Keith: Private Client Case Study

What were your initial reservations about speaking with a Financial Planner? 

I had already spoken to several Financial Planners, and GPFM was the third or fourth one I went to. My reservations were around the initial set-up costs and the ongoing and platform fees.

It’s quite a lump sum to initially invest, and then you’ve got the ongoing fees – you’ve got to compare that to if you just invested your money yourself or if you went to a saver platform, then clearly you don’t pay that fee. But of course, then your potential returns are less.  

As I said to Scott, it’s a leap of faith to get past that first period to cover off those set-up costs and ongoing management costs. 

Did you have any preconceptions about seeking financial advice? 

No, I’d always planned to seek financial advice and I’d done so previously because I was getting a lump sum from leaving my company, so I felt I should seek professional guidance in terms of where’s best to invest. 

And that was why you came to GPFM? 

I went to a number of potential investment companies and had the initial interview and for one reason or another decided not to go with those. There were several reasons I decided to go with GPFM in the end: 

  1. The size of the company. GPFM are medium-sized, whereas some of the others were at the extremes, either very small or very big. With the smaller ones, you have concerns over viability and stability and with the bigger ones you risk being just a number to them. I felt GPFM had the right sized team for me.

  2. Working with Scott. I found him very personable, straightforward, honest and very clear and concise in terms of what he was offering both as a company and as an individual.

  3. The Chartered Financial Institute professional qualifications held by Scott instilled confidence.

  4. Two people, one friend and a colleague, recommended GPFM to me.

 

What have the benefits been of talking to a Financial Planner? 

Whilst I’ve got a degree of financial knowledge and background, it’s been useful to validate or test some of the assumptions I’ve made. I can call and talk to Scott if I wish to ask about any specific financial issue, it doesn’t have to be something to do with the actual investment I’ve got with GPFM. It’s good to get a professional second opinion from a financial expert. 

The nine months I’ve worked with GPFM, I’ve appreciated their timely response and frank and open communication in terms of any changes to the investments we’ve made. It’s been very good and very useful.  

On an individual level, Scott is very easy to talk to, very knowledgeable and personable, but the key thing is that he’s able to communicate with people who don’t have the same level of financial knowledge and expertise as he does. I have basic financial knowledge but he communicates in such a way that you can understand and relate to – which is really important to me.