Financial Planner: How did you get into Financial Planning and what attracted you to the profession?
Damien Rylett: Like most people, I fell into financial services. I graduated from University with a degree in applied chemistry. I didn't really fancy a career in chemicals and ended up working at Standard Life in Watford. Standard Life gave me a strong start in financial products and administration and is also where I met my wife, Clare.
Clare left Standard Life and returned to her native Bristol. I followed her to Bristol and joined a small traditional IFA business called Broadoak Financial Services.
I worked alongside a brilliant technician for many years and this taught me that people buy people and knowledge. I looked after group schemes for a while, but was very impatient and wanted to be let loose on clients. At the outset my approach was very transactional but I was continually tinkering and looking to deliver better outcomes the clients. This took the form of proper drawdown and asset allocation reviews but was still very much centred on the products and investments.
I attended my first IFP branch meeting in Bristol in 2005. Paul Etheridge was presenting and from that moment I knew that proper comprehensive Financial Planning was what I wanted to do. I then started on a journey to transition myself to a financial planner and develop the skills to deliver this to clients on a consistent basis.
FP: Can you tell us about your firm? What sort of a company is it and what services does it offer? Does it specialise in particular clients or services?
DR: The firm was established three years ago by four of us who had previously been colleagues at a former employer. We had all experienced takeovers which had seen us move from small businesses to large ones. Along the way, something had gone missing. That something was the ability to look after the client and put them at the centre of everything we do.
I then set out to start and build a business that would successful as a result of being client centred, not in spite of it. The thought of moving from employee to business owner scared the living daylights out of me. Still does some days. We now have an established Financial Planning business which does the right thing by its clients. We work with a wide range of client types from small business owners and professionals to those that have been awarded a significant sum of money after an injury. The common thread that runs through our business is that we deliver comprehensive Financial Planning to all clients.
FP: What have been the key lessons you have learned at your business? What tips would you pass on to other planners?
          
DR: We have already made some recruitment blunders. My tip would be to have a well thought through and thorough recruitment process. If you want to build a top quality team, then be prepared to pay top dollar for them. The cost of employing cheap staff will end up being more in the long run. Once you have a great team, look after and reward them. Treat them like your clients, if not better.
I'm always authentic. I'm always honest with people generally telling people how it is. I tell them what they need to know, rather than what they want to hear. My wife tells me this approach will get me in trouble but I generally believe that there is no option but to tell the truth all of the time. Also, be loyal to those who are not present. It engenders trust and if you're not, you'll always get found out.
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FP: How has your team/company changed during your time there and what has the journey been like? How many clients do you have and what's the annual turnover?
DR: Three years ago, it was just three of us. We now have a team of seven and we are looking to recruit more Paraplanners and administrators. The key for us will not just be having more people on board, but the right people in the right roles.
We have gone through the classical start- up business cycle. We risked everything to set the business up and I took on every job going including advising clients, compliance, finance, making the tea and emptying the bins. We have now reached a point where we have a full-time business manager, which has relieved the pressure somewhat. There is some way to go before I can relinquish some other roles and concentrate on moving the business forward but we are getting there.
Our business a team of seven, over 300 clients, assets of 100 million under influence, turnover of £815,000 and net profit of £290,000. We are looking to grow this year on year going forward, through a mixture of organic growth and the odd strategic partnership or joint venture. We will also be looking to get our message out there more. We are drawing up a strategic marketing and PR plan which is something we haven't had the time to do until now. I feel that we are a well-kept secret at the moment and the plan is to become a bit noisier.
FP: What has been your greatest source of achievement so far in running your business and what are you proudest of?
DR: Four years ago, I was an employee at a large company and hating every minute of it. I resigned, purely for my own sanity. I served my time on the sidelines and now I have a business, operating from a fantastic building in Bristol, and the adventure is only really just beginning.
We've already made many mistakes along the way and I'm sure will make many more. On the Financial Planning side, the business will become Chartered by the middle of next year. We have also just started a process with Standards International to achieve BS8577 (framework for the provision of financial advice and planning services) for the firm.The aim is to build a business that can continue to operate if any one individual is not there.
FP: What has been the biggest hurdle or challenge to overcome for you personally in your career and for the company itself?
DR: Throughout my relatively short career, I have learnt some harsh lessons about the grown-up world of business. It can be very tough and I've learnt that when money is involved, you really do find out who your friends are. As a result of past experiences, I do find it difficult to trust but I am getting better. It is why I decided to set my own business up rather than work for someone else again - to prove that you can establish and run a Financial Planning business and do it in the right way. By doing it in the right way I mean being totally client centred and authentic.
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FP: What differences have the Budget reforms made to your business so far and how do you anticipate that these will impact on you as the changes take effect in 2015?
DR: The recent announcements on access to pensions and death benefits are welcome. If they go through, the implications are huge and the impact of the changes has not yet been fully understood and digested by the industry.
Pensions are now a much more attractive wealth management tool and the more flexibility financial planners have at their disposal, the more comprehensive and tailored the advice can be. The need for retirement planning advice has never been greater and will continue to grow. Most people just don't know exactly how much money it is going to take in order for them to be able to retire comfortably and to remain comfortably retired.
FP: Many Financial Planners are concerned about the rising cost of regulation. What do you see as the main threats to your business?
DR: The cost of regulation is a fact of life. I can't necessarily control it, so I don't spend a lot of time thinking or worrying about it. The biggest threats are a lack of ambition, energy and structure in our own business - which is why we are working hard to either put these in place or maintain them.
FP: What do you think the key is to making more of the general public aware of the benefits of managing their finances through a Financial Planner and making this easier to understand?
DR: The Financial Planning profession is starting to reach out to the public but I feel it is just scratching the surface. Initiatives like the IFP's WayFinder and Financial Planning week can only help and raise the profile of Financial Planning.
We have the likes of Pete Matthew who is embracing the world of social media and taking his "Meaningful Money" podcasts to the masses. That guy deserves the financial services equivalent of the Nobel Prize as he is a prime example of a guy that deserves to do well from the good he is doing.
Unfortunately, there are just too many people talking a good game but not delivering it. They get distracted by prospects in initial meetings with product questions and challenged by prospects and end up delivering what the client wants. Financial planners should follow the paradigm of the practice of medicine. Telling the customer what he needs rather than only what he wants.
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FP: If you could change anything about the Financial Planning profession what would you choose and what's the future for Financial Planning?
DR: I'd like to see the profession becoming much less reliant on product manufacturers and fund management companies.It would be great if the profession and the likes of the IFP could stand on its own two feet without provider support. I know it's difficult but it is essential if we are to separate the "industry" from the "profession." Paul Armson showed with his Back2Why conference that there is sufficient desire to support this type of thing. It would be nice to open a trade newspaper or magazine and not be bombarded by adverts. When that happens, I might start reading them.
FP: What do you like doing in your spare time outside of work?
DR: I have three young boys, so my time outside of work generally revolves around them. They are all very sporty so most weekends are spent travelling around Somerset at rugby and football matches or athletics meetings.
I'm also chairman of the mini and junior section at my local rugby club, Gordano RFC. I also coach the under 9's side. The coaching is something I'm very passionate about. I regularly attend Bristol Rugby and all of England's home internationals and I'm a keen cyclist having done a number of charity rides.
Key Points
1. Be authentic - Stay true to yourself and others. Never tell anything other than the pure unvarnished truth.
2. Give people what they need, not what they want. Lead clients as opposed to advising them. They will be better for it and appreciate it more.
3. Treat your team as though they are your clients. A happy team = happy clients = happy business.
My Business Day
I generally leave the house around 7am to beat the traffic and to avoid interfering with the strict early morning routine applied in our house.
Each day is different and will depend on which hat I am wearing. I run the business on a day to day basis, so days will involve lots of planning and meeting with various members of the team to ensure the smooth running of the business. I try to stay disciplined and fill my schedule with all of my tasks, no matter how small. I generally leave the office at 5pm and more often than not finish the day with a spin class.
DAMIEN RYLETT OF BRUNEL CAPITAL PARTNERS
Damien has worked in Financial Services for 14 years, starting his career at Standard Life. Prior to establishing Brunel in September 2011, he was a director at Broadoak Group which was acquired by Chartwell in 2007 and then Close Brothers in 2010.
Damien works with a broad range of clients but specialises in lifestyle Financial Planning for small business owners. As well as advising clients, Damien is responsible for the day to day running of the firm.
Married to Clare with three young boys, Isaac, Jacob & Noah, Damien's time outside of work is generally dominated by watching the boys play rugby and football.
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www.brunelcapitalpartners.com
0117 214 0870
@damienrylett