Industry Interview: Mansion House Financial Planning

We interviewed Chris Baker and Garth Kinlocke from Mansion House to gain an insight into the financial planning industry.
Mansion House provides high quality advice on a range of financial matters. Keep reading to gain an understanding of what services they provide and whether it could benefit you.

1 – At what stage should someone get in touch with a financial adviser?

Chris: I suggest that it is never too early to speak to someone. Speak to an adviser who won’t charge a fee for an initial meeting. Even if you are ‘doing everything right’, it’s valuable to be told so by a professional!

Garth: With most clients, there tends to be a specific ‘trigger’. This could be starting a family, inheriting a sum of money or selling equity in a business. The best thing to do is to be proactive and seek someone out to prepare for any of these events.

2 – What are the headline benefits of proactive financial planning?

Chris: Where do I start!? The benefits will be different from person to person, but they may include tax savings and improved investment performance. They will certainly include a better understanding of where you are, and where you are heading. Importantly, a good financial planner will be able to explain what actions need to be taken to help meet your financial objectives.

Garth: The main benefit is the client will progress towards their financial goals sooner. Starting the planning process early enables individuals and businesses to take advantage of opportunities and also gives them time to weather any storms.

3 – How does a financial adviser differ from an accountant?

Chris: The services are complementary services. Where the accountant’s advice stops, the financial planner’s begins. For example, an accountant may suggest that establishing a personal pension would be a very efficient mechanism of extracting profit from a limited company. A financial planner will be able to advise on the underlying investments, asset allocation and actually set the pension up in the most tax efficient manner, given the individual’s circumstances. There are other areas in which an accountant does not get involved, this may be insurances, cashflow planning for individuals, personal investment portfolios, inheritance tax planning etc.

4 – Should financial advisers collaborate with accountants? Why?

Chris: Absolutely! Too often individuals are asked to act as a go between for accountants and financial planners. This ‘Chinesewhispers’ situation is very problematic. Complex issues get lost in translation. This can also be a time-consuming exercise the for the client. I have very good lines of communication with the tax team at ChadSan. We often work together to solve problems and formulate solutions which results in better client outcomes.

Garth: 100%. financial advisers and accountants working together reduces the ‘heavy lifting’ for clients in terms of exchanging details, paperwork and the various other bits of admin back and forth. It ultimately leads to a much smoother and seamless client experience.

5 – Why did you become a financial adviser?

Chris: Sometimes I do ask myself the same thing! Seriously, I love meeting new people. I like understanding what makes people tick. I also like providing a professional service where I can visibly see a reduction in anxiety by helping clients put a plan in place. This is not always the easiest of processes, it may involve helping someone remove their head from the sand. But the end result is a clear and concise plan.

Garth: I was drawn to becoming a financial adviser because I wanted to do something which makes a tangible difference to people’s lives. Whether it’s advising our clients, responding to ad-hoc queries or doing financial education in schools and companies – providing financial advice and seeing the positive impact it has gives me a lot of personal satisfaction.

6 – What is the greatest lesson you have learned from your clients?

Chris: That is a tough one….there are too many to list. I meet brilliant people every week!

Garth: ‘The way to achieve your own success is to be willing to help somebody else get it first.’ – A great quote I try to live by!