to WelcoMe the Summer edition of the caRrinGtoN CluB It seems to have finally arrived, Summer that is! As you can see the team have taken full advantage of the good weather, enjoying spending some quality time together and bonding over a rather adventurous kayaking experienceâ€Ś but more on this later. On a more serious note, whilst we often feel we have everything under control, life sometimes has other ideas and things just donâ€™t go the way we envisaged them. Having a plan in place generally equips us with the tools to deal with the inevitabilities and helps us cope when weâ€™re thrown a curve ball. So, what is stopping us?
In this edition we look at the barriers that we put in place when it comes to planning for our future. We get to know a bit more about clients, Sophie and Rupert Casey and speak to them about their planning experience and what it has meant to them. We also hear from James Ward of Kingsley Napley on the importance he places on financial planning when dealing with his clients. Thank you so much to Sophie, Rupert and James for giving up their time to talk to us and contribute to this edition. Holiday reading sorted! We hope you enjoy it.
Mike & Al
â€œIn the planning stage of a book, don't plan the ending. It has to be earned by all that will go before it." Rose Tremain Team from left to right: Mo Bukhari, Tom Scott, Ali Moorhouse, Cecily Chapman, Rachel Hogg, Carolyn Stewart, Sophia Adams, Marissa Harpa, Mike Hodges, Nicola Craxton, Alistair Candlish, Eric Woodward Location: Antibes, France
Sophie & Rupert Casey Sophie & Rupert are long-standing clients of Carrington, referred to Mike through mutual friends and existing clients. Having both escaped the rat race, we caught up with them to find out more about them both, chat about the recent changes they’ve made and how life planning has contributed to their decision making process.
TELL US A LITTLE ABOUT YOURSELVES Sophie: We met at university, had an “interim period” where we both went our separate ways for a while and now, we’ve been married for nearly 13 years. We’ve lived in Beaconsfield for 8 years, now with two boys and a dog and a hamster. We’ve both got big families and lots of friends. I had a tenyear career as a Commercial Manager with Marks & Spencer, then made a career change into teaching and then we chose for me to stop working when we had the children. Rupert has been a solicitor since he left law school in 1994 and two years ago decided he wanted to leave the City and to set up for himself and work from home which happened about a year ago (more about this later!).
WHAT DO YOU ENJOY MOST ABOUT WORKING WITH CARRINGTON?
Sophie: All of them are very helpful. I definitely feel like when I call, whoever answers the phone knows who I am and can help. Rupert: Mike stressed at that point when we moved across that he wanted to retain a limited bank of clients and that he had a specific number in mind. That mattered to him and that’s shown through. It does make a tangible difference. Between that and the fact that actually they take a serious interest in Sophie, that makes a big difference. I know I’ll take the bulk of the relationship effort in terms of mechanics and logistics but ultimately, it’s very important for me to know that they are looking after Soph as a priority, expecting that I shall shuffle off first, whenever that may be. Sophie: I was single and fiercely independent through my 20’s, and whilst I did take financial advice, I did so probably naively, and didn’t necessarily make the best decisions. I then found myself at the opposite end of the spectrum and financially reliant
Vital Statistics... NAME: Sophie & Rupert Casey
CHILDREN: Two boys - 10 & 7
LIVE: Beaconsfield, Buckinghamshire
FAVOURITE BOOK: Sophie: Little Women Rupert: Catch 22
THREE WORDS TO DESCRIBE THE LIFE PLANNING PROCESS: Reassuring, considered & supportive
on my husband. I’m far from taking a back seat, because what I do is very active and supports our lifestyle and the life choices that we’ve made, but I’d lost a certain amount of control over our finances. The way in which we are treated by Mike makes sure I am far more included and considered and have a friendship which is slightly more than just professional and distant. You’re not just a name on a piece of paper. That’s been really important. Yes, of course it’s the sensible and practical stuff around financial planning and the knowledge that we’re okay, we’re in a good place. But, it’s also, for me, if the worst was to happen, who do I want on my side? Who do I want backing me up? Who do I want to be able to ask the ridiculous questions to, or say “can you just explain that to me again?” Or, “I am not quite sure, can you remember what Rupert was trying to do when we did that?” Rupert: They know so much more about us than simply the financials. Not just about where we are, but what we’re trying to do. Going through my 20’s I took basic, core advice - must get a pension set up etc (that was reasonably well drilled from Dad) - so, I took that advice. Did I know why I was really doing it, or what I was aiming for? Not really. We’re at a point now where we’re married, we’ve got children and I know where my career is going (I think). We’ve made
a conscious decision to change that as well and we have an idea what the next stage looks like over the next 10 or 15 years. With Mike we talked about “start with how you want to live and then work out whether you’ve got the money to do it and/or how you manipulate money in order to make it work”. Sophie: And it’s not just about making money although obviously we rather hope that they will deliver on the investment side too! We know they’re investing their own money alongside us as well. So, there is reassurance from that. And, I just think it’s a way about them, from remembering things like getting a birthday or Christmas card. It’s the really small touches which to me, that’s the way I try to act. It’s the small acts of kindness and to find somebody like that is great, when previous experience has all been about making money and churning through numbers. But having them get us to take a step back and ask, “Where is it you want to be and what kind of lifestyle do you want to have?” has been refreshing.
WHAT WAS YOUR EXPERIENCE WITH FINANCIAL ADVISERS LIKE BEFORE YOU MET MIKE? Rupert: I only had one advisor beforehand. He was rather “old school”, but I don’t want to unfairly dismiss what he did because he laid very solid groundwork. Without it, I might have been slightly more casual in
We felt we could call on them and they delivered
my earlier planning, when actually it’s quite important. Tucking away a bit here and here from an early age. But he missed a trick, dare I say, in not looking after Soph better - there was an element of that which was due to geography, but I sensed it was also just his approach. Even when I thought I had a handle on the numbers, there was a slight element of always being a bit bamboozled by numbers and cleverness, as opposed to the relative simplicity that Mike, Carolyn and Cecily are able to provide. In my day job as a lawyer, people constantly say, “Please could you explain that to me in words of two syllables.” I therefore ask exactly the same in reverse: can they please do it for me for finances, because I am not an accountant. And, Carrington do, and that part makes it nice and straightforward. Sophie: When we made the decision to use Mike it made sense because he lived around the corner. We like the ethos of Carrington too, but the proof was really when Rupert made his career decision about leaving the City. We felt we could call on them and they delivered. Having an independent voice to talk through things with, but equally they know us well, is really helpful.
WHAT MADE YOU MAKE THE DECISION TO UNDERTAKE THE
FINANCIAL PLANNING PROCESS? Rupert: Until we made the decision to move across, it had really been a case of “well, we just do X Y Z and build and build an investment pile and then at some point we call on it and spend it”. Obviously, that wasn’t the right way to do things but it’s amazing how blinkered you can be when you’re chained to a desk all day. Sophie and I had started talking about the possibility of me leaving the City and that was really what made us make the decision to start the process in earnest with Mike - we had been through it before but with a longer horizon before any major “event” in mind. Sophie: When Rupert was talking about leaving his partnership and what that meant, we found that we had to question everything. Would we move house? What was the scale of the change? Would it be a total career change? Do I need to go back to work? It was a good kick for us to undergo a rigorous financial planning process. But, at the same time to have Carrington’s backing and for them to be asking the questions as well was a big support. Rupert: Mike was endlessly patient with me, saying, “Well, if you were to carry on doing what you are doing until “this” age… what would it look like?” Then I would ring him up about
This is about having somebody who helps our family
two weeks later saying, “You know I said “that” age, well how about doing it for “this” age” and he would rejig everything. Then another month would go by and I would call him again and say, “You know I said it was “that” age, well actually how about we do this in, well... six months’ time?”
HOW IMPORTANT WAS IT TO YOU THAT YOU WERE BOTH INVOLVED IN THE PROCESS? Sophie: Very important and I think that approach is just in their nature. I came to the relationship with my own assets which, obviously, we share. Rupert: This is about having somebody who helps our family. It’s pointless me just having a direct, one to one relationship, which is where I felt we were before. So, I know if I get hit by the proverbial bus, Soph knows who to turn to. That’s more important than anything to my mind.
TELL US MORE ABOUT HOW YOU FOUND THE LIFE PLANNING PROCESS Sophie: We sat and had a couple of glasses of wine and talked about our individual history and our shared history, where we were or where we thought we were and started to tease out ideas. It was important as it gave us the time to actually talk about
all these things out loud. Rather than sticking with a to-do list and rehearsing the “I know we need to sit down and talk about this…” line. Rupert: It’s the sort of conversation that you very easily say you want to have but sometimes you just need to have somebody turn up in your kitchen and make you have it! It propels you into the situation and then it’s a really lovely thing to be able to sit and work through. You should never be terribly scared of it…not until you start talking about the scale of the school fees anyway!! But it’s our life. We’ve only got one of them so we may as well plan it and why not do it sooner, rather than later? Nothing is written in stone and nothing’s certain, but at least we have a framework. Mike and the team made it a very pleasant process. They also help with perennial fear that we are missing something obvious – “we’ve covered bases one, two, three, four, but what about other things that people think about”- which is really what we need. They ask the questions we don’t know we should be asking because we’ve never been through it before. Sophie: They also don’t allow us to be lazy, in that whilst they’re not forcing us to have a conversation, things will come out of the discussion that we then go on to talk about. Our homework was to generate a spreadsheet of all of our outgoings,
which we probably last did when we moved in together, about 15 years ago. I think in a way, as awful as it sounds, we lost touch with our spending and valuing things properly. This process has put us back in touch (well, we’re better now, we think!). We sat down by ourselves and went through the spreadsheet and we’re talking every line item from the kids’ swimming lessons to the cost of Rupert’s perceived idea of what a trip away with the girls might cost for a weekend. Inevitably, there were moments where we thought “Oh well, that’s a bit more than I thought”, or “I’d forgotten about that”. Now I think we’re just a bit more mindful and whilst we still have a very nice lifestyle, but we’ve bought back Rupert’s time. He can now do much more of what he wants to do, as well as being around more for the boys (and the dog!). It’s also about [Carrington] helping you face the recognition that we can’t have everything and that we do need to make choices. They can’t magic the numbers and they are not giving false reassurance either. There are still certain decisions and choices that we need to make and they’re very honest about that.
WOULD YOU SAY THE FINANCIAL PLANNING PROCESS HAS CHANGED YOUR VIEW OF THE FUTURE? Sophie: I don’t think it’s changed it dramatically. I think, if anything it’s just given us confidence and reassurance, and the knowledge of what we’ve got to play with. That’s a nice feeling at this stage. Rupert: And, it’s given us a broad map to follow. It doesn’t have to be entirely accurate and, of course, you can go left rather than going right as the years roll on, but actually we know there’s a broad path and, if we follow it, we’ll be heading roughly in the right direction. There’s a sense of oversight which, as Soph said, is reassuring. I don’t think we’ve colossally changed what we were going to do, but it has certainly focused it and (we’ve) planned to do it better.
WHAT WOULD YOU SAY TO PEOPLE CONSIDERING WHETHER TO UNDERTAKE
it’s just given us confidence and reassurance, and the knowledge of what we’ve got to play with
THE LIFE PLANNING PROCESS? Rupert: I think the conversation is worthwhile having at any stage. Whether you are at the point at which you do actually act on it may be different. But the phrase “when’s the best time to plant a tree?” comes to mind; it was 10 years ago, but tomorrow’s good as well, so just do it. I think doing it at any stage it is the right thing to do. Is it all urgent? No, nothing’s really very urgent but it is just worth getting on with. Sophie: Yes, I agree. You’ve got to be open to the reality check. You have to accept that you can’t have everything and that you are investing in your future. So, you can live for now to one level, or you can invest a little more in the future. So, there is a bit of a mindset change and you have to be pretty open and have some conversations that you’ve maybe been putting off. Definitely do it.
HAVE THERE BEEN ANY CHALLENGES IN CHANGING FROM THE CITY TO SETTING UP THE NEW BUSINESS? Rupert: I have an office in the garage (feel the glamour!). It beats commuting, I must say. I get back
two hours a day, ten hours a week, so another full day. And I can go into London when I choose to, so it feels much less of a burden. Setting up a business is interesting. Especially as a lawyer – a friend once said to me “think of yourself as a really expensive plumber, because you’re only as good as your last job”. So, if you get it wrong then it’s all terribly precarious. I’m lucky that I have got some very kind and loyal former colleagues and clients who I have the good fortune to be able to keep working with outside of the City. There’s an opportunity now for me to work at a different pace, and for them to have a different relationship with me.
IF YOU NEVER HAD TO WORK AGAIN WHAT WOULD YOU DO? Sophie: If I didn’t have to work again, I would probably go back to some kind of education and learning. Something around literature or philosophy and politics and history. And travel and have extended stays at places. I would love to go and live in New York for a couple of months. Rupert: I think if I never had to work again, I’d probably go straight back to work. It’s the idea of finally being able to go to work for the pure love of working and finding something that you really want to do. It obviously
wouldn’t be nine to five, five days a week, but it’s probably not too far off where I’ve managed to end up at the moment. Sure, it is about having some income, but equally it’s about pace and the ability to say “yes” to some people and “no” to others, rather than just being beholden to the Friday pay cheque. But I would also undertake some education like Soph, and it would definitely involve some travel. It’s about not letting the grey cells go to waste.
WHAT IS ON YOUR BUCKET LIST? Rupert: One of the things which I managed to do when I left work last year was, I took the time for myself and I went on my Day Skipper Sailing Course. So, I would love for us to spend a bit of time on a boat. We’re definitely not in the “around the world” category, but it would be fun to go and do some sailing holidays. Get the kids interested and/or involved in understanding it, just as a fun thing to do. Sophie: I don’t think I have a bucket list in the sense of...I have sort of moved on from having a tick list of challenges and it’s more about what do I want to achieve. Travel is always going to be my priority, whatever form that travel takes. I think my bucket list is also more around “how can I make a difference to the people around me, and the community?” And, having the opportunity to do that. Because I don’t “have” to go back to work then the challenge to myself is how do I use that time productively? How do I make a difference in a world that I find to be quite a scary place at the moment? I don’t think I can do that from the top down level in terms of politics or things like that, but I can certainly do it at a grass roots level, day to day. Another objective is to work for myself. Investigate my business ideas (I have two or three) and see if any of them are “a go-er”. If they’re not, that’s fine, and I know I’ve tried and that’s great.
WHAT MAKES YOU HAPPY? Rupert: I think it’s when I am surrounded by my family and they are happy. I could say something which puts a smile on my face like when I ride a motorbike, jump on a horse, go sailing or something like that. But actually, it’s all about family. Sophie: It’s perhaps a bit cliched but I think it’s being with our boys and good
Courage doesn’t always roar...
Sometimes courage is the little voice at the end of the day that says, “I’ll try again tomorrow.” Mary Anne Radmacher
friends. You can be in the most fabulous place and be miserable if you’re with the wrong people, and you can be in not so nice a place with the right people and be very happy.
FAVOURITE QUOTE Sophie: Courage doesn’t always roar. Sometimes courage is the little voice at the end of the day that says, “I’ll try again tomorrow.” Mary Anne Radmacher Rupert: Dad used to say (perhaps in jest) “Try everything once, except incest and Morris Dancing”. I very nearly broke the rule by getting over-excited in Freshers’ Week at University and joined the MD club (they had an Easter tour to Derbyshire with free beer that sounded idyllic), but it clashed with rugby training, so I am still on track.
FAVOURITE TRAVEL OR HOLIDAY DESTINATION Sophie: Iceland or South America, I think. I mean I would always go back to the US, but it doesn’t sound exotic enough, does it? Sounds a bit lazy. Rupert: If I had to go back somewhere, I’d go back to southern Chile, which is where I went during a part of a break between law school and starting work. It’s where the
Andes meet the sea and goes into the lakes; it’s just simply beautiful. It’s just rather difficult to get to, which is probably why it is so beautiful.
WHAT WOULD YOU TAKE ONTO A DESERT ISLAND? Sophie: Notepad and pen. Rupert: Can I be a lawyer and answer the question with a question? Is it a premise that I am going to die on this island, and this is meant to make me happy? Interviewer: Hmmmm, I think so. Rupert: Well I might take a copy of Catch 22 then. Sophie: Really? Rupert: Well I mean, obviously I would take my wife. That is my first answer, but I am not sure ... Sophie: But it wasn’t your first answer was it? Interviewer: Well, to be fair I said thing, not person. Rupert: Calling [Soph] a thing normally gets the wrong reaction. I’ve seen my breakfast end up in the bin.
Appy Planning apps that make life a little simplerâ€Ś
The team have put their heads together and come up with their favourites, which they use to organise their banking, keep an eye on the finance world, plan their holidays and make sure their fitness goals are on track.
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LoWering the BARRieRs to your
fiNAnciAl FUTURE Financial planning is a well-used phrase, and we're sure that if you asked the population of Great Britain as to whether they thought it was a positive thing to do they would say yes. However, the amount of people who could benefit from financial planning but still donâ€™t take advantage of it is high.
Why is it that people don’t undertake it when it could help them so much? The reasons for raising barriers against the idea of financial planning with an adviser are varied. Some people feel that they “don’t have enough to make it worthwhile”, whilst others, not understanding the value of the service, balk at the fees. You may feel that you are too busy right now to invest the time to create a plan and take the “I’ll do it another time” approach. There also seems to be a stigma attached to financial planning that it is only accessible to those who have already accumulated wealth, whilst stories of rogue advisers and traders have given the industry a bad name.
"We do not fear the unknown. We fear what we think we know about the unknown" TEAL SWAN
We really believe that great financial planning can change your life, so we have picked out a few of the barriers that we’d like to demystify for you: MISUNDERSTANDING : Who would benefit from life planning? HEAD IN THE SAND : Clarity NOISE : Who do you Trust?
Everyone is different. Everyone has different goals. If you have goals and objectives in your life, financial life planning is relevant and necessary, not a luxury. You may just be starting out, building up pots of savings for your longterm goals, starting a business or a family; or you may be enjoying a full family life, yet have the need to plan for schooling/ first car/ a wedding/ pay off a mortgage or you may be in the fortunate position of being financially secure and independent, enjoying your retirement, yet needing to plan for your family’s succession. Major life events, such as career change, illness or death, divorce, unemployment and legal complications often trigger the need for extra planning, and although it is difficult to plan for the unexpected, having a trusted adviser by your side who can review your plan, make changes and act as a sounding board for key decisions is invaluable.
Confronting your fears head on is scary. Taking the route of putting your dreams on hold, as you are unsure if they are achievable, protects you from potential disappointment now, but in the long run will leave you feeling unfulfilled. Planning gives you greater control over your situation and allows you to make decisions, confidently, based on facts rather than gut feel.
We are bombarded daily by the media – tabloids spinning stories to sell news, “experts” on Twitter offering their unsolicited advice, social media telling us who we should be, what we should like, where we should be holiday-ing and what we should be eating (this week!). Cutting through this, sitting down face to face with one of the team, will help you filter out the noise. We can’t control or predict markets, they will move – go up and down – with or without us, but with a caring, unbiased adviser by your side, we can guide your plan making sure it reflects your goals and objectives, giving you clarity and perspective on your desired lifestyle.
One thing for certain is that without lowering these barriers and taking a look at where you are and what you have, you are unlikely to achieve your dreams. A review of your finances might show that you are already well placed to retire at a specific age, or (perhaps more likely) sitting down and analysing your finances will provide you with a strategy for making changes to your investments, tweaking your current/future spending or amending your dream to one that is slightly less grand but still fills you with excitement. Lowering the barriers, shedding light on your current situation and getting advice on how to best manage your finances will provide you with control over your finances and your future, and more importantly stop that nagging voice at the back of your head.
Whatever your current situation, it is absolutely always the case that getting on top of your finances sooner rather than later will bring you better results than if you leave them untouched. So, drop those barriers and seek advice at an early stage â€“ it could be the best thing youâ€™ve ever done for your finances, your future, your family and friends and, perhaps most important, your peace of mind!
WE ASKED LIFE PLANNING CLIENT, TRACEY DI LORENZO HER THOUGHTS ON THE PLANNING PROCESSâ€Ś "The planning process was really helpful for me. I had absolutely no idea how much money I had available to spend on a yearly basis over the long term. It was good to be reassured that I could keep my standard of living the same, despite getting a divorce and putting my children through uni. It was also useful to know that I had more money than I thought I could use because you need less as you get older (sounds obvious now!). The whole process has given me peace of mind more than anything else. It also focusses you on your finances and what is realistically available for you to spend. There were some good ideas on life insurance, ISA investments and pension options open to me too. I was expecting the planning to be thorough and it certainly was."
MY THREE WORDS TO DESCRIBE THE LIFE PLANNING PROCESS: Comprehensive Thorough Enlightening
FINanciAL LIFE PLANNING PROCESS Our Financial Life Planning process has several stages, as set out below, which are tailored to your specific needs (our meetings always include good coffee, but sometimes food, wine and train journeys!) as required.
01 We hold an initial discovery meeting. Spending time to get to know you, your family, your current financial position and what is most important to you. We talk about your long and short-term goals and those blue-sky ideas!
02 We obtain a full understanding of your current position - your lifestyle costs, planned expenditure, assets & liabilities - which enables us to create a plan specific to you.
03 We create a bespoke financial plan using our sophisticated cash flow modelling software. By analysing your current and future financial position we can assess what you will need to achieve your goals, when you reach financial independence or if you need to rethink your grand design plans.
04 We meet again to walk you through your bespoke life plan, which will show you how different scenarios affect the future outcomes. Your plan will be supported by a cohesive investment strategy, all focussed around your goals.
05 Your plan becomes a reality as we implement your life plan and run your actively managed investment strategy, whilst you have the freedom to live your life.
06 We meet on an annual basis to review your plan, making the necessary changes life dictates, ensuring everything is kept on track.
What the carrington team have been up to... MILESTONES It’s a very big year for Carrington as 2019 marks 30 years in the industry for both Mike and Alistair! That’s longer than almost half the team have been alive. We think this calls for a celebration as Carrington is 10 years old in 2020!!
#CarringtonCulture We’ve done some really great things as a team, and regularly try to get together to try something new… we’ve challenged each other to crazy golf, got fiercely competitive playing darts, taken a trip around London in a haunted bus, belted out karaoke classics as though we were performing at Wembley, but recently we took it to another level. On a recent weekend trip to France (staff picture courtesy of a Riviera backdrop) we decided a kayaking trip was the perfect team bonding session, after a rather fun night out. Pairing up in double kayaks, Tom was volunteered to take the single kayak due to his Navy experience. We were warned the kayaks were a little unstable, which Tom kindly demonstrated by falling in three
times before we’d even left the beach! Once all firmly onboard, our guide took us out to sea…some teams took to the activity like ducks to water, others took a little longer to find their sea legs. One team in particular (cough Mike and Rachel cough) managed to both turn green; and suffering severe seasickness, were the reason the whole flotilla had to return to port. Given this aborted trip, Rachel may have to rethink her ‘Kayak the Canadian Rockies’ Bucket List item!
BUCKET LISTS Talking of bucket lists, Al headed off to Augusta in April to watch the Masters. A longtime dream, he not only got to watch history in the making – Tiger making his famous come back, but also got
to play Pinehurst no. 2…apparently the best golf course in the world! Whilst, following the team’s eventful trip to support Ali’s last marathon, this year Cecily, Sophia and Rachel headed over the Channel to support Ali in ticking off his first international marathon in Paris. He followed this up a couple of weeks later by completing the London Marathon. Ali is now training as a guide to run with the blind, while training for the Oslo Midnight Sun Marathon in June 2020.
Sophia was hot on Ali’s heels completing the Barcelona and Reading half marathons in early spring. Setting goals for next year, Tom, Rachel and Sophia have all entered the ballot with the hope of a London 2020 spot. Staying on French soil for a bit, Nicola completed the 2019 Paris-Roubaix Sportive. She loved every minute of it and has her sights set on the longer route next year.
GOALS Congratulations to Sophia and Cecily who are a step closer to becoming chartered financial planners by passing their first exam towards their advanced diplomas. Rachel and Tom are both two exams down along the path to completing their Diploma in Financial Planning… only 4 more to go. We are very proud of each member of the team who are currently juggling work and studying for their exams. They are highly technical qualifications and the work and dedication that goes into prep for each exam is commendable. Mike continues to build on his goal of cultivating a love of sports in kids, by being very involved with the
Beaconsfield cricket club, coaching and umpiring the kid’s teams.
"Planning is bringing the future into the present so that you can do something about it now." Alan Lakein
COMMUNITY In a bid to do our bit for the environment, our eco-warrior Rachel has been championing a paperfree office and over the last six months we have moved further away from printed valuations and opting for digital presentation where possible. Although we haven’t yet started fundraising for our selected charities this year, at the end of June, a Carrington Team took part in the Fortem Capital Charity Darts evening. Captained by Mo “Snoop Dogg” Bukhari, Eric “Eyebrows”, Ali “The Anaesthetist”, Tom “The Spook”, Rachel “The Hulkster” and “No Nonsense” Nicola took on about 10 other teams competing to win the pot for a charity of their choice. Although we won both of our games, we unfortunately didn’t make the final shoot out.
INDUSTRY RECOGNITION It’s been another great awards season for Carrington and the team, and we are very proud to have been acknowledged and recognised by our peers and the industry for the work we do. Mo blazed the way with his Trailblazer award, we were then finalists for Adviser Firm of the Year at the Money Marketing Awards in June. Finalists in the Women in Financial Advice Awards in the Gender Diversity category in July. Cecily and Carolyn have been nominated for the Investment Week, Women in Investment Awards, while Ali and Cecily have been nominated for the Professional Adviser New Talent Awards, both of which are being judged later in the year. Although we’d love to win, who wouldn’t, we are enormously proud of the company
and the individual team members who have been nominated or made the finalist lists for these highly soughtafter awards.
IN THE PRESS AND OUT ON THE TOWN Mo was recently invited to judge the Fund Manager of the Year Awards, the biggest annual event in the industry, operated by Investment Week. He was responsible for selecting the winners of the Absolute Return – Equity, Absolute Return – Bond and Absolute Return – Multi Asset sectors. The winners were announced at the awards ceremony on 27th June at the Grosvenor House Hotel. Mo has also been in the press quite a bit offering his opinions and thoughts on markets, amongst other things! To keep in the know follow us on Linkedin or Twitter @CarringtonViews
James Ward Head of Private Client Kingsley Napley
James is a trusted adviser of Carrington. He offers exceptional legal advice on wills, probate and estate planning to individuals and families, and like us, values excellent client service. Since we regularly recommend James, we wanted to share more about what makes him tick, professionally and personally, what his job entails and what he enjoys most about working with his clients.
+44 20 3535 1653
TELL US A BIT ABOUT YOUR CAREER TO DATE
Well, I don’t think I quite knew what I wanted to do when I was growing up. My parents were keen for me to gain a professional qualification of some kind although I certainly did my best to scupper that throughout some of my earlier years! I’m very proud of what I’ve achieved in the first 14 years of my career as a solicitor and getting the chance, ten months ago, to head up the Private Client team here at Kingsley Napley was a highlight in my career. There are certainly a lot of skills that I’ve learnt along the way which have enabled me to reach this position at a comparatively early stage in my career: technical knowledge, confidence, an ability to do marketing, the ability to be a representative of the firm and most importantly an ability to build trust with clients and colleagues.
WHAT ATTRACTED YOU TO KINGSLEY NAPLEY? Joining Kingsley Napley was a great opportunity, we have a strong name in lots of areas of legal advice. They are the most caring, most inclusive, most welcoming firm you could ever imagine. It’s the highest ranked law firm in the Times 100 - 16th across the country. We have more female partners than male partners and it’s the biggest law firm that has that ratio in the country. We’re
not scared to do things differently; we treat our staff incredibly well and we really listen. I’ve worked with the Private Client team very closely over the last ten months to bring everyone together and hopefully develop our strengths even more and will continue to do so in the future.
DO YOU THINK THE WAY IN WHICH PEOPLE PERCEIVE LAWYERS HAS CHANGED? The legal market has changed immeasurably, as well as the way people view it. I think there is a lack of understanding around what we do particularly in terms of the vast knowledge base that we have to have and keep up to date. There is a real need for us to keep up with many of our clients being global, transactional and the laws constantly changing everywhere (particularly in the UK). Alongside the fact that we now live in a very competitive market. There
are over 100,000 lawyers out there and that never used to be the case. Wills will come up early on in the discussions with any new or existing clients and people have a tendency to think, much like with conveyancing, that you can do it for nothing. I think that because law has been slightly simplified in the publics’ mind, I don’t think they fully appreciate what goes into providing legal advice which really works and makes a difference for any specific client. The reality is that there is a huge amount of time and effort that goes into engaging someone that knows what they’re talking about. What I’d love for people to realise is that a will is not just “a document”, there’s a lot more thought behind it. But despite these challenges I genuinely love what I do, because Private Client law is this fantastic beast which affords longevity of client relationships. I am in a position where I get to know clients very well and support them and their families for many years.
It’s worth getting decent advice even if youR affairs are “apparently” very simple
WHAT WOULD YOU SAY TO SOMEONE THINKING ABOUT “SAVING MONEY” BY GETTING A CHEAP WILL? The reality is that some people can have very simple Wills - you can have your 2.4 children and everyone in the family might get on. You may have a property and some cash and a non-taxable estate, and you can probably keep it so unbelievably simple that you can get away with a £90 or £200 Will. Or you may even be able to draft it yourself on a form from WH Smith’s or whatever you want to do. But really a Will is such a definitive document. When you die, it is YOUR document. It is the document that determines where your assets go. I would suggest that it’s worth getting decent advice even if your affairs are “apparently” simple. You won’t have to pay a huge amount more money, if your affairs really are that simple, to have a document where you have communicated with somebody who knows what they’re talking about. They can explain exactly what happens on death - first death, second death. There are always going to be grey areas and so anyone, with any degree of complexity in their family life or their finances, should be getting professional advice. That doesn’t mean you have to go to a solicitor. There are decent Will writers there that can facilitate it, but you’ve got to understand that somebody is putting together a document that will then be ‘The Document’ that dictates where your assets go on your death. In turn, there has to be a practicality about it. My concern with Will writers or online Wills is that they are entirely focused on the drafting of the Will and its relevance at that point in
time. They are not entirely focused on life AFTER the Will and the ongoing maintenance of that responsibility of having drafted a Will. So, from my point of view, I am a big fan of paying for the right advice that will cover all bases.
WHEN IS THE RIGHT TIME TO DRAFT A WILL? Effectively it’s never too late to draft a Will. Having said that I am always amazed when people with 18-yearold children wander in and make their first Will, having had the entire of their children’s life to do so when the children would have been unable to look after themselves if their parents died. I am sometimes tempted to say to them “Well done for living this long!” (but most of the time I manage to resist!).
line is that it doesn’t reach the top of their ‘To Do’ list and I do get it, we’re all busy. But, at the same time, this is one of the situations where, if you turn up for your next meeting to agree the Will two years later and you’re alive, then the fact that the two years have passed is irrelevant. It doesn’t matter, we can just get on with it. But if you die in that time then actually you look like an idiot (well you don’t as you’re dead). I look like a big idiot as well; you’ll cause those family members left behind a lot more angst and it’s completely avoidable. So, don’t put it off.
Put it to the front of your To Do list, get motivated by more than one professional advisor. Get Mike, get myself, or your solicitor to really focus on getting it done. Don’t be offended by chasers, understand that sometimes it is more complicated than it might appear but that we’ll do A frustration for me can be advising our best to simplify it. We’ll walk you clients on what they need to do. You give them advice, they’re enthusiastic through the process, hold your hand, and they’re keen, they understand the get it done. In the end we really do importance of it….and then you never care that you’ve got the documents in place, that you and your family are hear back from them. They know protected, but we can’t force you to they’ve got to do it. The bottom do it.
WHAT ARE YOUR CLIENTS CURRENTLY CONCERNED ABOUT? Many of them are obviously concerned about asset protection. They will be focusing very heavily on trying to stop the tax man or errant children, son or daughter-in-laws, second marriages or just generally tricky family scenarios from stripping their wealth. In most cases, people would rather the tax man take the money than someone they dislike, like an ex-husband or an ex-wife.
A big part of this protection advice will encompass financial planning such as cash flow modelling. We get advisers, such as Mike, involved to make sure we have the correct financial advice to mitigate tax as much as possible whether itâ€™s from capital gains or inheritance tax. We then have a legal and financial plan to prevent incorrect decisions being made further down the line. This could be via Trusts, family investment companies or it could just be careful gifting of property, retaining a percentage ownership of property if youâ€™re willing to pay the extra 3% stamp duty.
DO YOU FEEL THAT FINANCIAL PLANNING AS PART OF THIS PROCESS, OR JUST IN GENERAL, IS IMPORTANT? Absolutely integral ... a good financial advisor is the most important limb of a three-pronged professional advisor cohort. You need a decent financial adviser, a decent private client lawyer and a decent accountant. If you have
those three, you are well set. Anybody with significant assets with a decent income should be having those three sitting in harness and making timely decisions. In the end any fees associated with those three will be well saved. So financial planning is absolutely integral.
WHAT SHOULD PEOPLE CONSIDER IN TERMS OF ONLINE ASSETS AND ASSOCIATED PASSWORDS? There’s so much I could say about this area, but in brief it comes down to needing to be aware of what assets you have and if you’re dead, you being the only one that’s aware of them, is not good enough. It’s a very fine line though, you can’t just give people your passwords because that causes lots of problems and those problems are going to come back and bite you if suddenly people hack into your bank account, trading account, betting account or whatever. The whole premise behind any online service, whether it be just logging into a newspaper account, PayPal, Amazon etc is that security is number one. When you’re alive security is vital. Then, at death, if security puts a huge barrier between your family and loved ones from finding either soft assets, like pictures and emails, or hard assets, like cash or anything like that, it can be a big problem. We need to find a way in which, as practitioners, we can help people understand that danger, and help people solve it. And ironically it comes down to paper quite often. I recently watched Years and Years, a very good TV programme, which looks into the next 10 years. Perhaps a little scary and apocalyptic but it had a very important message around the potential for energy crises causing power cuts. Power cuts lead to the fact that people keep losing things. In turn, people start printing again, people start using paper, it is slightly ironic. So, I would always suggest to people that they press print.
WHAT ARE YOUR GOALS PROFESSIONALLY? I’ve got 30 years left practising as a solicitor, until 70 because I don’t think Private Client lawyers hang up their boots early, particularly given you quite often act as trustee or executor for clients. The first 15 years of my career has been learning and the plan for the next 30
Making people’s lives easier and feeling like I’m making a difference
is very simple - the next 15 years will be building and the final 15 years are going to be on the golf course, keeping an eye on things and continuing to help families. In that last phase I will have my hand on the tiller of the families I will have been looking after for decades.
WHAT MAKES YOU HAPPY? In a work environment it’s meeting a new client and gaining the chance to work for them, and then making things happen for them. Making people’s lives easier and feeling like I’m making a difference. In a non-work environment, it’s just the usual really, nothing too crazy – hanging out with my family and socialising.
POSITION: Head of Private Client BORN: Harrogate, Yorkshire LIVES: West Berkshire FAMILY: Wife and two boys FAVOURITE HOLIDAY: Skiing and Cornwall HOBBIES: Golf, skiing – anything involving the countryside
PERSONAL GOALS? Stay healthy, stay fit, stay happy and maybe say yes to a few more things in my 40’s and 50’s that I’m not able to do with having young children. To take advantage of the good life I have. Having been born in the UK with a decent job, with a decent work ethic, with a positive outlook on life - I am very lucky, I have everything I need.
FAVOURITE BOOK? Lots of favourite books actually. I like historical fiction, so I am going to say any alternative history books. So, SS-GB or Fatherland are very good, very old favourites. WHAT ONE THING WOULD YOU HAVE ON A DESERT ISLAND: If I was just hanging around on a desert island, I would probably just take a sand wedge and just mess around with it. If my time were limited, I would probably go for a sandwich rather than a sand wedge – both are perfectly acceptable!
Recounting the journey of Ben Hunt-Davis and the coxed 8â€™s crew in the run up to the Sydney Olympics in 2000, this book not only tells Benâ€™s story, and the experiences of the team in the run up to the Sydney Games but also looks at their strategies from a personal development and business point of view. Harriet Beveridge (management consultant, coach and stand-up comedian!) interprets the strategies the crew and their coaching team took and summarises them in a manner which is easy to understand and adds significant value.
Will it Make the Boat Go Faster?
Olympic-Winning Strategies for Every Day Success by Ben Hunt-Davis and Harriet Beveridge Even for those non-rowers amongst us Ben’s story of how the team defeated the odds to win Gold will captivate you and carry you along with them on their journey. Each chapter speaks about a different phase of the team’s development, and the struggles and triumphs that they had along the way. Harriet then takes the key learnings that stem out of each phase and suggests ways in which we can apply these to both our personal development and how we create success in our businesses. The tools, techniques and approaches which we found most significant included:
• The importance of setting goals, and how to “layer” these goals to set you on the road to success. The concept of being purposeful – that everything comes back to purpose. Motivation – how motivation towards a goal is crucial, including eight • strategies for keeping motivated. Belief – a discussion on what we need to believe, how our beliefs are formed and how to strengthen these to power our progress towards our goal. • Negative filters (they use a much more powerful word but it’s probably not appropriate for this magazine!) – how to rise above the negative “noise” and take from it positive “truths” to use as drivers.
Teams – how to build a strong team using common goals, and how to build those. Recognising that each team member has their own success criteria which can then be integrated into wider team goals. Enhancing team behaviours and how to deal with specific challenges in a team such as bad behaviour, lack of commitment and giving feedback. Process – how achieving a goal requires a focus on a process or processes which will get you to that goal, rather than necessarily focussing on the goal itself. Resilience – how to build strategies to enable you to more effectively bounce back from inevitable setbacks and use them as a springboard to drive you further forward.
The overarching significance of the book for us is the constant questioning and exploring around whether any specific activity or behaviour, in your personal life or in business, will “make the boat go faster”. At Carrington we have fostered a team culture where everyone is invited to make comments and suggestions as to the way in which we approach our client relationships and the processes behind the work we do with clients. Since reading this book we regularly ask the question of ourselves and of each other as to whether any specific activity or suggestion will “make the boat go faster”. Are we adding to our client’s experience? Is this adding to the growth of the firm and our ability to advise clients effectively? Or are we getting distracted?
There are a plethora of sports-based selfdevelopment and business books written by athletes, coaches and sports consultants/ psychologists. While each of them probably has a great story to tell about achieving success and overcoming adversity this book really does provide easy to implement practical strategies for success, as well as telling the inspiring story of Ben and his teammates in an easy to read and enjoyable manner. Will this book make your boat go faster? We think it will!
a day in the
Chapman FINANCIAL PLANNER
: My alarm goes off and I allow myself a few snoozesâ€Ś After a quick (and by quick, I mean very long) shower to help me wake up, I usually set off for work at around 7:30/ 7:45. As I am currently studying towards my Chartered qualifications my journey in usually consists of reading my revision cue cards, if I need a break, I usually end up reading a book or watching the latest episode of one of my favourite TV programmes. FACT: Favourite coffee = coconut cappuccino from Pure
: I arrive at work. Unless I have a meeting with a client or industry provider first thing, I will usually eat
Buy my first property Travel the world Road trip around America
breakfast in the office. This is often a great time for the team to catch up before work starts. We also have a monthly investment catch up, where Mo (our Head of Investments) takes us through his thoughts on markets, how they may be affecting our portfolios and what this means for clients; and where we share interesting investment opportunities that the team may have heard of from their networks, national news etc. My day starts with me checking through my emails and making a plan for the day. Once I have done this, we will all sit down for a team catch up were we discuss workflow, priorities and up and coming meetings. We are a very close team which helps us feel able to run ideas and opportunities for clients past each other and helps us be even more creative.
Bucket List Visit and watch a match in all the premier league stadiums
: Ali and I have recently launched a new service aimed at younger professionals who, like ourselves, are in the earlier stages of building up wealth, kickstarting a career or new business or perhaps starting a family. It has become apparent that there is a real advice gap for people in this stage and weâ€™re looking to change that as financial planning for people in this phase of their life can make a huge difference to their financial position in the future. The service is tailored to people in this stage of life who may have different needs to our existing clients. We are very excited about this service and are enjoying responding to the different needs and expectations of our contemporaries. The positive uptake we have experienced since launching it bodes well.
Top 5 Facts
I still work closely with Mike and Alistair, so my days are split between helping and attending meetings with existing clients; and arranging and meeting with potential new clients. I really enjoy meeting with like-minded individuals who I know will benefit from our planning service, itâ€™s the part of my day I look forward to the most. It gives me great satisfaction to be able to make a difference and help people and really makes me love the job.
Favourite series: The Killing (the Danish version) Favourite film: The Way Way Back
Favourite book: A Thousand Splendid Suns by Khaled Hosseini Favourite theatre production: War Horse
Favourite comedian: Bob Mortimer
: Plank time! As an office, we plank twice a day for 1 minute at 11am and 3pm. The first one always seems a lot easier!
: Lunch time. I believe it is important to get some fresh air at lunch time, so Sophia and I usually go for a long walk where we catch up and, with any luck, soak up some sunshine. We have a ban on talking shop! FACT: Favourite lunch spot: Tossed, for the salad. I like to eat healthily for the most part but if it’s a Friday I may treat myself to something a bit “less healthy”, Fridays don’t count after all.
: We are constantly on the lookout for planning opportunities for new and existing clients. My current ‘project’ has been pushing for a portfolio of sustainable investments which has in fact just launched! We have built a portfolio with a combination of positive impact and sustainable funds. The focus of the portfolio is to invest in funds that concentrate on environmental and social sustainability; and those that have a positive impact on us and the planet. This is a cause very close to my heart, given I’ve still got a lot of years left to enjoy this planet of ours! If you’d like to hear more about this please let us know!
: To prevent a potential afternoon lull… we plank again! 1 minute. Although it might not always be what we feel like doing, it has a significant and positive impact on our focus and reducing tiredness.
: If I am not out at meetings, then my afternoon are spent in the office working on the life planning side of the business. This involves reviewing personal circumstances and creating life plans considering what is important to the client and what they ultimately want to achieve. We review life plans regularly, at least on an annual basis or when a significant life event happens, to ensure our clients remain on track to achieve their goals. As you can imagine, this part of the job can be very rewarding.
: I try my best to incorporate the gym in my evening routine. I go to the gym with Sophia and Rachel and we do our best to spur each other on.
We must be doing something right as Carolyn, Nicola, Marissa and Tom have since signed up! Healthy bodies healthy minds and all that… If I’m not at the gym you will find me out for dinner or drinks with friends my favourite things to do in London. FACT: Favourite restaurant is Tendido Cuatro in Parsons Green (perfect before a Chelsea evening kick off). Exams… when I have an upcoming exam then I will spend an hour or two each evening revising. Luckily, there are quite a few of us who take on exams (it’s great that at Carrington we are actively encouraged and supported to undertake exams and general professional development) and so it’s rare you’ll be left on your own in the evening. We support each other by making trips to Tesco for treats. We like to think it provides a balance to the gym…
: Time to unwind and zone out… pressing play on a 9 o’clock drama! Then off to bed.
â€œTell me, what is it you plan to do with your one wild and precious life?â€?
ComMuNitIes chAriTY OF THEyEAR
WE ARE VERY EXCITED TO ANNOUNCE THAT THIS YEAR WE ARE SUPPORTING FULL CIRCLE FUND THERAPIES. This amazing charity was born out of personal adversity; and founder Suzanne Ruggles and her team have dedicated their lives to supporting children and adults with serious and life-threatening illnesses through complementary, integrated therapies. Not only do they provide hands-on therapies within the hospitals, but they are also spreading their expertise through education and expanding their knowledge through extensive research. We are currently planning an exciting fundraising event for later in the year and we hope you will help us in raising money for them so that they can continue to offer the support that is so desperately needed. To learn more about the amazing work Suzanne and her team do, please click here: www.fullcirclefund.org.uk
DURING THE YEAR WE WILL ALSO BE HELPING TO RAISE MONEY FOR MAGIC BREAKFAST By partnering with schools across the UK, Magic Breakfast is a charity that ensures no child goes hungry by providing a healthy and nutritious breakfast for 30p per child per day. With 1.8 million school children at risk of being hungry every morning, the charity has found their breakfast club is not only filling stomachs, but improving behaviour, concentration and attendance; increasing energy levels and improving learning, specifically in reading, writing and maths. Mike already supports this great cause through being a member of a local business club, however, he wanted to extend our support. So, we have decided that for every client breakfast meeting our team books over the next year, Carrington will make a donation to Magic Breakfast. We ask that if youâ€™re joining us for breakfast then you donate as well. We are suggesting a ÂŁ10 donation, which is the equivalent of 33 breakfasts. Please help us to fill a few more bellies. To see the great work they do, please click here: www.magicbreakfast.com
Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success. Pablo Picasso
29 Gloucester Place . London . W1U 8HX t. 020 7034 7037 w. carringtoninvestments.co.uk
Carrington Investments inhouse client magazine filled with interesting articles, news, views and charity challenges!