The IFA department became fully integrated into the Pagan Osborne Group in February 2001. It was a bold move ahead of its time. This was the first tie-up between an IFA firm and a legal firm in Scotland and paved the way for others to follow.
Having always sought to offer our clients the most comprehensive overview of their finances, we decided that wrap was another positive way to provide truly bespoke financial advice.
Following extensive market research, it became clear that nothing would tick all our boxes – perhaps we were ahead of our time again – but Standard Life’s wrap proposition stood out as being the most evolved.
We knew that our clients would be reassured to have the financial strength of Standard Life behind the platform. This is a business – and an industry – that does not stand still and it is important to have a credible and authoritative partner.
With wrap now fully integrated into our business, the most enjoyable part of my job is explaining the wrap concept to my clients. They understand that the new system is not only cost-effective but it means that we can manage their money better than before.
Before wrap, if a fund was underperforming, our advice was often dictated by charges. Now, charges do not come into the equation and I am able to provide advice based on actual performance.
Wrap is enabling us to move away from commission to a fee-based model, so new clients can get professional advice about their existing financial arrangements without the fear that they are being sold to.
As an industry, we have been too generic in the reporting process. Our clients now appreciate that they are able to get a truly bespoke report that meets their needs, not ours.
Today, we have more than 4,000 clients and advise on protection plans, pensions and investments. We work closely with the legal and property divisions within Pagan Osborne, with the IFA arm offering financial advice as part of the overall service provided to the firm’s clients.
We want to develop long-term relationships with our clients and wrap has helped us to achieve this goal.
Kelman Chambers is an IFA at Pagan Osborne