B Corp Impact Report

B Corp Impact Report 2023

Our Story So Far

Bespoke Advice Limited was immensely proud to achieve B Corporation Status in December 2022. B Corp certification inspires us to view things differently - in every decision we consider how we can better serve our employees, customers, the environment, and the broader community.

We’ve had a busy first year, building on the strong foundations established as part of the original assessment process.

As a female led B Corp, we even featured on Coutts’ Head Office, celebrating International Woman’s Day and B Corp Month.

With an engaged and eager team, we are working together to plan many more strategies for the future.

Our B Corp Mission To use our position to drive consumer value and generate social, economic, and environmental benefits in the local, national, and global communities in which we operate.

We will seek to mitigate any negative impacts of our operations and enhance those that could be beneficial in the ultimate hope of leaving a positive social legacy.

Our Priorities

Achievements

Achievements Our Head Office is rented, with some shared office space. This does make things more challenging.

However, we liaised with our landlord to switch to Octopus Energy. Their electricity comes 100% from renewable sources and the Octopus Energy Group is a global transition collective of 10 businesses working across the world to tackle energy transformation.

Our landlord has also installed a hot/cold tap. This ensures we use only the water we need, and the technology used keeps the water hot without using so much energy.

Much more efficient than our old kettle! We also get filtered chilled watered on demand, which has reduced our use of plastic bottles and water wastage.

Our head office is a Grade II listed building which has caused some headaches. We have large windows which let the heat escape, necessitating extra heaters in the winter as well as electric fans in the summer. To improve our energy consumption, we have added reflective stickers to the windows, to keep the heat in and deflect the heat from the sun.

As an historically ‘paper heavy’ industry we have taken on a refurbished printer/scanner which does not take smaller ink cartridges to reduce our use of single use ink cartridges.

We have also reviewed all our client reporting, focusing on emailable documentation and PowerPoint presentations. This not only improves our client experience but also reduces the need for printing.

We have also been moving away from face-to-face team meetings and hold more of our group training online to minimise travel.

We continue to use eco-friendly cleaning products and have started to source consumables from more ethical businesses We use ‘Who Gives a Crap’ toilet paper – a fellow B Corporation. We actively monitor the use of consumables across both our Worcester and London offices to avoid unnecessary waste.

Achievements Our very first Apprentice graduated in April having completed the course with a Distinction. We are tremendously proud of Phoebe and all her hard work.

Phoebe was also awarded the Financial Adviser Apprentice of the Year by the Chartered Insurance Institute (CII) in October.

We remain very committed to our Apprenticeship programme and have taken on one more Apprentice in the last 12 months.

We continue to promote financial services as an employment opportunity in the local community. We have had two work experience placements in the last 12 months with another three already planned for 2024.

Our Director, Suzi Lane, espoused the benefits (and challenges) of B Corp in her FT Adviser Article in September.

Bespoke Advice is part of the newly formed B3 Counties B Corp Group in Worcestershire/the 3 counties. The group meets quarterly and are in the process of developing a common goal and support mechanism.

We continue to be Real Living Wage employer. This is a really important aspect of our business model.

Achievements We have appointed a Sustainability Team to help progress B Corp values internally. Our aim is to ensure our employees are engaged, forming a fundamental part of the process with their ideas driving positive, tangible, outcomes.

We have already seen the benefits, with numerous projects and plans in place for 2024.

Our staff and their wellbeing are of utmost importance to us. We continue to give time and financial support for their professional development, whilst offering flexible working, numerous employee benefits and wellbeing support. We have seen some fantastic personal achievements in the year.

Throughout the year we have had regular team get togethers to improve morale and build relationships.

Achievements This year we have supported two local charities.

We are corporate sponsors of the Worcestershire Wildlife Trust and have promoted their fund-raising efforts on our website and social media.

At Christmas we arranged a collection for the Worcester Food Bank, receiving donations from other local businesses and their clients. Our Christmas raffle raised

funds for the Worcester Wildlife Trust, Breast Cancer UK, and Prostate Cancer UK – causes that are close to the hearts of our employees.

Our Sustainability Team has a focused action plan for 2024. We have signed up to 10k charity runs and are arranging two corporate volunteering days and a coffee morning schedule. The team will be considering charities to support through 2024.

Achievements In July 2023 the Financial Conduct Authority (FCA) introduced the Consumer Duty which set more rigorous and transparent standards for consumer protection in financial services We have welcomed this legislation. Trust is vital to our industry and Bespoke Advice was founded on the principle of ‘doing the right thing’. We have used Consumer Duty, and the guidance issued by our regulators, as an opportunity to revisit our client communications and advice process to provide additional safeguards and improve service quality.

We are growing our educational resources and have improved the layout of reports to aid client understanding. We are also offering alternative formats for our meetings and standard documentation to improve accessibility. We have increased vulnerability training for all staff and advisers.

A crucial part of Consumer Duty is fair value and we have conducted a major review of our fees and charges to ensure we continue to offer fair value for all clients in our target market.

We are required to establish and prioritise customer needs and have been building on our existing sustainable investment questionnaire.

This, alongside the FCA’s new sustainable fund labels being introduced in the middle of next year, will help us help clients meet their sustainable investment preferences…and hopefully further promote green investment.

Our Plans for 2024

Through the Sustainability Team, investigate sourcing more of our products from B Corp or sustainable businesses which share our values.

Work more closely with local businesses and suppliers. Build connections with other B Corp businesses, locally and beyond.

Assess the ‘added value’ of our B Corp initiatives and monitor the impact this has on recruitment and retention. Seek staff feedback on workplace improvements.

With the help of the Sustainability Team, investigate more fundraising and volunteering opportunities in our community.

Continue financial support of selected charities.

Use our Consumer Duty work as a base for the future development and continuous review of our client processes.

English Mutual House 22, The Tything Worcester WR1 1HD 01905 954481 conversations@bespoke-advice.com

London Office 85 Gresham Street London EC2V 7NQ 020 3713 1790 conversations@bespoke-advice.com

As a Certified B Corporation, we’re part of a growing global movement dedicated to using business as a means of making the world a better place. We believe in looking beyond profit and use Bespoke Advice to improve the lives of both our clients and our employees, to benefit and help our communities and to protect and preserve our beautiful planet. You can fund out more about the B Corp movement at www.bcorporation.net.

Bespoke-Advice Ltd. Is authorised and regulated by the Financial Conduct Authority. FCA no. 616019. BespokeAdvice Ltd is registered as a limited company in England & Wales: 08754524. Registered Office: English Mutual House, 22 The Tything, Worcester WR1 1HD.