‘the time of your life’
Butterfly Conservation Through the lens
Redefining Retirement An extended honeymoon
Community Focus The C Group
Imagine having the energy, enthusiasm and confidence of a 21 year old, with the wealth of experiences, family and friends that you have now, you would have the time of your life, that’s what redefining retirement means… and that’s how our clients tell us working with BoulterBowen makes them feel.
Relationships are key to the success of our business and in this second issue, we’ve lined up some wonderfully inspiring content that demonstrates this is something that is equally important to each of our clients.
The feedback from the first edition of Seasons was, ‘Great magazine, but it is going to be difficult to maintain the quality.’ Hopefully in Seasons 2 you’ll see that not only have we maintained the quality of the content, but we are also developing the quality of our service to you our clients, as we gain a deeper understanding of the issues you face and develop our ability to resolve them.
To have found long-term fulfilment and passion in music might for some have been all consuming, but for David Dennis the challenge of taking ‘better photographs’ has led to a life of commitment and passion for Butterfly Conservation (page 2). Accepting life with a disability is one thing, but losing your dream career in the Royal Marines as well, could be totally devastating. From a chance meeting, Mo embarked on a journey to find out how The C Group mobilises the business and wider communities in support of wounded and injured Royal Marines (page 4). ‘Taking the worry from money in retirement’ is what drives our business and many of our clients are only too pleased to share with our readers just how liberating it can be. A trip to the Okavango Delta and a working holiday on a Tall Ship in the Pacific is just the beginning for Gretna Green newly-weds, Rosemary and Ian (page 10). And finally, no Seasons would be complete without a round-up of some of our most memorable Summer events. Two wonderful Garden Parties (page 18) and what will probably go down in history as the wettest ever Golf Day at Woodbury Park (page 20).
Butterf ly Conservation and decided he wanted to photograph all the different species of butterflies in the UK.
Imagine being the principal flute in the National Youth Orchestra, graduating from Cambridge with a music degree, and then spending the next 25 years conducting a Chamber Orchestra to raise money for various charities in your spare time. You would think, as David Dennis did, that your days in retirement would be filled with music. However, David discovered another passion that, quite by chance, took over from music. This all happened, as he was about to go on holiday to Africa and decided to learn how to use his wife, Lesley's, telephoto lens so that he could take better photos. David went out into the garden and zoomed in on a butterfly, a Painted Lady on a Buddleia bush. When the photos came back, David was hooked
At this point he wasn’t sure if it was taking the photos, or the subject matter which drove him. However, he soon realised that he wanted to know more about butterflies and not just those in the UK. David joined the charity ‘Butterfly Conservation’ (BC) and spent the next few years learning about the conservation of butterflies and moths. To understand why David got further involved in conservation, it is important to know a little more about his career. Most clients of BoulterBowen know that Simon graduated as a biologist, writing his thesis on ‘The nocturnal habits of moths’, but couldn’t get a job in this field and so became a Tax Inspector, David’s story is almost the reverse. David joined Marks and Spencer on their Graduate Training Programme, and spent 30 years with them, mainly in HR management. As David says, “When I applied to M&S, I thought I would be running a store and naively imagined it would be a bit like conducting an orchestra. I wouldn’t have written the score, but I would make things happen!”
Large Blue Butterfly
When David took early retirement at 52, he spoke to the Chief Executive at BC and became a volunteer consultant. This led to David becoming a trustee, and more recently, he was elected to Chair the charity. Although David knows that to give up music was completely illogical, as he says now: “Being Chair of Butterfly Conservation has been an unexpected, but natural progression that came about through three chance events: giving up music; taking the first photo of a butterfly, and having a conversation with the CE about my HR background.” When asked about the future, David explains that the most important thing for him is to help the charity grow in order to be able to create landscape-scale projects across the UK, targeted at our most endangered species. We now understand the science of butterflies and know what they need to survive.
“There’s the extraordinary story of the Large Blue butterfly, which went extinct in the UK just before its strange life history was unravelled. The caterpillar hatches from eggs laid on thyme plants, which it eats when it is very small. Later, it is taken underground by a particular species of ant (it has evolved to smell like an ant grub!), where it eats the real ant grubs. The reason it went extinct, was that in an attempt to conserve its dwindling numbers, its breeding areas were fenced off to stop rabbits eating the thyme plants. This had completely the wrong result.” “In the fenced off areas the thyme grew well, but so did the grass! Longer grass means lower soil temperatures and the ants cannot then survive. No ants means no butterflies! Once this was understood, new colonies were established from overseas stock, and now tens of thousands of these gorgeous insects can be seen every year in the South West and the Cotswolds.” David is excited about his next few years as Chair and hopes that before the end of his tenure, there will be a plan in place for each endangered species and a volunteer force working with BC’s scientists to put things into practice on the ground.
David and Lesley live in Chesham, Bucks. They had been clients of Clive Down’s business partner David Edwards and, on David’s untimely death, started working with Clive. For David, relationships are the most important factor, so when Clive joined our team in June 2011, they came with him. Looking back over the last year, the biggest difference for David has been in the management of his money. He no longer has to think about it as he has confidence that our approach to investment suits his life. As David says: “Because your process looks after rebalancing etc., I don’t need to worry. You have dealt with the uncertainties of the markets with a clear strategy, and you make everything happen!”
Butterfly Conservation There are three ways people can help the survival of all our endangered butterflies and moths by:
Making a donation Volunteering Becoming a member To find out more call Butterfly Conservation on
01929 400 209 or visit the website:
Community Focus The C Group is a charity which mobilises the business and wider communities in support of wounded and injured Royal Marines. A chance meeting at a fund raising event led to our involvement with The C Group. Lieutenant Colonel Neil Wilson, Commandant at Lympstone Royal Marine base commented to Mo that they needed a venue for their forthcoming summer ball. Mo suggested that they already had the perfect venue, steeped in history, in a beautiful location where guests would feel honoured to attend, Lympstone itself. The ball was spectacular (more to come in Seasons 3), but the work of The C Group deserves a wider audience and a national profile, so Mo spoke with Sharky Ward OBE to find out more about the charity’s involvement with wounded and injured Royal Marines.
Captain Richard Sharp
Easing the transition into civilian life Accepting life with a disability is one thing, but losing your dream career and way of life as well, could be totally devastating. Captain Richard Sharp’s world unexpectly changed the day he was told he could no longer be a Royal Marine, an occupation that fulfilled his lifetime ambition. Richard was deafened in one ear following a Taliban explosion during his second combat tour of Afghanistan; months later he was informed that his medical condition would preclude him from further military service. Lost and daunted by the prospect of entering ‘civvy street’ Richard turned to The C Group for support. Richard was interested in pursuing a career within the finance industry and had a desire to work in the city. The C Group introduced Richard to the Bank of England which led to an internship enabling him to gain valuable experience. Richard’s CV has been circulated around the C Group network and he is actively seeking permanent employment.
What is C?
is for Connections There is an ever-growing demand to increase our support network that provides mentoring, advice, training, work placements and actual jobs to Royal Marines in need, the vital support to assist injured marines complete their rehabilitation and step positively into civilian life. The skills, attributes and career aspirations of our marines are vast, and there are clear symbiotic benefits to both Royal Marines in need and the business community; our people leave with an abundance of team building and leadership qualities, skills that are normally acquired much later in the corporate environment.
Q&A MB: What gives you the most satisfaction in your role as Director of Operations? SW: I’ve literally just started in this post. I’ll be satisfied when I know we can support the transition of every Royal Marine in need, and allow them to flourish in whatever role or environment they want to pursue.
is for Charity Challenges We are hugely grateful to our supporters for their generosity. We have received incredible fundraising support and must continue to expand upon this to support all Royal Marines in need. We look forward to an event packed 2013; Charlie Pitcher rowing solo across the Atlantic, a North Pole expedition opportunity, a corporate physical challenge in a London Park, and two outstanding dinners, in the South West in June and in London in early October.
is for commitment There is an ever-growing need for The C Group to increase its supporter base as more and more wounded Royal Marines and Marines prepare to leave the Corps and enter the civilian world. For further information or to find out how you could get involved please visit the website: www.thecgroup.org or email: firstname.lastname@example.org
MB: What is the charity’s greatest asset? SW: People. From the injured Marines, all the way through our network of supporters at every level, it’s all about people. Sharky Ward OBE
MB: How did you become involved with The C Group? SW: A two-year appointment at the Commando Training Centre in Lympstone provided a degree of stability after 15 years on the go. I desperately wanted to help our injured Marines overcome adversity and pursue their future goals. So I started by networking and fundraising, creating the Mountbatten Dinner in Exeter and a similar event in London.
MB: If we were looking at the charity in two years from now, what would you like it to look like? SW: We must achieve a national footprint with the ability to reach globally, able to support each and every Royal Marine in need, whether serving or veteran, and be recognised by the Business Community for the quality of our clients and what we can offer.
Retraining for civilian life
Matt Bryant was the shadow of the man he is today when The C Group first met him two years ago; distressed at the life changing injuries he had sustained in Afghanistan and distraught over the pending termination of his career from the Royal Marines. After considerable thought and mentoring, Matt took the bold decision to retrain as a commercial helicopter pilot under the Wings for Warriors programme. The C Group provided Matt with a grant of £15,000 to pay his initial flying training, and concurrently helped him successfully apply for additional funds from other sources to complete the programme. On completion of his training, The C Group will work with Matt to help him transition from pilot training into employment as a commercial pilot.
Spotlight “ The ticking heartbeat of a clock can add to the ambience of a room” Leigh Extence gives guidance on what might be an important purchase for you
McCabe: A rare English carriage clock made circa 1820 by the emminent makers, James McCabe of London, with a double fusee movement striking on a gong.
For peace of mind visit an established and reputable dealer who will talk you through the clocks available and answer any questions or worries you may have with honesty and thoroughness. Be sure that the movement has been fully overhauled and carries a guarantee and that restoration has been undertaken on the dial and case in a sympathetic manner. Only look to purchase a clock that you really fall for, remember you may live with it for a long time and it’s important to be able to look at your clock with real fondness. Be sure to ask about the clock’s past and any research that’s been undertaken. We are lucky in this country in that most clockmakers signed their pieces either on the dial or movement and so a little research will bring to light the maker’s working dates and history, something that adds so much more pleasure to its ownership. Again a reputable dealer will have undertaken this work beforehand and should have it there for you. Having bought the clock and decided where you are going to position it, don't worry about the practicalities of getting it from the showroom to a place in the house where it’s ticking happily away. For larger clocks or those that need setting up a competent dealer will arrange the delivery and set up of your new purchase and should make sure it’s settled into its new home. “If you've not got a clock ticking away in your home, then go out and find one, whether it costs a few pounds or many thousands. The difference it'll make to your home is well worth it!”
Gilbertson: A mahogany bracket clock chiming the quarters on eight bells, as made by the well-known clockmaker John Taylor for Gilbertson of Rippon.
A selection of clocks from Leigh's showroom at The Grove, Honiton.
Leigh Extence, a dealer and consultant in antique clocks is celebrating 30 years in the antiques business.
Most clients know that Mo gave up the opportunity to work in the family antiques business to pursue her first career choice as a buyer at Harrods. What they may not know is that her brother, Leigh did follow their parents and grandparents into the antiques business and is now one of the leading horologists in the country.
Lepine: A small bronze & ormolu clock garniture signed by Lepine, one of the most famous names in French clockmaking.
Leigh trained under Frank Pilbeam and Derek Roberts, both recognised experts in the world of clocks. He soon came to the attention of the BBC and was the consultant, and sometime presenter, on the then, new magazine programme The Antiques Show, where he ‘guided’ a rather nervous and fledgling expert, David Dickinson, through his first piece to camera. Around this time Leigh was also asked to join the Worshipful Company of Clockmakers as a Freeman, being raised to the Livery a couple of years later. Continuing his own business, Leigh was asked to take on a role as horological consultant to Hampton & Littlewood auctioneers. Three years ago he became part of the merged Bearnes, Hampton & Littlewood set-up where he continues to act as valuer, cataloguer and expert in this field.
McMaster: A substantial brass inlaid, double fusee ebony bracket clock chiming the quarters on eight bells by McMaster of London.
Barwise: A mahogany eight-day bracket clock signed for John Barwise and made for him by Handley & Moore of London, formerly apprentices to John Thwaites, the prominent maker from the late 1700's.
Antique Clock and Pocket Watch Roadshow Using Leigh’s vast experience and knowledge of antique clocks and pocket watches we have decided to give our post-Christmas social gathering an Antiques Roadshow theme. This promises to be another exciting event in the BoulterBowen calendar (see page 21 for further information). If you have an antique clock or watch that you would like to know more about, please let us know. 7
Bernard Matthews will be remembered by many for his ‘bootiful’ catchphrase, used to describe the turkeys in his television adverts. Starting in 1950 with 20 eggs and a second-hand incubator, he built a personal fortune in excess of £50 million when he died in 2010. He believed that he had left clear instructions as to the direction of his wealth on his death, including a bequest of a his French villa worth £12 million, to Odile Marteyn, the woman who supported him at the end of his life. Unfortunately, his three adopted children challenged his will under French law and won, leaving Ms Marteyn with less than half her intended inheritance and no doubt costly legal fees for all parties. A will can never guarantee a fair distribution of wealth post-death, after all, how can money make fair, what nature created unfair? There is however, an increasing trend towards litigation by those who feel unfairly treated by the deceased, with resultant costly and public court cases.
Wealth Transition Our goal at BoulterBowen is to ‘take the worry from money in retirement’ for our clients, explains Simon Boulter. Generally the worry is around maintaining lifestyle, but there comes a time where concerns develop around wealth transition. For example, ‘how do we treat our children fairly in our wills?’ The feelings of unfairness, together with the emotions surrounding bereavement are a toxic mix and we have all heard of stories where family relations and/or wealth have been damaged often following the death of the creator of that wealth. In our experience, the main problems are:
• A breakdown of communications and trust within the family • A failure to adequately prepare heirs to receive wealth. This may,
in itself, be the result of a breakdown in communication and trust, but could equally be the result of a sudden, unexpected death.
Recognising this, we have developed The Wealth Transition Plan, ten obvious but often difficult to answer questions to help you ensure that what you want to happen, actually does. 8
The Wealth Transition Planâ„˘ 1 Do you have clarity on the purpose of your wealth
and have you documented this?
2 Have you shared your understanding with your
children or other beneficiaries and have you taken their views into account?
3 Are your children prepared for their future roles with
regard to your family wealth?
4 Have your children seen and understood your
estate planning documents?
5 Do your children know what to do and understand
whom to contact in the event of your death?
6 Do your succession plans not only say who gets what
7 Have you already said what needs to be said, or written
what you can't say now for the future?
8 Do you meet regularly as a family to discuss issues
and changes with regard to your succession plans?
9 Do all legacies of chattels include a provenance
explaining their significance?
10 Where appropriate, are all transfers of wealth to your
children protected for them/from them?
We will be introducing this material into future update meetings with clients to ensure that these important topics donâ€™t get overlooked, but if you feel that you are ready to discuss the issues of wealth transition now, do let us know. Meanwhile, you might like to see how many of these questions you can honestly answer with a tick. 9
Redefining retirement “Simon and Mo helped us make sure that this level of security could be made even more secure, and the cash required to enjoy a lifestyle to which we aspired could be realised when we needed it. The continual search for income from our professional lives did not need to dominate our lives.” Combe House Hotel, run by Ken and Ruth Hunt, is a rather splendid old style country house hotel in Gittesham, a 20 minute drive from Exeter. Ken and Ruth are long-time friends of Rosemary Jackson; she and her partner Ian Graham thought it would be fun to accept an invitation to go to a wealth management evening event hosted there by Simon and Mo. It would provide a chance to catch up with Ken and Ruth, whilst also allowing Rosemary and Ian (both then in
their late 50’s, self-employed and now living in Noss Mayo, Devon), to think about how best to access advice on their separate and combined financial affairs. The evening was to change the way that the couple addressed their financial planning. As Ian says: “In BoulterBowen we had found people that could share our whole picture not just a part of it, and could start the design of how we might unpick some of the things that were getting in the way, as well as be with us as our world changed.”
property accumulated over the years, and an assessment of current and future earned and unearned income, Simon and Mo quickly came back with a number of recommendations that included simplification and rationalisation.
Before this meeting they had relied on a number of separate advisers; portfolio management, accountants, tax managers, as well as their own homework. “Simon and Mo seemed to be as close as we were likely to get to a one-stop-shop and they were on our doorstep,” says Rosemary.
“It was at this point that we realised that we had financial security,” says Rosemary. “We had been ‘wage slaves’ for so long that the level of long term security that we had from our accumulated savings and investments was something that we didn’t fully value,” Ian adds. “Simon and Mo helped us make sure that this level of security could be made even more secure, and the cash required to enjoy a lifestyle to which we aspired could be realised when we needed it. The continual search for income from our professional lives did not need to dominate our lives.”
The first part of the transformation was a series of meetings in which the couple’s aspirations for the immediate and longer term future were identified together with their risk profiles. With the full picture of their various occupational and other pension funds, bonds, equities and
Shortly after these initial discussions, Ian’s occupational pension schemes came to maturity when he hit 60. Simon and the team realised that there was a one off opportunity to create a SIPP. “Of all the pieces of advice, this is for me the one big one,” says Ian. “It has
given us flexibility with security. It’s a mechanism that can be turned off whilst I continue to work but a tool that can be turned on when we need it.” Simon and Mo put the couple in contact with Michael Alden at Ashfords in Exeter. Separately, he and his colleagues have worked with them to re-write wills and other documents to reflect the couple’s separate wishes. “Michael has become part of the team that is Ian, Rosemary, Simon, Mo and Michael,” says Ian. “We are in a far, far better place now than we were a few years ago and on so many fronts.” But any plan has to withstand being stress tested. And last year, Rosemary was diagnosed with a rare type of cancer. Radio and chemotherapy were prescribed. Life changed, forever. “But, the work we had done with Mo, Simon and Michael withstood the test,” says Ian. Indeed, as Rosemary was recovering from the treatment, the couple started to re-imagine their future.
“It was at this point that we realised that we had financial security,” says Rosemary. “We had been ‘wage slaves’ for so long that the level of long term security that we had from our accumulated savings and investments was something that we didn’t fully value,” Ian adds.
They booked a trip to Okavango Delta and separately, a working holiday on a Tall Ship in the Pacific. “As a young hotel executive, I had lived and worked in much of Africa and always held out the hope that one day I would get to Okavango, and now I have been there!” says Ian. “As soon as a neighbour in Noss Mayo showed me a brochure with an extreme holiday on the Soren Larsen, I knew we had to do it; and in June of this year, we sailed on an old squared rigged brigantine from Samoa to Tonga as Visiting Crew. I even climbed to the top of the 100 foot mast to the t’gallant,” says Rosemary. Both of these trips had morphed into being part of their extended honeymoon, for in March of this year, the couple, who have been together since 2009, married at Gretna Green.
Renewable Energy A real investment opportunity
David Cosford of the 5D Group is one of three directors with one vision: to bring clarity and practical advice on renewable energy and installations. He has a strong desire to help people to be more energy efficient whilst at the same time saving costs and reducing their carbon footprint. Mo had not seen David since they were at primary school together, but recently became reacquainted through their mutual support of Exeter Chiefs and The C Group. When we met with David, we realised that many of our clients had something in common with his; living in detached houses, in the countryside and dependant on oil as their main energy source.
Case Study Trescan, Wembury, near Plymouth is a large 1980’s detached house set in its own grounds with a large internal pool room and gym. The primary energy source was heating oil, with two separate modern oil boilers. The heating bills were costing around £5700 per year. After carrying out a detailed survey of the main house and outbuildings, it was identified that a Biomass boiler would significantly reduce their running costs. As there is a business run from the property, the client is able to capitalise on the RHI scheme to help repay the cost of the installation. The installed boiler is estimated to save them around £2,500 in annual fuel costs and provides an income of around £8,000 from the RHI giving them a payback in just under 4 years. www.5Dgroup.co.uk
“ Renewable Energy is here to stay and presents itself as a real opportunity to invest and save money. If you are attracted by lower energy bills, a guaranteed income that is tax free and one that rises each year with the Retail Price Index, then renewable energy may be an alternative investment opportunity for you.” David Cosford, 5D Group So what are the typical renewable technologies and how may they be used? Solar PV or photovoltaic systems convert sunlight into electricity. Whilst feed-in-tariff rates have come down, so have the cost of panels and a typical installation can still provide a 10% to 12% return on your investment. Solar Thermal can supply up to 60% of annual domestic hot water requirements. A typical domestic installation cost of £3500 attracts a one off payment of £300 and will be eligible for the domestic Renewable Heat Incentive (RHI). Biomass Boilers are the logical renewable energy source where oil or LPG are proving expensive options. Biomass fuels include wood pellet, wood chip, logs, wheat or myscanthus or even processed food waste. If eligible for the RHI, a typical payback on your investment can be 4/5 years. Small Scale Wind Turbines are now available in the UK which overcome the issues traditionally associated with wind technology. They are quiet, fall within permitted development rights, are comparatively cheap and provide a year round return similar to a domestic Solar PV system. Ground Source and Air Source Heat Pumps are efficient alternatives to electricity, LPG, and oil but need electricity to operate producing between 2.5 to 3.5 times more power than they use.
What Government support is there? The Government is investing heavily in the renewable energy market and the main areas of support are currently provided in the following ways: The Feed-in-tariff (FIT) supporting both domestic and commercial clients who invest in renewable technology to produce electricity such as Solar or Wind Power.
You may benefit in three ways: 1 Saving electricity if you use it whilst energy is being produced by Solar Panels or Wind Turbines. 2 With a feed-in-tariff you are paid a tax free fixed sum for 20 years for each kilowatt hour produced by the system. 3 With an export tariff you are paid a further smaller sum (currently 3.1p per kilowatt hour) for each kilowatt hour exported back to the grid. The Renewable Heat Incentive (RHI) given to Commercial Businesses at present or to properties where two or more dwellings are being heated by a renewable energy resource. The domestic RHI is due to be launched next year and you may benefit in the following ways: Reduced heating bills hot water from solar thermal panels is free and wood chip is currently half the cost of oil or LPG at the present time. Renewable Heat Incentive (RHI) is paid for every kilowatt hour of heat used by the renewable energy plant. Again the payment is tax free to domestic clients. Renewable Heat Premium Payments (RHPP) are a ‘one-off ’ non-refundable payment for domestic clients. This will be replaced by a domestic RHI in 2013 and all installations put in now may be eligible for the RHI as well as the RHPP. The Green Deal Is a Government initiative to enable many households and businesses to improve the energy efficiency of their properties, so less energy is consumed and less money wasted. Finance is available to fund allowable improvements to a property with repayments made through lower fuel bills.
An adviser is for life not just until Christmas This update on RDR is particularly aimed at clients who may know family or friends who could be caught in the ‘orphan trap’. The Financial Services Authority (FSA) through the Retail Distribution Review (RDR), which goes live on 31 December 2012, is driving towards a higher standard of professionalism at a pace that some advisers cannot maintain. As clients of BBWC you are safe and comfortable; we have been ready with a strong business, advisers with top qualifications and clients who understand that advice is valuable and not free of charge. But friends/family may not be so well catered for post RDR, so please be aware of the ‘unintentional orphans’.
Who is vulnerable? who have been loyal to a long-standing adviser may be surprised • Friends when their adviser moves to a non-advisory role or ceases trading
who have always been under the impression that ongoing advice • Friends and investment reviews were free of charge may find that future reviews
are less frequent and not quite as thorough. In a quirk of the new regulations, an adviser recommending a change to existing investments, possibly because of a dip in performance, would lose any recurring or regular trail commission associated with that investment. Commission based advisers offering active advice at regular reviews have, in effect, been dis-incentivised.
Industry figures suggest that 46% of clients believe that advice is free! who have an adviser who decides to surrender his ‘independent’ • Family status in favour of giving restricted advice supported by an insurance company paymaster.
altogether because he has not achieved the standards now required by the FSA to continue to give advice.
Estimates suggest that 25% of advisers will fail to achieve level 4 qualifications and 10 million clients will be ‘orphaned’.
The adviser landscape is undergoing significant change and, inevitably, the advice that some family and friends receive will be affected.
who are one of the few wealthy ‘jewels’ in an adviser’s otherwise • Clients ordinary ‘business crown’. They may feel valued and important because
they are afforded the best treatment by their adviser, but if he doesn’t have a robust and profitable business, then the more stringent capital adequacy requirements could mean that he ceases trading or sells his business to a firm who are less inclined to continue offering ‘5 star’ service at ‘3 star’ prices.
Don’t assume that everyone is as well advised as you, irrespective of how clever or successful your friends are! This as an opportunity to ‘adopt’ friends and family and welcome them into our client community for their ‘safety and comfort’ during a time of huge change.
A personal perspective from Martin Glover “ When I joined the BoulterBowen team in May last year, with over 20 years’ experience advising clients, I was hugely impressed by their PortfolioLogic investment process and welcomed the chance to sit in on the monthly Investment Management Committee (IMC) meetings.” The internal Committee, consisting of Simon, Mo, Adrian and an external specialist Tim Hale, meet monthly to discuss a wide range of issues which ensures that PortfolioLogic remains ‘fit for purpose’ in an ever-changing world. We really value the input of Tim, who is a voice of reason in the investment world and author of ‘Smarter Investing’ (an FT publication). Like all good committee meetings we sign off agreed actions from the previous month, ensuring accountability of the team for their actions and a focus on progress. We then review the performance of the individual funds that we recommend and hold in our model portfolios and also the funds on a ‘watch list’ that we are considering for future inclusion in our models.
Orange Tip Butterfly
We ask ourselves the same questions that you may ask yourself between review meetings: the individual funds continue • Do to perform the function for which they were included in the portfolio? they perform that function • Do better than available alternatives at the most competitive price? blend of fund holdings • Isin the our portfolios going to
deliver returns in line with our expectations given the prevailing stock market and economic conditions?
are the opportunities and • What the challenges facing us in the
next 3/6 months and do we believe that the current funds will deliver the desired results in the face of those trials and tribulations?
that investment • Acknowledging markets can be unpredictable;
what action will we take if equity markets (FTSE100) fall by more than 10%, a level beyond which we know your peace of mind is at risk?
During this process we interrogate graphical and statistical material gleaned from internal research and external sources; this is where Tim’s input is particularly valuable. Like any well-run business, we take time to review our relationships with suppliers and our regulator (the FSA) to ensure that our clients are receiving the best value in terms of quality products and ethical service delivered in accordance with regulatory requirements. We also regularly assess the practical risks that the business faces and review the measures that have taken to ensure continuity of service.
These meetings are a vital part of the PortfolioLogic process: the continued focus on • Ensuring our investment principles without being distracted by industry and media ‘noise’. us the confidence that • Giving whatever the market conditions
we have a strategy that will keep us on track and the confidence to plan for the future without making the mistake of believing that we can predict the market peaks and troughs.
emotive decision • Removing making and helping us avoid knee-jerk reactions during periods of volatility. An important part of the PortfolioLogic process is client education and we will be delivering, through the IMC, a significant development in the coming months; more of this in Seasons 3.
In the press
New Model Adviser ● 5 November 2012
BoulterBowen WealthCare director Mo Bowen is implementing a new CRM system and plans to offer worldwide access to key documents.
Bowen's interactive solutions address clients' money fears Mo Bowen's plans for life after RDR
We see life after the Retail Distribution Review (RDR) as ‘business as normal’. We were already working on a fee only basis, with nil-commission paying institutional funds, before the Financial Services Authority published the initial review of retail distribution in 2007. This effectively means that RDR hasn’t affected our development plans. We will continue to grow organically, predominantly by referrals, through the addition of clients and advisers who share our values.
Exeter-based BoulterBowen WealthCare targets clients who are retired or thinking about retirement, typically with between £500,000 and £2.5 million of investable assets.
We have never regarded the RDR as an opportunity to clean up by acquiring the business of non-RDR-ready advisers seeking to exit. Our approach to business has always been to get rich slowly by delivering an excellent service to our clients and creating a brilliant environment for our team to work in. Having spent the past years identifying the best Client Relationship Management (CRM) system, we selected Salesforce. This will enhance our service and should mean the anticipated growth in client numbers does not signify an equivalent increase in new team members to service them.
“We take the worry from money for our clients, enabling them to live in accordance with their values, not their fears,” says director Mo Bowen. “Our core product, WealthCare, is delivered through a series of interactive workbooks presented at face-to-face meetings,” says Bowen. “These workbooks are prepared by our specially trained backstage team and delivered by our advisers, and cover all elements of our service from soft fact-find to suitability letter.” Having received feedback from client surveys, the firm decided to implement a new CRM system, Salesforce, which will enable workbooks to be delivered via iPad. With Salesforce, it plans to develop a virtual vault, giving clients access to key documents anywhere in the world.
Verdict: BRETT DAVIDSON
BoulterBowen has focused on clients and staff. Obvious stuff, but executed brilliantly using the interactive workbook approach.
For many readers, this will sound like financial planning by numbers. But this is what any great business aspires to: the ability to repeat and scale its magic. Bowen knows what good clients look like and what the firm does for them. Her statement: “We take the worry from money for our clients, enabling them to live in accordance with their values, not their fears,” could be a platitude from other firms, but at BoulterBowen it is built into the DNA of its business process.
Going the distance When Martin Glover arrived in May 2011 for his first day with us ‘on crutches’, we may have suspected that he took his sporting endeavours quite seriously. However, none of us could quite believe it when he announced that he was going to run 80 miles from Padstow to Lands End, along the South West Coast path, over the course of a weekend in September. “When a friend suggested the trip I was immediately attracted by the opportunity to revisit the childhood summer holiday destinations that I had also enjoyed as a parent. If I’m honest I didn’t really consider the physical aspect of the challenge until I studied the route map.” Martin was accompanied by his son Fraser on this personal marathon, and for the final 30 miles they were joined by daughter Laura. Along the way they also raised £200 for the RNLI Charity. Both children have, however, distanced themselves from a proposed repeat performance next year!
The firm responds to feedback: it is developing better communication between review dates and making its interactive workbooks iPad friendly. Along with its virtual vault concept, it is building an amazing client experience. Wow! Brett Davidson is chief executive of FP Advance
In the midst of our ‘English Summer’, we enjoyed two wonderful Garden Parties with clients and friends. Warmest thanks go to Jackie and Will Michelmore at the Lookout, and Katie and Alan Bunn at Whitstone Farm. Both couples have managed to combine their personalities and passions with the landscape around them to create a stunning environment to share with others. On the evening of our visit to the Lookout, the horrendous weather sadly curtailed the garden walk and the taking of any meaningful photographs. Katie and Alan were however, blessed with a beautiful blue sky under which to showcase their large ‘arboreal’ garden which includes the impressive National Collection of Eucryphia, set amidst well-established trees and shrubs and a stunning backdrop of Dartmoor views. We were also delighted to welcome James Nathan, 2008 Masterchef winner, who prepared and presented a mouth-watering array of the most delicious canapés.
Time well spent 18
We truly enjoyed the chance to catch up with old friends and make new acquaintances in such relaxed surroundings and we very much hope to add a couple of additional dates and venues to the calendar in 2013.
Picture if you will … beautiful blues skies, temperature 20+ degrees and a gentle cooling breeze … a perfect summer’s day for golf. However, as most of you will know, BoulterBowen doesn't conform to the norm in any aspect of our business, preferring instead to challenge convention and seek new ways to differentiate what we do from others. As a result, we arranged our first golf day for the coldest, wettest day in July we could find in order to challenge ourselves to make the day still a memorable and enjoyable experience for all concerned despite the extreme conditions. Duncan found a new ‘unique ability’ in desperately trying to keep the greens from flooding in a way reminiscent of King Canute, whilst towards the end
of the round, participants sometimes needed to find new ways to get the ball into the hole like they were playing crazy golf. Despite the elements being against us, we believe we achieved our aim of holding a low key, highly sociable event, connecting friends, supporters of BoulterBowen and those who had never had contact with us before and capturing the essence of what being part of BoulterBowen is all about. This was in no small part due to all those who attended taking on the Dunkirk spirit and throwing themselves into the day with never anything
but smiles the width of the Exe Estuary. A special mention must be made of Doug Chalmers, one of the firm’s newer clients who travelled all the way from Hertfordshire to get soaked! However, it was worth it as we believe it helped Doug to start to understand what BoulterBowen is all about.
The Exeter Chiefs team
The John Coombs team
In true sporting tradition, everyone will be able to look back to 3 July 2012 and say ‘I was there’! Once everyone had completed the battle against the elements, we adjourned to the altogether more convivial atmosphere of Woodbury Park’s lounge and Oaks restaurant for some well-earned refreshment and light supper superbly arranged by Woodbury Park. Prize Giving rounded off the evening with our team winners from Michelmores led by Tony Cockayne and the nearest the pin prizes on the 18th won by Lynnette Extence and Keri Allchurch respectively. Finally a special thank you must go to all the staff at Woodbury Park for the wonderful support, help and service they put on to make the day such a great success despite the vagaries of the British weather.
Prize Giving: Keri and Lynnette with Duncan
The Michelmores team
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Antique Clock and Pocket Watch Roadshow 22 January 2013 in Exeter 18.00 to 20.00 Drinks and canapés Leigh Extence will give a short presentation on antique clocks. He will then invite clients and their friends to bring forward their clocks and watches for an assessment. This promises to be a very different event, but one which we hope our clients will enjoy participating in!
The Witherton of Hereford watch is an example from the Max Cutmore Collection and is the earliest example in the collection having been made circa 1690.
Taking the worry from money in retirement, enabling you to have â€˜the time of your lifeâ€™.
Definition: retirement; withdrawal; departure; abandon; giving-up; cease meaningful employment. retirement redefined; enjoyment with family & friends; the time of our lives; financial confidence; secure future without worries.
01392 432211 boulterbowen.co.uk
BoulterBowen WealthCare is the trading name of The Exeter Practice Limited. Registered in England: 5662391. Registered office: No1 Charlotte Mews, Pavilion Place, Exeter, Devon EX2 4HA
The Exeter Practice Limited is authorised and regulated by the Financial Services Authority.