Welcome to your latest update from Bowmore HQ. This month, we share the results of our canine-themed quiz, update you on the achievements of the Bowmore team and hear from our planners in celebration of World Financial Planning Day.
The results are in – match the pooch to their Bowmore owner…
In honour of International Dog Day on 26 August, in last month’s Bulletin, we set readers a task: match the adorable pup to their equally adorable owner!
As promised, the results are in. Did you guess correctly?
Bowmore in the press
This month, Bowmore’s research into tax incentives has been published in IFA Magazine.
Our study found that tax incentives granted to people in the UK on their savings and investments hit a record high of £27.1 billion in 2020/21.
Speaking to the publication, Bowmore Financial Planning managing director Gill Millen says, “Making the most of the tax reliefs available is a very powerful way to make your savings and investments work harder.”
You can read the full story on the IFA Magazine website.
Tom Henshaw attains Chartered status
Our young colleague, Tom Henshaw, has become a Chartered financial planner this month. We asked Tom how he feels following his amazing achievement and what his plans are now he has passed this milestone.
How long have you been working towards becoming a Chartered financial planner?
I have been working towards becoming Chartered for five years now. When I first started working in financial services after university, one of the conditions of my parents taking me on in the family business (my mum started her own financial planning business while I was growing up) was that I kept working at it until I was Chartered, and in hindsight, I’m really glad they said that.
It’s taken a while and involved a lot of work but it feels really worthwhile. All the learning along the way has helped turn me into a much better financial planner than if I had just stopped after my diploma.
What did the process involve?
In addition to the standard Diploma in Regulated Financial Planning, you also need to complete the Advanced Diploma in Financial Planning, as well as other exams, and accrue five years of experience in the sector.
In total, I have taken 17 exams over that five year period, in addition to other professional development and learning within my various roles. It is a good mix, because you need a solid technical basis (which you can get from exams), but being a great financial planner is about so much more than book learning.
Acquiring five years’ experience means you have plenty of opportunity to develop all the other skills needed to do a well-rounded job for your clients.
What will this mean for you professionally?
Professionally speaking, being Chartered does separate you from the pack.
Only around 25% of planners in the UK are Chartered, so it really signifies both a good level of technical competence, but also a commitment to learning and hard work.
Also, Chartered status is a strong commitment to professionalism and helps move the profession forward in the eyes of the public. So, I am really keen to encourage as many financial planners as possible to push themselves towards Chartered status.
Are you taking a break now or are you already pursuing a fresh challenge?
I am taking a break for now! There are still areas I feel I can improve on and also further areas of the profession that I would like to explore, so there may be some more formal learning and exams ahead.
We hear from our planners in honour of World Financial Planning Day
On Wednesday 5 October, organisations around the world will celebrate World Financial Planning Day. This day is often marked by events, seminars, and celebrations of how financial planning helps businesses and individuals every single day.
In honour of the occasion, we checked in with a few of our Bowmore planners, to hear their thoughts on the incredible power of financial planning.
First, Adam Canavan, reflects on how working as a planner has enriched his people skills: “What I love about financial planning is that it allows me to meet with many people from all walks of life. Spending time with each of them to understand what is important and plotting a course that works for them is hugely rewarding.
Similarly, Jill Ellicott ruminates on those special moments shared with clients, saying: “It’s the ‘penny drop’ moments, when clients realise the difference you are making to them and their families’ futures.
“From demonstrating that they are financially protected if the worst happened, to showing clients how to create and build wealth, to helping them get their children on the property ladder – these are all pretty awesome moments.”
When asked what he enjoys most about being a financial planner, long-time Bowmore team member John Clamp shared his “top five” list:
- Being challenged every day with some really meaty questions
- Restoring purpose and structure to a client’s financial arrangements, which they have often acquired and added to in a piecemeal fashion over the years
- Seeing just how much progress can be made by following a few simple disciplines
- Building trust with long-standing clients, with whom I can have meaningful discussions about what really matters to them
- Providing my clients with the peace of mind that their affairs are in safe hands.
If you want to check in with your planner for a review in the coming weeks, World Financial Planning Day could be the perfect opportunity to get in touch.
Email firstname.lastname@example.org or call 01275 462 469 to find out more.