the list is extensive and if we don’t have it, the chances are we will know someone who does.
Regular communication and checking in
In our 2024 client survey, our clients said regular access to their Financial Planner was the most valuable aspect of their service. The five-minute phone conversation with your Financial Planner on a drive home from work when stock markets are in a frenzy, the regular newsletter with commentary from an expert on financial planning issues, the annual review meeting – all of these help to build a sense of confidence and control and they’re all included in an ongoing advice service.
Finally, we’re a voice of reason. We help our clients to avoid mistakes and to guard against anything that sounds too good to be true because we’re invested in our clients’ financial success.
