Member Article

Leeds Financial Services firm celebrate 10 year anniversary

The spotlight this month is on Leeds based firm Kirk Newsholme Financial Planning who are celebrating 10 years since their start-up. Director Peter Blinkhorn who has been with the firm since the start looks back at how things have changed in the industry over this period and how the firm has moved forward.

What has been your greatest achievement to date?

“In 2011 we were awarded the prestigious Chartered Financial Planners designation by the Chartered Insurance Institute (CII). This is the industry’s gold standard for firms of financial planners. It confirms that we have satisfied rigorous qualification criteria by retaining highly-qualified staff who subscribe to the membership conditions of the CII. It also involves a commitment to continuing professional development and adherence to an industry standard Code of Ethics. Only the UK’s premier financial planning firms qualify for Chartered status.“

“Well – that and getting two hole-in-one’s!“

What changes have you seen in your profession during this period?

“10 years ago, if we wanted to find the best investment solutions we would have to set up different plans with different companies. People would often find themselves with a collection of different pensions and investments that they could not easily follow and if they wanted to invest in a different company’s funds they would have to start the process again. Today we can hold all of a client’s pensions, ISAs and other investments in one place while being able to invest in any company of our choosing. We can obtain valuations in an instant, build an investment strategy across different products and importantly our clients can follow their investments online 24/7 (if they want to).“

“Costs have also come down dramatically in the industry in the last 10 years through a mixture of improved efficiency using technology, the removal of commission from the pension and investment products we advise on and increased competition.“

How has your work/team evolved during this period?

“The majority of clients we take on have become ongoing review clients so the team has developed in order for us to deliver this important regular service to them.

Technology has helped us to deliver our ongoing wealth management service and to make cost savings that we can pass on.“

WAE Group Limited were one of the firm’s first clients back at the start and continue to use Peter and Richard’s services today.

“For the past 10 years Peter and his team have looked after my personal as well as Directors pension investments, along with fellow company Directors and employees.

Over this period we have benefited from clear reassuring and timely advice on our investments and contributions as well as regular face to face meetings.

They took care of our transition from our old pension schemes into the new work pension scheme, setting a timescale in place prior to our staging date, and our staff benefited from group and one to one meetings to reassure and help with personal decisions.

I believe that the recommendations Peter and the team make are and have been the right ones for our circumstances, and they have given me confidence in our financial futures having placed my trust in Kirk Newsholme Financial Planning.“

Paul Austin Managing Director W.A.E. Group Limited

“We’d also like to take this opportunity to thank all of our clients and friends of KNFP who have played a significant part in our success as a firm so far and we look forward to many more years of business to come.“

KNFP Top Tips for a 10 year retirement plan

• Agree a target figure to aim for, if unsure we have cash flow modelling software to help you with the process.
• Review what you have already accumulated, what was flavour of the month many years ago is probably no longer appropriate.
• Consolidate – several small pots are best put into one and usually cheaper, thereby improving the return.
• Make use of your annual allowance, there is a reason why it is limited, it costs the government a lot in tax relief – take advantage.
• Don’t put planning off – before you know it another 10 years will have passed!

For further information about any of our services please contact Peter Blinkhorn on 0113 2044214 or peter.blinkhorn@knfp.co.uk or Richard Leonard on 0113 2044215 or richard.leonard@knfp.co.uk.

This was posted in Bdaily's Members' News section by Amy Carter .