Q&A with Jill Ellicott: “My goal is to educate, inspire, and empower clients to provide for their futures”

Jill Ellicott was part of the first cohort to qualify as a Chartered Financial Planner and joined Bowmore in 2016.

She was recently nominated as Financial Adviser of the Year as part of Professional Adviser’s Women in Financial Advice Awards, 2021.

Jill’s interest in money, and how to look after it, started from a young age. After the divorce of her parents, she remembers there never seemed to be much money around. Seeing her parents struggle to make ends meet made her determined not to get into the same situation.

She began her career as a mortgage broker at Bradford & Bingley before progressing to Lloyds Bank and on.

Featured in publications from Glamour magazine to The Times, she regularly comments on issues surrounding women and finance in the national press.

Jill’s early career

How and where did your career begin?

I have had various jobs since leaving school and studying Business and Finance at college. I’d just completed my first house purchase and started working as a mortgage broker. This is where I got the bug for finance.

From here, I moved into working at various banks, building societies, and financial planning firms.

Have you benefited from any particularly notable mentors or role models during your career?

I’ve had some great encouragement and support along the way.

One of my early managers in the building society was incredibly supportive of my quest to become a branch manager, which I achieved at age 27. Here at Bowmore, Gill Millen is very wise and supportive.

Jill’s knowledge and expertise

What areas of financial planning do you cover, and is there a particular area you specialise in?

My goal is to educate, inspire, and empower clients to provide for their futures.

My main areas are:

  • Investments (including pensions)
  • Divorce finances
  • Inheritance Tax planning.

I’m an associate member of Resolution who have long campaigned for “no-fault divorce”, which is finally going to be introduced in 2022.

I love helping my clients to understand their finances better and showing them how their future looks via cashflow planning.

Saving people tax and encouraging them to restructure their finances to enable them to save more is incredibly rewarding.

I’ve had several recommendations from clients who can see how this can help family, colleagues and friends as well.

It’s great working with so many different families and helping to keep the wealth in the family.

How did you feel when you achieved your Chartered Financial Planner status?

Fabulous! It was the culmination of many, many years of study outside of work, while also holding down a full-time job and juggling responsibilities for our young son.

My son came to the ceremony as a young baby.

What do you love most about being a financial planner?

The “penny drop” moments when clients see what financial planning can do for them.

Most recently, I’ve helped:

  • A family save £1.2 million in Inheritance Tax
  • A young family save £8,000 a year in tax
  • Reduced a couple’s taxation to £0, saving them approximately £3,500 a year in tax.

Helping clients to retire early, particularly when they’re in stressful jobs, is another highlight. Proving to them that they have enough and giving them the confidence to take the huge decision to hand in their notice is always rewarding.

On being a woman in finance

Has being a female financial adviser been an advantage or disadvantage when making an impact within the profession?

Being a female financial planner in a male-dominated profession has helped me to build financial confidence with several female clients.

I think some female clients relate better to working with a female adviser, so that is definitely an advantage.

Most of the clients I work with currently are men. However, wherever possible, I always try to involve their wives and partners as the goals are often joint goals.

How has the cause of women in finance changed during your career?

There are more women!

Why do you think so many women are less financially educated than men?

I think women tend to be more cautious and so miss out on having a portfolio with a larger equity content – which drives returns over time.

What is the biggest problem this causes for women?

This causes them to miss out on the larger returns equity produces over time and keeps them poorer relative to men.

It’s a balance in terms of the risk they are comfortable taking.

Sharing the benefit of my experience helps to educate women on how the markets work. The additional benefits of adding a tax subsidy and the cashflow planning can create a compelling case to inspire action and take the risks they need to, to meet their objectives.

If there was one piece of advice you would give to women worrying about their financial future, what would it be?

Talk to a financial planner – first meetings tend to be at no cost to you.

Find someone you can work with and who you feel gets you, your goals, and objectives.

When you have a plan in place, and an adviser you can trust, you will feel reassured.

Financial advice for all

If you could change anything in the financial planning world to benefit the profession, what would it be?

Financial education at an early age.

Understanding the power of compounded returns over time. The story of saving £3,000 a year between the ages of 15 and 20 (just £15,000 in total) and it being worth over £1 million at age 65 is just mind-blowing. This has stuck with me.

I’m certainly testing this one out on my 15-year-old – although I may not be alive to see it to fruition!

What would be your advice to young women considering a career in finance?

It’s an amazing, rewarding career and a privilege to be able to help so many clients to live better lives, without worrying about money.

Get in touch

Jill Ellicott is one of our team of experienced financial planners who can help make a clear plan for protecting and growing your wealth.

If you, a friend or loved one, need some guidance or reassurance about how to best look after your money and plan for the future, please get in touch. Email enquiries@bowmorefp.com or call us on 01275 462 469.

Bowmore Financial Planning Ltd is authorised and regulated by the FCA.

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