Full Transcript for Self-Employed Financial Advisers Who've Bought 5 Advice Firms | Arrowe Financial

her. 00:01:45.280 --> 00:01:46.560 She helps out now. 00:01:46.640 --> 00:01:50.480 She helps out mainly with the branding and marketing stuff, which is more Hakella fish. 00:01:50.560 --> 00:01:51.439 But yeah, lovely stuff. 00:01:51.599 --> 00:01:52.159 Well, great stuff. 00:01:52.239 --> 00:01:54.400 So, what's the secret to your success then as a couple? 00:01:54.719 --> 00:02:04.560 I think really just um being together, we've actually encouraged each other going forward um since literally from day one. 00:02:04.799 --> 00:02:07.840 Um, and it's been a bit like ships in the night, to be honest, Sam. 00:02:08.000 --> 00:02:13.039 You know, sometimes when Jane's being on our appointments, I'm looking after the kids, and vice versa. 00:02:13.280 --> 00:02:18.159 Um, so I think that has helped, to be honest, being ships in the night. 00:02:18.319 --> 00:02:20.560 Um, that was how it first started, anyway. 00:02:20.639 --> 00:02:25.680 And then we've just grown together, and yeah, everyone seems to enjoy working with us. 00:02:26.159 --> 00:02:27.680 Uh that's what they tell us anyway. 00:02:27.840 --> 00:02:30.639 And um we sort of spark off each other, don't we? 00:02:30.960 --> 00:02:35.280 Um ideas and um silly things as well. 00:02:35.439 --> 00:02:42.960 It's it's it's it's not just all dead serious, it's it's silly things about sort of challenge you to do something or whatever. 00:02:43.120 --> 00:02:45.439 And um we sort of just spark off each other. 00:02:45.520 --> 00:02:50.080 We've got an enthusiasm of yeah, um and we are quite competitive. 00:02:50.159 --> 00:02:53.520 I think that's coming gonna come across during the next hour or so. 00:02:53.599 --> 00:02:53.840 So yeah. 00:02:54.080 --> 00:02:54.719 Well, tell us now then. 00:02:54.800 --> 00:02:55.759 Why are you say competitive then? 00:02:55.840 --> 00:02:56.879 Where's this come from? 00:02:57.439 --> 00:03:02.560 I think the way it was brought up, I think where it came from, you know, north end of Liverpool. 00:03:02.719 --> 00:03:06.879 I genuinely think I was I was I wanted to succeed everything I did. 00:03:06.960 --> 00:03:09.360 I wanted to be better than I was the day before. 00:03:09.759 --> 00:03:17.919 So that for me definitely has made me competitive in in pretty much everything I do, uh, without exception. 00:03:18.159 --> 00:03:18.479 Love it. 00:03:18.560 --> 00:03:19.759 Jane, what about yourself then? 00:03:20.080 --> 00:03:21.439 I've got an elder brother. 00:03:21.919 --> 00:03:28.639 I grew up with all boys in the street, so I had to prove my worth on everything. 00:03:29.280 --> 00:03:32.479 Um but I've always wanted to sort of be the best. 00:03:32.639 --> 00:03:32.800 Yeah. 00:03:32.960 --> 00:03:33.680 I don't know why. 00:03:33.759 --> 00:03:34.479 I just did. 00:03:34.960 --> 00:03:36.400 Do you do you bring that into your work? 00:03:36.479 --> 00:03:42.080 And you know, as a leadership, a couple you know who are leading a business, do you sort of instill a bit of competitiveness in the people that work for you? 00:03:42.800 --> 00:04:06.400 Well, it's funny, we were discussing this on the train down here, and one of the factors that really stands out with our business is the people that work with us, the majority of the people that work with us, they do have that competitive edge and they do want to do things that pushes them outside of their comfort zone, which we're very keen on because we never want to be comfortable in that sense, we're always trying to achieve something or other. 00:04:06.639 --> 00:04:13.199 Um, and that that's definitely come across with some of the guys in the business that do you know marathons, half marathons, stuff like that. 00:04:13.360 --> 00:04:18.079 Um, some have played at really high levels of rugby, now taking up golf instead. 00:04:18.240 --> 00:04:22.480 So we we have seen it as a constant thread through the business. 00:04:22.639 --> 00:04:25.199 Um, that yeah, there is a competitive edge. 00:04:25.680 --> 00:04:25.839 Love it. 00:04:26.000 --> 00:04:28.240 Do you both get stuck into fitness yourselves then? 00:04:28.399 --> 00:04:28.720 Yeah. 00:04:28.959 --> 00:04:29.199 Yeah. 00:04:29.439 --> 00:04:30.399 Jane, what do you get to? 00:04:30.800 --> 00:04:35.759 Um at the moment, um, I'm into high rocks and deadly dozen. 00:04:36.160 --> 00:04:40.720 Um basically it's sort of fitness stations and with running in between. 00:04:40.879 --> 00:04:45.839 So in in high rocks it's about 8k of running and you've got eight stations. 00:04:46.079 --> 00:05:02.399 Um and each of those stations you've got to sort of train for because if you don't train um well you and also you can't just sort of go into it like full steam ahead because you'll sort of run out of steam at station two. 00:05:02.879 --> 00:05:14.399 Um and yeah, it's it's it's sort of a fine line of of being able to train for everything and also sort of just keep keep enough in reserve to get through everything else. 00:05:14.480 --> 00:05:17.040 So how do you find that helps you in your life and in work? 00:05:17.279 --> 00:05:20.800 Um it's about find finding the balances of things. 00:05:20.959 --> 00:05:27.519 Um you can't put all your eggs in one basket, but also sometimes you've got to risk it as well. 00:05:28.160 --> 00:05:29.199 Risk it for a biscuit. 00:05:29.439 --> 00:05:43.920 Um and the reason being is sort of if you if you've got like two stations to go and people are ahead of you or whatever, um you know sort of that you're either going to kill yourself on the very last station, which is the wall balls, which I have to do. 00:05:44.079 --> 00:05:44.720 Oh horrendous. 00:05:45.920 --> 00:05:52.240 Or you can sort of go, I'll I'll just take it sort of a little bit easier, um, and know that you can get through it. 00:05:52.319 --> 00:05:58.959 So yeah, there's a there's a it's just literally finding out how you can balance it for you. 00:05:59.199 --> 00:05:59.839 Do you love it?

00:06:00.079 --> 00:06:00.879 I do love it, yeah. 00:06:01.439 --> 00:06:02.720 So how good are you with it? 00:06:02.959 --> 00:06:04.480 Um yeah, I'm good. 00:06:04.800 --> 00:06:06.079 Okay, so very humble there, isn't it? 00:06:06.560 --> 00:06:08.079 Very humble, may interject. 00:06:08.319 --> 00:06:08.560 Yes. 00:06:08.959 --> 00:06:19.040 Um, Jane did her first uh event in Manchester and won her age group, which qualified her for the world championships in in Sweden. 00:06:19.360 --> 00:06:26.319 Um now Jane is at was at the top end of her age group when she entered that particular competition. 00:06:26.480 --> 00:06:29.120 Uh she still came 24th out of 106th. 00:06:29.199 --> 00:06:36.879 Well, however, if she'd been a month older, then she would have come second out of that higher age group, which Jane will now be in. 00:06:37.759 --> 00:06:38.319 Fantastic. 00:06:38.399 --> 00:06:40.000 So this is what you're now working towards. 00:06:40.240 --> 00:06:41.920 You're now in that higher age group. 00:06:42.160 --> 00:06:42.319 Correct. 00:06:42.639 --> 00:06:44.000 So what's the aim then to be number one? 00:06:44.160 --> 00:06:45.439 Is this in the world or yeah? 00:06:45.680 --> 00:06:46.000 Wow. 00:06:46.240 --> 00:06:47.920 So she's fifth in the world currently. 00:06:48.240 --> 00:06:49.519 That's what I'm gonna for next year. 00:06:49.839 --> 00:06:51.199 Well, fantastic, that's amazing. 00:06:51.279 --> 00:06:55.600 So taking that into work and being a female leader within financial services is very inspiring. 00:06:55.680 --> 00:06:56.160 I love that. 00:06:56.399 --> 00:07:01.040 Do you recommend High Rocks for kind of fitness and and mindset strength? 00:07:01.279 --> 00:07:05.360 Yeah, I mean the pair of us have have always been into sport. 00:07:05.600 --> 00:07:08.959 Um I before High Rocks I used to do triathlon. 00:07:09.120 --> 00:07:14.639 Before triathlon, I just used to run, uh I say I just used to run run for the north of England. 00:07:14.720 --> 00:07:18.639 Um, but I had three children to juggle as well at the same time. 00:07:18.879 --> 00:07:24.000 Um I think started off with dancing and bodybuilding and stuff like that. 00:07:24.079 --> 00:07:31.120 So there's always been something that we've well, that I've been involved in, and then when I met Mike, Mike has been involved in. 00:07:31.279 --> 00:07:36.079 So um and I've always tried to do it to the best of my ability. 00:07:36.160 --> 00:07:40.800 I don't see the point in doing something just to do it. 00:07:41.040 --> 00:07:44.000 You've got to push yourself and really go for it. 00:07:44.319 --> 00:07:45.759 Do you do that into the work arena? 00:07:46.399 --> 00:07:47.279 Yeah, yeah. 00:07:47.519 --> 00:07:48.160 Always. 00:07:48.480 --> 00:07:53.839 I I want to do the best for my clients and I want to do the best for our business. 00:07:54.000 --> 00:07:56.319 I want to do the best for the people that work with us as well. 00:07:56.560 --> 00:07:56.800 Perfect. 00:07:57.040 --> 00:07:57.519 It matters. 00:07:57.680 --> 00:07:58.240 Yeah, 100%. 00:07:58.480 --> 00:08:00.560 And might you're the same than I, fitness-wise. 00:08:00.879 --> 00:08:02.959 Similar in in I don't do high rocks yet. 00:08:03.040 --> 00:08:03.199 Yeah. 00:08:03.360 --> 00:08:11.120 The thing that's keeping me working and the fact that I won't retire for a few years yet is I've promised Jane that I will take up Hyrocks the day I finished work. 00:08:11.199 --> 00:08:11.279 Okay. 00:08:11.600 --> 00:08:12.800 So it's keeping me going. 00:08:13.279 --> 00:08:15.839 Um no, in all realism, yeah. 00:08:16.079 --> 00:08:19.519 Done triathlon, we've done triathlon for quite a few years now. 00:08:19.759 --> 00:08:22.879 Prior to that, I used to play football, uh, running, etc. 00:08:23.120 --> 00:08:26.399 So similar, similar kind of background in that respect. 00:08:26.560 --> 00:08:37.679 Um, but I did take a challenge on a few years back, um, specifically for two local charities for where we are, uh, Clare House on the Whirl and um Zoe's Place in Liverpool. 00:08:38.080 --> 00:08:53.759 And I did uh a challenge of 101 triathlons, sprint triathlons in 101 days, um, with the aim of raising as much money as we could through the Open Ware Partnerships Foundation because they they add an extra 50% of what you generate. 00:08:54.399 --> 00:08:54.639 Yeah. 00:08:54.799 --> 00:09:05.039 So we we ended up, you know, fortunately creating£20,000 pot,£10,000 to each and going in to see those those charities and and what it meant to the people that are there. 00:09:05.440 --> 00:09:06.639 It was so amazing. 00:09:06.960 --> 00:09:07.279 Powerful. 00:09:07.360 --> 00:09:07.440 Yeah. 00:09:07.759 --> 00:09:08.000 I love it. 00:09:08.399 --> 00:09:10.080 So a very positive impact on the internet. 00:09:10.320 --> 00:09:19.600 But also it was really a positive with the team as well, um, because everybody got involved at certain stages um with it. 00:09:19.759 --> 00:09:23.840 And we we had a we had a team triathlon, didn't we, near the end? 00:09:23.919 --> 00:09:25.120 It was about the week before. 00:09:25.200 --> 00:09:30.000 So everyone, well, there were people that swam, there were people that went on the bike, there were people that ran. 00:09:30.080 --> 00:09:31.279 So it was it was great. 00:09:31.519 --> 00:09:36.799 It was, and it really kind of got the team together and and a lot of them took stuff on after that. 00:09:36.960 --> 00:09:37.200 Yeah. 00:09:37.279 --> 00:09:49.840 Um, but also the spin-off effect was there were other people that we know, friends, clients, etc., relatives, that decided to do some sport because I'd done the 101 triathlons. 00:09:49.919 --> 00:09:52.000 Uh because we thought if he can do it, I can do it. 00:09:52.240 --> 00:09:53.519 It was almost that, you know. 00:09:53.600 --> 00:10:02.799 Um, and I think it really kind of had a a positive effect on so many different factors of of both of our lives and

aero financial as well. 00:10:02.879 --> 00:10:03.519 So perfect. 00:10:03.679 --> 00:10:04.639 I think it really did well. 00:10:05.120 --> 00:10:06.799 But it so it's part of the culture of the business. 00:10:06.960 --> 00:10:07.120 Yeah. 00:10:07.360 --> 00:10:07.919 Very much so. 00:10:08.000 --> 00:10:08.240 Yeah. 00:10:08.320 --> 00:10:13.679 And I'm planning something else, which I'm not going to divulge today, but it still involves it involves triathlon. 00:10:13.840 --> 00:10:14.080 Yeah. 00:10:14.159 --> 00:10:16.559 Um, but a little bit more than what I've already done. 00:10:16.799 --> 00:10:18.320 Oh, I iron manager. 00:10:19.440 --> 00:10:21.039 I'll just give it a game away, have I? 00:10:22.000 --> 00:10:22.879 We're moving on. 00:10:23.120 --> 00:10:24.559 When did Arrow come about then? 00:10:24.639 --> 00:10:26.480 So, how long have you had Arrow as a business? 00:10:26.720 --> 00:10:31.200 Yeah, so 1998 is when we set it up, or when I set it up, should I say. 00:10:31.360 --> 00:10:38.080 Um, I was working for Abbey National, which Santander as it is now, as a wealth manager in Birkenhead World. 00:10:38.559 --> 00:10:45.440 Um, working so many hours, six days a week, five, six clients a day, just non-stop. 00:10:45.679 --> 00:10:51.519 Um and this particular area manager booked in a meeting to see me. 00:10:51.600 --> 00:10:55.759 I didn't know he was an area manager, called in and he said, Why are you doing this, Mike? 00:10:55.840 --> 00:11:00.080 Why are you working your guts out for Abbey National as it was? 00:11:00.399 --> 00:11:02.480 Why don't you become a self-employed? 00:11:02.639 --> 00:11:06.080 You work your own diary and you make the money that you want to make. 00:11:06.559 --> 00:11:07.360 And you know what? 00:11:07.440 --> 00:11:13.519 That really hit home with me because Jane and I couldn't see each other at weekends because I was working for Abbey National. 00:11:13.759 --> 00:11:16.639 Jane was working for Barclays, we just couldn't see each other. 00:11:16.799 --> 00:11:20.000 We couldn't book summer holidays, all that kind of stuff, you know. 00:11:20.159 --> 00:11:22.000 So we said, well, actually, do you know what? 00:11:22.080 --> 00:11:24.080 Life's about taking chances, let's do it. 00:11:24.159 --> 00:11:30.000 We had three kids mind, three kids under the age of seven, you know, we had mortgage on a house, all the rest of it. 00:11:30.159 --> 00:11:31.440 So it's definite risk. 00:11:31.679 --> 00:11:35.039 But I said, no, we we've got enough faith in us, let's do it. 00:11:35.200 --> 00:11:36.399 And that's how it started. 00:11:36.639 --> 00:11:37.039 Love it. 00:11:37.279 --> 00:11:44.320 I've got to ask you at this stage here, then, because having the kids as well, you were both working crazy hours working for some of the big corporates, you were employed, you were like tied to the business, right? 00:11:44.399 --> 00:11:45.440 And you had three children. 00:11:45.600 --> 00:11:51.120 By then going down that self-employed route, everyone thinks, well, if I go self-employed, I'm gonna have so much time on my hands, I can do whatever I want, right? 00:11:51.440 --> 00:11:52.320 What was the reality? 00:11:52.480 --> 00:11:54.320 Did you get to spend more time with your kids? 00:11:54.480 --> 00:11:56.240 Did you work less, earn more? 00:11:56.320 --> 00:11:59.120 What was the reality of going from employed to self-employed? 00:11:59.440 --> 00:12:03.279 I think you've got to be responsible for your own actions with regards to that. 00:12:03.440 --> 00:12:17.200 Because yes, you can go and see, you can go and take the children to school, pick them up from school, um, you can sort of take time out for plays, you can you can do all of that, but you've got to be responsible as well to be able to say we've still got to put food on the table. 00:12:17.600 --> 00:12:18.879 It's not a holiday. 00:12:19.039 --> 00:12:29.440 So it's about time management and also being sort of excited about doing the work that you've got to put in. 00:12:29.519 --> 00:12:45.840 You've really, you know, it it it is that focus to be able to say, right, we need to get some nitty-grishy done now that the kids are in school, let's get this sorted, and and grabbing hold of the reins and running running with sort of some clear, really great business. 00:12:46.080 --> 00:12:56.320 Um, so yeah, I just think I just think that that's that's really sort of how we ran it at first, yeah. 00:12:56.559 --> 00:12:59.440 Being self-employed, you never switch off realistically. 00:12:59.919 --> 00:13:01.919 There's always something going on in the back of your mind. 00:13:02.000 --> 00:13:07.360 You may switch off physically and and you know, when you're not working, but in the back of your mind you are. 00:13:07.519 --> 00:13:15.840 But I think that helps us some of our best ideas is when we've been switched off from the business and thinking about working on the business as opposed to working in the business. 00:13:16.000 --> 00:13:16.320 I agree. 00:13:16.480 --> 00:13:18.000 And that genuinely works. 00:13:18.159 --> 00:13:24.879 Um, and we sort of some really good ideas, and it's it's really we love it because it's evolved, it constantly evolves. 00:13:24.960 --> 00:13:26.480 We've never kept still. 00:13:26.720 --> 00:13:30.159 Um, we're always taking chances of yeah, let's do another acquisition. 00:13:30.240 --> 00:13:33.039 You know, we're working on our third, fourth, and fifth this year. 00:13:33.120 --> 00:13:34.159 Well, this year. 00:13:34.480 --> 00:13:34.799 This year. 00:13:36.399 --> 00:13:40.720 So we're absolutely full tilt because why not? 00:13:40.799 --> 00:13:42.320 Now is a superb opportunity. 00:13:42.480 --> 00:13:48.000 We believe there's a real opportunity in the marketplace with the backing of the open work partnership. 00:13:48.080 --> 00:13:51.360 Now they've had the the Bane capital investments as well. 00:13:52.080 --> 00:13:54.080 They really

are pushing for growth. 00:13:54.320 --> 00:13:57.519 And I think that will help our business equally as well. 00:13:57.759 --> 00:13:58.080 Brilliant. 00:13:58.399 --> 00:14:03.120 Tell me about that then, because open work have supported you through this, through through being acquisitive as a business, right? 00:14:03.200 --> 00:14:04.159 It wasn't something that was in your mind. 00:14:04.240 --> 00:14:06.720 You weren't thinking, right, I'm gonna go ahead and acquire loads of businesses. 00:14:06.879 --> 00:14:08.960 You probably didn't quite know where to start. 00:14:09.039 --> 00:14:09.200 Yeah. 00:14:09.440 --> 00:14:11.759 Maybe can open work helping support you with that. 00:14:12.000 --> 00:14:16.240 Yeah, so we've been on several different processes through the open work partnership. 00:14:16.399 --> 00:14:23.120 I think the one that stands out for me five or six years ago was called Capital Shift, that open work. 00:14:23.360 --> 00:14:24.320 It was a residential course. 00:14:24.399 --> 00:14:34.559 We went on separate courses and it really focused upon its mind, you it's your own thought process as opposed to letting outside things affect you. 00:14:34.960 --> 00:14:39.039 So it's inside out thinking as opposed to outside in thinking. 00:14:39.279 --> 00:14:42.960 Um, and literally that changed my life without any exaggeration. 00:14:43.120 --> 00:14:44.559 How old were you then when that changed your life? 00:14:44.799 --> 00:14:46.399 That was just five, six years ago. 00:14:46.480 --> 00:14:46.639 Yeah. 00:14:46.799 --> 00:14:48.320 So you know, I was about 57. 00:14:48.559 --> 00:14:49.279 It's wicked, isn't it? 00:14:49.360 --> 00:14:50.240 I something can change your life. 00:14:50.399 --> 00:14:50.639 Like, yeah. 00:14:52.399 --> 00:14:56.480 We wanted all of our children to go on this programme because it was just so good. 00:14:56.720 --> 00:14:57.600 Seriously, yeah. 00:14:58.000 --> 00:14:58.559 Tell me why then? 00:14:58.639 --> 00:14:59.840 Why was it so good? 00:15:00.159 --> 00:15:08.960 Because it made you realise that you've got everything in your own control, within your own orbit, you've got absolutely tons of potential. 00:15:09.120 --> 00:15:14.960 Um, and it doesn't matter what happens out in the world, if you let that affect you, then it will affect you. 00:15:15.120 --> 00:15:22.960 If you don't, if you think inside out, it doesn't matter, it's just the way I perceive things, then it gives you the power to get through everything. 00:15:23.200 --> 00:15:24.480 Yes, it really has. 00:15:24.720 --> 00:15:33.200 And so that was one of the uh courses that we attended or programmes that we attended, and then the other one was partners partnering for growth. 00:15:33.519 --> 00:15:47.200 Okay, so again, it was like-minded people that own businesses, but they they said, Yeah, we want to grow the business, we don't want to sit still or or farm the way we are, we want to grow the business, we want to really get stuck

in. 00:15:47.440 --> 00:16:05.039 And they developed this program and they got us all involved, come down to London for regular meetings, and we fed off each other as regards to what we could do going forward, and I think that really inspired us to take it to the next level, and that's what we've done, you know, five businesses in the first few years. 00:16:05.120 --> 00:16:09.360 Um, and now, you know, as I say, I'm working on three, four, and five for this year alone. 00:16:09.600 --> 00:16:21.440 So potentially by the end of this year, we could have done ten acquisitions purely because of the drive that open work has instilled in us, yeah, and as well as our own drive, obviously. 00:16:22.399 --> 00:16:22.720 Beautiful. 00:16:22.799 --> 00:16:30.720 But they've realised that potential, you've realized that potential, they saw the potential in you, delivered you a blueprint for success within the network, off you go. 00:16:30.879 --> 00:16:32.799 Now, what about those businesses you acquired? 00:16:32.879 --> 00:16:34.320 Were they within the network as well? 00:16:34.559 --> 00:16:37.120 Yeah, four of the five that we've done so far have been. 00:16:37.279 --> 00:16:37.600 Yep. 00:16:37.759 --> 00:16:40.799 They were all ready to retire, but they hadn't got a succession plan. 00:16:40.879 --> 00:16:40.960 Right. 00:16:41.200 --> 00:16:48.240 Now we've got a clear blueprint as regards to the way we perceive the business we will go going forward for a succession event. 00:16:48.480 --> 00:16:50.799 And we thought, well, let's bring these on. 00:16:50.960 --> 00:16:52.639 We'd known them for a long time, hadn't we, Jane? 00:16:52.720 --> 00:16:53.919 We'd known them for a long time. 00:16:54.240 --> 00:16:57.600 And we got on really well with them and we developed that relationship. 00:16:57.759 --> 00:17:11.440 They've come on board, the clients were delighted because we've got quite a young business, not just Jane and myself, but the business is young, and we could really help those clients achieve things that maybe they hadn't previously. 00:17:11.680 --> 00:17:19.680 And the advisors that we took the business or we acquired, they've now retired, and all of them are delighted that they've retired. 00:17:19.839 --> 00:17:23.119 Um, and they've left the business in our capable hands. 00:17:23.599 --> 00:17:37.599 Did those advisors were they required to join your business for a set period of time during the buyout period, or could they retire because they were part of the open work network and you knew exactly where the assets were, etc.? 00:17:38.000 --> 00:17:40.400 Again, Sam, what we do is we have a conversation with these people. 00:17:40.480 --> 00:17:43.119 It's all about their story about what they want to do. 00:17:43.359 --> 00:17:48.319 Some of them, yeah, stayed for a couple of years and they handed over clients, all the rest of it. 00:17:48.480 --> 00:17:52.799 And the others, well, one of them had to retire through ill health. 00:17:52.880 --> 00:17:56.240 So it wasn't a question of him being able to hand over to us. 00:17:56.400 --> 00:18:00.160 He was stuck in Australia, he couldn't get back, and he had to retire. 00:18:00.240 --> 00:18:00.640 And we're going to be able to do that. 00:18:00.880 --> 00:18:02.160 It was sort of in COVID, wasn't it? 00:18:02.400 --> 00:18:03.839 It was during COVID times, yeah. 00:18:04.000 --> 00:18:07.039 So so it it it it's horses for courses. 00:18:07.119 --> 00:18:16.880 If if it's right for the person to carry on and they want to work and they've got that that enthusiasm and the energy which again drives through our business, then we're delighted that they stay on. 00:18:17.359 --> 00:18:19.519 If they don't want to do that, that's fine too. 00:18:19.599 --> 00:18:21.759 So we've just done another one quite recently. 00:18:21.920 --> 00:18:24.640 He wants to finish, he doesn't want to work. 00:18:24.960 --> 00:18:27.200 And again, all we've done is all right, that's fine. 00:18:27.359 --> 00:18:28.799 You go and retire. 00:18:29.279 --> 00:18:33.119 What we may do is contact you by phone and just have a chat about various clients. 00:18:33.359 --> 00:18:38.880 But he's really happy because he's left his clients with us and we're running with it for him. 00:18:38.960 --> 00:18:42.240 And all the feedback he's had from his clients has been positive to date. 00:18:42.400 --> 00:18:43.599 So it's going the right way. 00:18:44.160 --> 00:18:48.799 Do you have to um sort of how long is the payout payment period then, for example? 00:18:48.960 --> 00:18:59.519 So if you're buying a business on an internal basis with open work, um, existing advisor or AR firm, um over what period do you have to do you have to to to to to pay that person? 00:18:59.920 --> 00:19:05.759 It's supposed to be as a maximum of five years, potentially seven if there's uh specific reasons for it. 00:19:06.000 --> 00:19:08.160 Um we've not actually gone down that road yet. 00:19:08.319 --> 00:19:13.759 So we've we've self-developed all of our purchases, uh acquisitions through our own money. 00:19:14.000 --> 00:19:14.480 Through our own money. 00:19:14.640 --> 00:19:15.039 Oh, right. 00:19:15.279 --> 00:19:18.640 Um or borrowed for various other uh institutions. 00:19:18.880 --> 00:19:22.240 But we've not ventured down the open way partnership route as yet. 00:19:22.640 --> 00:19:25.200 But that that may be happening this year as we speak. 00:19:25.519 --> 00:19:27.680 Were you nervous, Jane, when you went down the acquisition route? 00:19:27.759 --> 00:19:29.839 Was it something that you kind of made you feel a bit uncomfortable? 00:19:30.240 --> 00:19:31.039 It was, yeah. 00:19:31.200 --> 00:19:35.279 Yeah, it it it did make me feel a little bit uncomfortable um at first. 00:19:36.079 --> 00:19:42.000 But then the thing is, if you don't explore these things, you you never know. 00:19:42.640 --> 00:19:47.599 Um I'm not that scared about it now because there's a

process behind it. 00:19:47.839 --> 00:19:50.079 And we've seen how it works. 00:19:50.240 --> 00:19:54.799 But the f the first couple hours thinking to myself, oh we shouldn't be thinking about this now. 00:19:54.960 --> 00:19:58.400 We shouldn't but actually we should have always been thinking about it. 00:19:58.720 --> 00:20:06.559 Um and it's just again that it's just pressing that sort of barrier, those lines of where you want to go. 00:20:06.720 --> 00:20:13.519 Nobody is nobody's ever gonna say, Oh, I'd I don't really wish to you know break the mile record or anything. 00:20:13.680 --> 00:20:16.880 They people do want to do it, otherwise they wouldn't they wouldn't be running. 00:20:17.039 --> 00:20:21.839 They wouldn't be running and they wouldn't be training that fast to to be able to break records. 00:20:22.000 --> 00:20:22.799 They want to do it. 00:20:23.039 --> 00:20:26.240 I can see a twinkle in his eye, and he's saying he's gonna have 10 by the end of the year. 00:20:26.400 --> 00:20:29.759 I think this man's gonna probably have about 20 by the end of the year, or he's gonna keep on going. 00:20:29.920 --> 00:20:31.440 Yeah, you know, what is that? 00:20:31.519 --> 00:20:32.880 What's the end goal? 00:20:34.000 --> 00:20:34.559 Do you know what? 00:20:34.640 --> 00:20:36.240 I haven't got an end goal as such. 00:20:36.319 --> 00:20:44.960 Yeah, I know that the people I'm in conversation with right now, they're hungry to join us, yeah, and we're hungry for them to join us. 00:20:45.440 --> 00:20:49.839 Now, whether that hunger will still be there next year or the year after, who knows? 00:20:50.079 --> 00:21:01.359 But whilst we've got the support through the Open Ware Partnership, we've got Lisa Cook, who's our uh partnership development manager, we've got a really good uh Richard Holden, who is a technical and compliance manager. 00:21:01.519 --> 00:21:03.920 They give us really, really good support. 00:21:04.240 --> 00:21:05.519 They're like part of our team. 00:21:05.680 --> 00:21:07.200 We have regular team meetings every six weeks. 00:21:07.519 --> 00:21:08.480 They are part of our team. 00:21:08.640 --> 00:21:09.279 They are part of our team. 00:21:10.079 --> 00:21:16.640 And they come in and give us you know little tips and hints and all the rest of it, and really try and grow our business with us. 00:21:16.799 --> 00:21:18.720 So we've got the support, you know. 00:21:18.880 --> 00:21:27.839 Open work are really trying to go places, they're trying to treble the size of their own um size of the partnership within a five-year period from last year. 00:21:28.160 --> 00:21:34.079 So all the ingredients are there for us to push that button and keep going, literally keep going. 00:21:34.400 --> 00:21:41.440 So until that kind of tapers off and we lose the hunger to do so, I want to keep going, yeah. 00:21:41.519 --> 00:21:41.839 Absolutely. 00:21:42.160 --> 00:21:42.640 Gonna keep going. 00:21:42.799 --> 00:21:43.519 What about technology? 00:21:43.599 --> 00:21:44.240 What about AI? 00:21:44.319 --> 00:21:49.119 Have you been implementing that and has that been helping you make decisions to acquire businesses? 00:21:49.440 --> 00:21:53.920 Yeah, so again, Saturn AI is the preferred choice through Open Ware Partnership. 00:21:54.079 --> 00:21:56.000 So we've we've embraced that. 00:21:56.160 --> 00:21:58.880 It's very much a tool at stay at this stage. 00:21:59.200 --> 00:22:03.279 Um It obviously can develop further than than we're using it currently. 00:22:03.440 --> 00:22:14.720 So we we're we're hoping that it we can adjust it and and run with it to help us not only in the wealth space, which it does currently, uh, but in the mortgage span and the protection space as well. 00:22:14.880 --> 00:22:16.720 And I think it'll be a really keen tool. 00:22:16.799 --> 00:22:24.799 But it's one of those things that again, a lot of advisors out there throwing their arms up and thinking, oh, it's the ends of financial advice, you know, AI is going to take over. 00:22:25.039 --> 00:22:25.759 Not a bit of it. 00:22:25.839 --> 00:22:28.000 I think it's it's really exciting. 00:22:28.480 --> 00:22:28.880 It's a tool. 00:22:28.960 --> 00:22:36.640 Yeah, if we can embrace it, run with it, nurture it, it's gonna take us from where we are to maybe ten times our size, who knows? 00:22:36.880 --> 00:22:41.279 But that's the way we look at things, not the pessimistic way others may do. 00:22:41.839 --> 00:22:44.880 Must spend that cautioner on them because that's the that's that positive thinking, isn't it? 00:22:44.960 --> 00:22:47.599 So saying the Americans, they're sort of totally up for it. 00:22:47.759 --> 00:22:50.960 You know, this is gonna grow businesses, it's gonna give us huge amounts more opportunities. 00:22:52.160 --> 00:22:53.440 Why in the UK is everyone freaking out? 00:22:53.599 --> 00:22:55.440 I'm gonna lose this job, or that person's gonna lose their job. 00:22:55.519 --> 00:22:56.400 It's like, well, do you know that? 00:22:56.960 --> 00:22:57.519 You haven't got a clue. 00:22:58.000 --> 00:23:06.640 But if you think about it, sort of twent 20 years ago, people who are now in the job spaces, we didn't even know that those jobs existed. 00:23:06.720 --> 00:23:08.960 So it's gonna be exactly the same with AI. 00:23:09.119 --> 00:23:12.480 Um, and we just need to be on the front foot with it all the time. 00:23:12.640 --> 00:23:14.960 It can help so many in so many ways. 00:23:15.039 --> 00:23:15.359 Yeah. 00:23:15.599 --> 00:23:21.440 Um, the other thing is though, I will still still say people want to see people. 00:23:21.839 --> 00:23:28.480 We just need to use AI to help us do all of the back part of it because people do want to see people. 00:23:28.880 --> 00:23:38.079 Um, I can't even think of one person that I've I've ever sort of one client that I've I've been with that has sort of gone, do you know what? 00:23:38.240 --> 00:23:41.839 I'll just go and do it on

the computer because it's just not going to happen. 00:23:42.000 --> 00:23:50.160 Like they want to see people, they don't want to talk about a mortgage or know that they're pressing the button that's gonna be right or wrong, or is it this rate? 00:23:50.319 --> 00:23:51.039 Is it that rate? 00:23:51.200 --> 00:23:51.839 They don't want that. 00:23:51.920 --> 00:23:53.920 They want the person to make a decision for them. 00:23:54.160 --> 00:24:04.720 I think we've been sat behind computers for far too long as humans sat you know behind computers, mobile phones, iPads, you know, we're staring into these screens and we're sick of it, aren't we? 00:24:04.799 --> 00:24:13.440 And we want to connect again and we want to build connection and we want to feel good and release that oxytocin, smile and be happy and hang around with people and enjoy life and connect. 00:24:13.599 --> 00:24:15.119 And I think that's exactly what's gonna happen to us. 00:24:15.279 --> 00:24:21.839 We're gonna be more human than we've ever been, and the technology is gonna help us um give us time free to be able to actually do that. 00:24:22.079 --> 00:24:31.359 And I think the requirement and a need for those interpersonal skills that is the biggest thing, and that's the biggest worry a bit because you've got all these people that came out of university and he was like, right, be a programmer. 00:24:31.440 --> 00:24:34.400 Yeah, yeah, you know, and they were considered to be like some of the most intelligent people out there. 00:24:34.640 --> 00:24:37.839 What are they gonna do now when all of a sudden they don't they can't program anymore? 00:24:37.920 --> 00:24:53.279 It's like you have to lean into the light, you have to lean into the ability to see round corners, you know, you've got to be like you have to be you know, your personality and your interpersonal skills, they are at the forefront of what people are gonna be looking for now, is how you're gonna connect. 00:24:53.440 --> 00:24:57.279 People often say to me, are you not worried about AI taking over taking over podcasting? 00:24:57.359 --> 00:25:01.759 It's like, what who's gonna want to watch a podcast knowing full well that it's an AI host. 00:25:02.079 --> 00:25:03.519 No, it's like it doesn't make sense. 00:25:04.720 --> 00:25:05.839 I think this this line, right? 00:25:05.920 --> 00:25:08.319 There's this line when it comes to content like what I do, right? 00:25:08.400 --> 00:25:10.000 I'm gonna talk about myself now. 00:25:10.160 --> 00:25:14.480 But there's this line, and I think there's there's pre-AI and there's post-AI. 00:25:14.559 --> 00:25:14.880 Yeah. 00:25:15.039 --> 00:25:18.640 Now, whoever's built their brand pre-AI as a human, right? 00:25:18.799 --> 00:25:21.680 In the post-AI world, they're the ones that are gonna stand out. 00:25:21.759 --> 00:25:21.920 Yeah. 00:25:22.160 --> 00:25:25.119 Because everyone's gonna know that I know Sam Oak because he was he's always been there. 00:25:25.599 --> 00:25:29.359 Whereas post-AI, when the video is so incredibly good, people be like, well, I don't think that's AI or not. 00:25:29.519 --> 00:25:33.039 They're always gonna be gravitating back towards originality. 00:25:33.279 --> 00:25:34.319 Who is the human here? 00:25:34.640 --> 00:25:36.000 We want to see and hear a human. 00:25:36.079 --> 00:25:37.359 Yeah, and I think that's the key thing. 00:25:37.440 --> 00:25:46.640 So I think now is a great time for everybody to be building out personal brands, yeah, you know, showing that they are who they are, because I believe as well in the AI world, you know, you'll have this is AI. 00:25:46.960 --> 00:25:51.119 I don't believe for a second you can just put something out and fool anybody. 00:25:51.279 --> 00:25:52.319 I just don't think it will happen. 00:25:52.400 --> 00:25:52.559 No. 00:25:52.720 --> 00:25:58.799 So I think um, you know, even if you see it now on a micro level, some of the slop that's out there in perspective AI, people don't want that. 00:25:59.200 --> 00:26:03.119 There is it's distinctly lacking the human element of it. 00:26:03.440 --> 00:26:04.160 It is, definitely. 00:26:04.559 --> 00:26:06.880 Okay, so what about so that comes into growing the business then? 00:26:06.960 --> 00:26:08.799 So how many people you've got in your business? 00:26:09.039 --> 00:26:10.240 So 12 in total. 00:26:10.480 --> 00:26:10.960 Okay, cool. 00:26:11.279 --> 00:26:14.240 We've got six advisors, the seven are joining us uh next month. 00:26:14.319 --> 00:26:14.799 Yeah. 00:26:14.960 --> 00:26:20.799 Um, we've got a marketing team, so our son and his partner on the marketing team. 00:26:21.119 --> 00:26:28.960 Um, so yeah, we've got we've got a I think there's a dynamic kind of ecosystem within the business. 00:26:29.119 --> 00:26:33.920 Uh, and to go into our offices, which literally overlook Arrow Park. 00:26:34.160 --> 00:26:34.480 Okay. 00:26:34.559 --> 00:26:40.240 Um, which is the lungs of the world, which is the wear of the lungs of the world, which is the leisure peninsula. 00:26:40.400 --> 00:26:40.559 Okay. 00:26:40.720 --> 00:26:47.599 Um, it's great, you know, and and some of the guys go out for a run at lunchtime, or some go to the gym, which is literally just down the road the road from us. 00:26:47.839 --> 00:26:48.720 We encourage them to do that. 00:26:48.799 --> 00:26:49.359 We do so, yeah. 00:26:49.599 --> 00:26:50.559 Again, that's what we want. 00:26:50.720 --> 00:26:53.680 We want when people join us, they've got their own diary. 00:26:54.000 --> 00:26:56.960 It's not you've got to do this and that, the other. 00:26:57.119 --> 00:26:58.240 They have their own diary. 00:26:58.720 --> 00:27:07.119 All we ask is for is commitment to the best thing for the client, look after themselves, and look after the diary, and the business will grow. 00:27:07.200 --> 00:27:07.359 Yeah. 00:27:07.519 --> 00:27:24.240 And you know, people with that kind of self-starter uh kind of um

about them really does fit into our business because the self-starters, you've got to have that self-employed mentality, even if they're employed. 00:27:24.319 --> 00:27:27.599 Yeah, um, and we don't want to have to micromanage them, you know. 00:27:27.759 --> 00:27:31.440 We don't want to have to say, well, what did you do this day and all the rest of it? 00:27:31.519 --> 00:27:41.200 We want to say, yeah, go out, we've got enough clients for everybody to look after, and for the clients to get the very best from those advisors and support team. 00:27:41.440 --> 00:27:42.400 Yeah, just do it. 00:27:42.720 --> 00:27:48.400 Combination of mortgage and wealth, yes, and specialist wealth as well, specialist licenses as well for wealth. 00:27:49.039 --> 00:27:54.000 So, like venture capital trusts, business relief, enterprise investment schemes, etc. 00:27:54.160 --> 00:27:55.119 So we do a lot of that as well. 00:27:55.359 --> 00:27:56.799 So you're working with businesses, yeah. 00:27:56.880 --> 00:27:57.359 Yeah, yeah. 00:27:57.440 --> 00:28:04.319 So we work, I mean, again, our our client bank is quite quite scattered in the sense that it's fr from Edinburgh down to Kent. 00:28:04.400 --> 00:28:04.559 Right. 00:28:04.640 --> 00:28:06.559 Um due to the acquisitions though as well. 00:28:07.039 --> 00:28:12.960 No, really, it's it's kind of through referral, through referrals and all the rest of it, and we'll go anywhere to see people. 00:28:13.200 --> 00:28:29.680 Um so yeah, it's growing, and we see holistic advice, and I think that may be an overused term, but it is it's sitting down with someone and finding out what their story is and seeing how we can help them as a person to get to where they want to be, starting right here, right now. 00:28:29.839 --> 00:28:32.880 And we look at every aspect of their financial planning journey. 00:28:33.119 --> 00:28:35.119 Yeah, you're both incredibly busy, right? 00:28:35.279 --> 00:28:35.519 Yeah. 00:28:35.599 --> 00:28:39.440 Uh you are acquiring businesses, okay, and you wear a lot of hats. 00:28:39.599 --> 00:28:39.839 Yeah. 00:28:40.000 --> 00:28:49.119 What hats do open work wear for you when it comes to one acquiring businesses, growing the business, hiring people, training development? 00:28:49.200 --> 00:28:52.720 Let's go into what support they're actually providing you to help you get to the next stage as well. 00:28:53.039 --> 00:28:53.279 Yep. 00:28:53.359 --> 00:28:58.960 I think again, you know, that the people the troops with the feet on the ground are Lisa Cook and Richard Holden. 00:28:59.359 --> 00:29:03.279 You know, they're instrumental to the growth story that we're looking at. 00:29:03.519 --> 00:29:14.000 Um again, we've got open work at Swindon, which is the head office, uh, and they do all the training, they do all the qualifications through the business school. 00:29:14.240 --> 00:29:17.279 So they do so much heavy lifting for us. 00:29:17.519 --> 00:29:22.720 We just have to find

the right people to put in front of open work, and it gets them from A to B. 00:29:22.880 --> 00:29:29.039 You know, some of the best success stories that we've had has been people that have come from outside of financial services. 00:29:29.119 --> 00:29:31.599 They never thought they were going to be a financial advisor. 00:29:31.680 --> 00:29:34.480 They've, you know, some have been a print printer. 00:29:34.640 --> 00:29:36.400 Um you never saw the light of day, really. 00:29:36.640 --> 00:29:37.440 He never saw the light of day. 00:29:38.480 --> 00:29:41.599 Yeah, and he he said, No, I I want to I want to try this, you know. 00:29:41.759 --> 00:29:45.279 And we gave him the opportunity and he's he's knocking it out the park, and he loves it. 00:29:45.440 --> 00:29:46.559 His clients love him. 00:29:46.720 --> 00:29:50.400 If you look at our website, he's had so many positive Google reviews. 00:29:50.720 --> 00:29:56.240 He's embraced it, Tave's really embraced it and ran with it, and that's what we want to see all of the guys do. 00:29:56.400 --> 00:30:04.880 Giving them an opportunity to change their lifestyle, change their their occupation, and sit take it on as a career, not a job. 00:30:05.039 --> 00:30:06.799 There's a key difference between the two. 00:30:07.119 --> 00:30:07.519 Love it. 00:30:07.680 --> 00:30:09.839 What kind of courses are they going on then under open work? 00:30:10.000 --> 00:30:10.960 Then are the qualifications? 00:30:11.119 --> 00:30:12.559 They're doing the business school and everything. 00:30:12.799 --> 00:30:13.440 Yeah, so yeah. 00:30:13.599 --> 00:30:20.319 So again, they do all the the uh formal qualifications, the RO qualifications through the open work business school. 00:30:20.480 --> 00:30:26.319 Uh they also do internal uh qualifications so they know all of the products that we deal with. 00:30:26.559 --> 00:30:34.319 Um, and then it's it's again we we tend to start them off as admin, then go into mortgage and protection, then go into wealth and pensions. 00:30:34.720 --> 00:30:35.440 Why'd you do that? 00:30:35.680 --> 00:30:41.119 We do that really so they get an understanding of everything from the ground up, you know. 00:30:41.440 --> 00:30:48.720 So they get a real understanding, processing a mortgage application as to what we need to do to get a mortgage for a for a client. 00:30:48.880 --> 00:30:52.000 Um, and then it just develops and develops and develops. 00:30:52.160 --> 00:30:53.599 Um so that's the reason behind it. 00:30:53.920 --> 00:30:59.519 I think sort of with financial services as well, there's there's sort of a lot of uh complicated jargon out there. 00:30:59.759 --> 00:31:06.480 And even if you knew a little bit before you came in, you're just not going to know all of the words, all of how it is. 00:31:06.640 --> 00:31:28.000 And if you work on the admin side, you get to know in a really sort of friendly, gentle way of you know what documents are to be used, oh the phrases, the you know, the the people are just actually getting to understand it before they then go, yeah, right, okay, we're gonna do the exams. 00:31:28.640 --> 00:31:31.599 What's your expectation for people if they come and join your business then? 00:31:31.680 --> 00:31:35.119 And um you maybe they've got an expectation themselves to become a financial planner. 00:31:35.279 --> 00:31:36.880 What's the what's the time scale? 00:31:37.039 --> 00:31:41.279 How long do they spend in administration, mortgage, before they get to wealth? 00:31:42.240 --> 00:31:43.119 And do they have to do that? 00:31:43.359 --> 00:31:46.000 Some people don't ha don't want to go to wealth. 00:31:46.480 --> 00:31:56.960 So um we've had people that just want to stop uh being a protection advisor, and that's great as well, because that's that's a really, really important role. 00:31:57.039 --> 00:32:08.319 But uh, and then there are other people that do the sort of uh like Sam at the moment, he's he's doing mortgages and protection at the moment, but he will want to do wealth. 00:32:08.400 --> 00:32:17.359 Uh he does want to do wealth, and he and he's uh he's such a high flyer, so he'll go through all of his his wealth exams probably next year. 00:32:17.759 --> 00:32:18.160 Nice. 00:32:18.400 --> 00:32:23.440 Do you think the book do you think the sort of route from mortgage advice into financial planning wealth management? 00:32:23.519 --> 00:32:29.920 Do you think this is going to be like a huge area for the growth of financial planning, seeing as there's such a small amount of advisors, 30,000 advisors? 00:32:30.000 --> 00:32:31.279 The average age is actually 48. 00:32:31.359 --> 00:32:33.200 A lot of people think it's 58, it's 48. 00:32:33.440 --> 00:32:37.680 So the average age of an advisor is a little less than than what it brought what what people thought it was. 00:32:37.759 --> 00:32:40.160 But we're obviously in desperate need of new people coming in. 00:32:40.240 --> 00:32:40.400 Yeah. 00:32:40.640 --> 00:32:49.200 There is 9,000 power planners out there, which a majority of those are women, so there's plenty of them that we can actually pull across from there, get those numbers up because only 16% are women in financial planning as well. 00:32:49.359 --> 00:32:49.599 That's it. 00:32:49.759 --> 00:32:54.799 But do you think mortgages is like a really strong area where we could start to dip into and put them into financial planning? 00:32:55.119 --> 00:32:59.279 I do because people want require mortgages, they definitely want to have a mobile. 00:32:59.519 --> 00:33:02.319 They don't want to have a mortgage, they want to have a house, they've got to get a mortgage to have a house. 00:33:02.400 --> 00:33:02.640 Yep. 00:33:02.799 --> 00:33:04.000 So they've got to go. 00:33:04.160 --> 00:33:16.640 So it's a very proactive route for somebody to get their confidence and to develop those interpersonal skills when interviewing clients and and seeing how they can assist the

client to get to where they want to be. 00:33:16.880 --> 00:33:20.480 So for me, it's a fundamental for them to do that. 00:33:20.720 --> 00:33:23.039 And then it's again, it's it's a piece of string. 00:33:23.119 --> 00:33:28.480 It literally is how good they are, whether they're comfortable in that space and want to remain in that space, that's fine. 00:33:28.640 --> 00:33:33.440 But if they do want to develop, Jay mentioned it, you know, we can get them into the wealth space. 00:33:33.519 --> 00:33:38.319 We've done it with several of our advisors, and every single one is doing really well as a result. 00:33:38.960 --> 00:33:40.480 So we're gonna go back to these acquisitions then. 00:33:40.559 --> 00:33:46.720 So when you're going through that that that journey, do you find that once you've done one, the next one's easier? 00:33:47.200 --> 00:33:49.279 Is that what's happened or are they all different as we go along? 00:33:49.839 --> 00:33:51.039 I don't think anything's easy. 00:33:51.200 --> 00:33:58.240 I think uh what what I've found is that I always want to get the next one under my belt. 00:33:58.400 --> 00:34:06.960 So it's not a question of getting uh doing an acquisition and then sitting on that acquisition until everything is just right. 00:34:07.440 --> 00:34:10.960 I think it's best to keep moving, keep moving and keep acquiring. 00:34:11.280 --> 00:34:14.400 Um and that's why we're hopefully going to be up to five this year. 00:34:14.800 --> 00:34:26.239 Uh because you know, we've got the hunger, we've got the everything through the open work partnership is there for us to take it to the next level and then to take the next level again. 00:34:26.400 --> 00:34:28.239 So I think that for me is key. 00:34:28.400 --> 00:34:34.320 It's not do so many acquisitions and stay there, it's about keep moving, keep growing and keep evolving. 00:34:34.719 --> 00:34:39.360 What's your advice to anyone who's actually going through an acquisition for say from a um a buyer perspective? 00:34:39.440 --> 00:34:41.920 What would your advice be based on your experience? 00:34:43.679 --> 00:34:45.599 It can hurt, but keep going. 00:34:46.000 --> 00:34:47.280 In what way can it hurt? 00:34:48.079 --> 00:34:50.239 Not everything is going to go according to plan. 00:34:50.400 --> 00:34:55.280 Because you'll do a blueprint, you'll do a you know an ideal process, a business plan, all the rest of it. 00:34:55.519 --> 00:35:00.000 Things hiccups happen, things will fall off here, there, there, and everywhere. 00:35:00.239 --> 00:35:02.639 It's keep moving, keep going forwards. 00:35:03.039 --> 00:35:07.519 The support is there from again the open work and also believe in yourself. 00:35:07.679 --> 00:35:10.400 If you if you've started the process, complete it. 00:35:10.480 --> 00:35:11.199 Don't give up. 00:35:11.519 --> 00:35:13.760 Do open work do the due diligence on it as well, then? 00:35:13.920 --> 00:35:17.679 Do they help you with the due diligence side, even if you're buying from say outside the network? 00:35:18.000 --> 00:35:20.719 Yeah, so with within the network they do. 00:35:20.800 --> 00:35:31.360 So if we get authority of an acquisition that we're going to go through with, they'll give us full in or full uh authority to speak to open work about their practice. 00:35:31.519 --> 00:35:33.280 So we've got all of that data. 00:35:33.360 --> 00:35:35.360 Um, we can get as much of that as we need. 00:35:35.519 --> 00:35:36.880 So that is always open. 00:35:37.119 --> 00:35:41.679 With the acquisition that we did, who who wasn't part of the network, he was an IFA. 00:35:41.840 --> 00:35:42.719 That was slightly different. 00:35:42.800 --> 00:35:44.159 That was quite a few years ago. 00:35:44.239 --> 00:35:49.039 Um, and the circumstances surrounding it, open work wouldn't have been able to help us, really, I don't think. 00:35:49.360 --> 00:35:51.920 Uh because it was a separate entity altogether. 00:35:52.239 --> 00:36:02.400 And when you look at your business, like, you know, you don't sound like you want to stop working, and I love that actually, you know, that feeling of just wanting to crack on and carry on, like, you know, you don't really want to stop by the sounds of it. 00:36:02.559 --> 00:36:06.800 But it, you know, is there a point when when you you consider yourself you've you're done, you're finished. 00:36:06.960 --> 00:36:16.000 Are you selling or are you looking to sort of just um have a succession plan within the business and still be involved in it and have it running as arrow continually? 00:36:16.320 --> 00:36:26.800 Yeah, so the ideal would be the four people that have been on the um route to principal course through open work, they will develop their skills and they will be our succession. 00:36:26.960 --> 00:36:27.119 Okay. 00:36:27.440 --> 00:36:30.320 That's what we've kind of built our hopes on. 00:36:30.559 --> 00:36:30.639 Okay. 00:36:30.800 --> 00:36:32.000 Now if that we can peel off. 00:36:32.320 --> 00:36:33.119 And we can peel off. 00:36:33.199 --> 00:36:33.920 That's the idea. 00:36:34.239 --> 00:36:39.840 Once we lose the passion that we've got, then I think we will know and we will say, let's see, do you know what? 00:36:39.920 --> 00:36:40.320 Hands up. 00:36:40.400 --> 00:36:43.360 I think it's time we kind of exited, left. 00:36:43.679 --> 00:36:47.519 Um so that's the whole point of this roots principle for you, then is using that as that succession plan. 00:36:47.599 --> 00:36:47.760 Yeah. 00:36:47.840 --> 00:36:48.480 Okay very much so. 00:36:48.719 --> 00:36:50.880 So let's just quickly just jump into the root principle again. 00:36:50.960 --> 00:36:52.239 Okay, talk about that then. 00:36:52.320 --> 00:36:57.679 What is covered in the roots principle um and why is that going to be part of your succession plan? 00:36:58.000 --> 00:37:02.960 So they give you the the kind of the nuts and bolts of how to run the business. 00:37:03.039 -->

00:37:12.800 They they insist upon business plans, they then test those business plans to see if there was a if there was another COVID situation, how would that business plan stand up? 00:37:12.960 --> 00:37:15.360 So evidence stress tested throughout that scheme. 00:37:15.440 --> 00:37:19.119 And it goes on for I think it's said either nine months or twelve months now. 00:37:19.280 --> 00:37:33.519 Um so the it's regularly, rigorously tested throughout to ensure that you know they would be able to cope as a principal of a business should anything happen going forward, that you know, any circumstance. 00:37:33.840 --> 00:37:40.559 So that we've seen with the advisors that have been on, they've got that robustness that maybe they didn't have prior to going. 00:37:40.639 --> 00:37:46.400 They used to be an advisor, but now they can see the way of a business evolves and kind of grows. 00:37:46.559 --> 00:37:49.599 They can see it, they they've got an appreciation of it, certainly. 00:37:49.920 --> 00:37:58.000 I think they know how many more cogs are behind the clock face of them being advisors. 00:37:58.079 --> 00:38:06.239 Um, there are things that they probably didn't even think about that needs to needs to happen in the background. 00:38:06.320 --> 00:38:15.519 Um, and it's given them the fuel to be able to sort of say, you know, yes, this is what we want to do in the future, not quite ready yet. 00:38:15.840 --> 00:38:16.159 Yeah. 00:38:16.480 --> 00:38:17.679 It's great to have that there, isn't it? 00:38:18.000 --> 00:38:21.039 When you're running a business, like you know, you're thinking you're cooking, you want to keep these people interested. 00:38:21.199 --> 00:38:21.440 Yeah, yeah. 00:38:21.679 --> 00:38:21.760 Okay. 00:38:21.920 --> 00:38:27.280 So having like a root principle, having all these extra courses and programs that you can put them on, you don't have to come up with it. 00:38:27.360 --> 00:38:32.000 But in the background, somebody at Open Work is constantly developing the training and development and the courses. 00:38:32.159 --> 00:38:37.440 It's a real powerful thing to have because it takes that little bit of pressure off of you for having to motivate everybody day in and day out. 00:38:37.599 --> 00:38:41.440 Because a lot of the time people do turn to you and they do expect you to motivate them. 00:38:41.599 --> 00:38:46.639 But when you can kind of point them in the direction that it's ever evolving, get yourself over there, get stuck into this. 00:38:46.719 --> 00:38:48.719 It's tried and tested, you're going to improve. 00:38:48.880 --> 00:38:51.840 But at the same time, that over there is benefiting you. 00:38:51.920 --> 00:38:52.159 Yes. 00:38:52.320 --> 00:38:58.880 Whilst you can kind of give yourself that element of freedom to go out and start to do the things that you want to do, which is be acquisitive and build the business that way. 00:38:59.119 --> 00:39:00.800 What about the AUM at the moment then? 00:39:00.880 --> 00:39:02.239 Where do you sit currently? 00:39:02.559 --> 00:39:07.119 So approximately 75 on platform, another 35 off platform. 00:39:07.280 --> 00:39:07.760 Yep. 00:39:08.000 --> 00:39:11.920 If these acquisition acquisitions go ahead, which Twitchwood they will. 00:39:12.000 --> 00:39:12.079 Yeah. 00:39:12.239 --> 00:39:12.719 Of course they will. 00:39:12.880 --> 00:39:20.800 Um we're looking at 110 million assets on platform and 57 million off platform. 00:39:20.960 --> 00:39:23.519 So a major step in the right direction, I believe. 00:39:23.679 --> 00:39:27.360 I would be looking to probably do in the region of 600 mortgages a year then. 00:39:27.519 --> 00:39:27.679 Wow. 00:39:27.840 --> 00:39:28.159 As a business. 00:39:28.559 --> 00:39:31.920 What does 600 mortgages a year as a business do in respect of income? 00:39:32.000 --> 00:39:32.719 I've not I wouldn't. 00:39:33.039 --> 00:39:34.320 About 900,000. 00:39:34.639 --> 00:39:35.760 About 900,000. 00:39:36.079 --> 00:39:38.239 And then on the top of that, protection business as well. 00:39:38.559 --> 00:39:39.440 Protection business, yeah. 00:39:39.679 --> 00:39:40.239 So important. 00:39:40.559 --> 00:39:40.719 Yeah. 00:39:40.880 --> 00:39:45.199 So again, Jane um is really focused on protection for clients. 00:39:45.280 --> 00:39:50.000 And we've had some as a business, we've had some really interesting claim stories. 00:39:50.239 --> 00:39:50.480 Really? 00:39:50.639 --> 00:39:52.559 You know, across right across the board. 00:39:52.719 --> 00:40:06.320 Um, so we build everything on the basis of the correct protection for for our clients so that they can, you know, plan for their dreams and achieve them regardless of what happens for them and their family. 00:40:06.559 --> 00:40:09.360 So protection being the fundamental foundation of financial advice, yeah. 00:40:09.920 --> 00:40:13.519 It's so easy not to mention it. 00:40:13.840 --> 00:40:15.519 It's so easy not to mention it. 00:40:15.599 --> 00:40:16.000 Yeah. 00:40:16.239 --> 00:40:23.920 It's I think it's hard to mention it and to sort of go go into sort of the the fundamentals of it. 00:40:24.079 --> 00:40:32.960 But it's got to be at the right time and you've got to have the right introductions, and then the per the clients actually got to see sort of the reasons why. 00:40:33.119 --> 00:40:44.159 So there's a lot of digging around that needs to be done to unearth things from the client before a successful sort of introduction of where that goes. 00:40:44.320 --> 00:40:46.239 Um, and it's it's so important. 00:40:46.719 --> 00:40:48.400 And also, do you know? 00:40:48.960 --> 00:40:54.079 I think sometimes we need to be more resilient on people having knockbacks. 00:40:54.400 --> 00:40:57.920 Um, when when people are like, Oh, well, I'll have a think about it. 00:40:58.159 --> 00:41:01.360 Okay, so what exactly are you gonna go away and have a think about? 00:41:01.519 --> 00:41:05.199 We need to re-examine

what the client hasn't understood. 00:41:05.760 --> 00:41:15.119 Um, we need to be brave enough to sort of just go, well, what happens if because I could have quite easily done that with one of my clients. 00:41:15.280 --> 00:41:16.559 I'm so glad I didn't. 00:41:16.800 --> 00:41:23.760 One of the most the fittest guys in the world that I'm gonna say, he was nothing's gonna happen to me. 00:41:23.840 --> 00:41:26.079 I'm so fit, I'm really healthy. 00:41:26.159 --> 00:41:33.039 Um this guy did rugby, tri uh triathlon including Iron Man, you know, fittest guy ever. 00:41:33.599 --> 00:41:39.679 Yeah, and he he sort of and I he wasn't gonna take any protect. 00:41:39.920 --> 00:41:41.760 Well, no, he was gonna take half protection. 00:41:41.920 --> 00:41:46.159 I said, Look, you you your family deserves to have this. 00:41:46.239 --> 00:41:50.079 You you're in a great position, protect everything now. 00:41:50.239 --> 00:41:51.679 You're the main breadwinner. 00:41:51.840 --> 00:41:55.280 Anyway, he did a little bit of effing and blinding and whatnot. 00:41:55.360 --> 00:42:00.960 Um, and we sort of did a a few little sort of cuts and snippets here and there. 00:42:01.199 --> 00:42:09.679 Um and he did take it, and two months later he went out for a run and was hit from behind by a car. 00:42:09.920 --> 00:42:21.920 Jesus and spent 77 days in hospital um on a life support machine and what I'd set up paid out at that point. 00:42:22.480 --> 00:42:25.519 But if he'd had not done it, he just wouldn't have had anything. 00:42:25.760 --> 00:42:26.559 What did you set up? 00:42:26.960 --> 00:42:27.360 What was the point? 00:42:27.679 --> 00:42:29.039 I set up a life and critical illness. 00:42:29.199 --> 00:42:30.000 Life and critical illness. 00:42:30.079 --> 00:42:41.440 Yeah, with also there was an accident plan in there as well, because he was sort of doing sports, and it's it was just so invaluable to have that for him and his family. 00:42:41.760 --> 00:42:45.519 The thing is as well, that story, you can then use that in your next. 00:42:46.320 --> 00:42:47.039 It's so powerful. 00:42:47.199 --> 00:42:47.599 Yeah, yeah, yeah. 00:42:47.760 --> 00:42:48.400 It's so powerful. 00:42:48.639 --> 00:42:52.639 So you can be the fittest person in the world, and I understand that. 00:42:53.519 --> 00:42:53.920 Perfectly. 00:42:54.239 --> 00:42:55.920 You know, you you are fit. 00:42:56.000 --> 00:42:56.400 Yeah. 00:42:56.639 --> 00:43:01.519 But what happens if someone else decides that it's not gonna happen for you? 00:43:01.760 --> 00:43:07.119 I used to work for Viva and I used to train out protection, and um it'd be the classic line was, Well, I'll be dead. 00:43:07.199 --> 00:43:07.760 What do I care? 00:43:07.920 --> 00:43:08.000 Yeah. 00:43:08.559 --> 00:43:09.840 What about your what about your family? 00:43:10.000 --> 00:43:10.320 Yeah, yeah. 00:43:10.559 --> 00:43:15.280 You know, I I see comfort in the fact that if I was to die today, my wife and

my child are all right. 00:43:15.599 --> 00:43:19.840 And there is a peace of mind, uh, and uh and it does have a psychological effect on you. 00:43:20.000 --> 00:43:20.239 Definitely. 00:43:20.400 --> 00:43:29.679 It does make you feel way more happier and more confident um and calmer knowing that the people that I love the most are going to be protected if I was to to die or if I was to get ill. 00:43:29.760 --> 00:43:32.239 So yeah, it's one of those crazy things we kind of push to one side. 00:43:32.320 --> 00:43:34.000 I don't know why we just don't want to talk about it, do we? 00:43:34.079 --> 00:43:35.599 Death is pretty horrible things to talk about. 00:43:35.760 --> 00:43:40.239 But I also think when people tend to be having that conversation about protection, they tend to be doing it when they're getting a mortgage. 00:43:40.320 --> 00:43:55.360 And when you're getting a mortgage, especially now, right, it's nine times your salary, like it's expensive, like you know, all your money is going into getting that house because you want that specific house that you because it's for your family, and you're thinking, well, you know, an extra hundred quid a month for life cover, I just can't afford it. 00:43:55.519 --> 00:44:00.639 So they tend to push that to the side on the hope that they'll get more money to be able to pay their mortgage, right? 00:44:00.800 --> 00:44:06.480 And I think that that's kind of can put people off a lot of the time and actually go, oh, I'll do that afterwards, don't worry, I'll get that done later. 00:44:06.639 --> 00:44:10.880 And also the mortgage buyer wants to get the mortgage free, get the deal done, because it's harder to sell mortgages at the moment. 00:44:11.199 --> 00:44:16.880 So, yeah, it's one of those crazy situations, but it's it's just about look, you know, it's it's almost kind of a necessity. 00:44:17.039 --> 00:44:18.159 You have to have it. 00:44:18.239 --> 00:44:21.119 Yeah, if you don't have it, you know, you know, bad things can happen. 00:44:21.199 --> 00:44:22.480 So that's what people need to understand. 00:44:22.639 --> 00:44:29.840 So a little bit of fear, a little bit of worry, I think, around things which is protection at the end of the day for their greater good and the greater good of their family. 00:44:30.079 --> 00:44:35.119 I think it's just getting them to understand their situation because a lot of people just brush it off. 00:44:35.280 --> 00:44:37.840 I've got death and service at work, I'm okay, or what have you. 00:44:38.000 --> 00:44:46.880 It's the critical illness or it's the income protection, it's those key areas that we really need to let or get the client to understand that they require it. 00:44:47.039 --> 00:44:49.119 We know they need it, they don't. 00:44:49.280 --> 00:44:58.559 And it's Jane especially was skilled at that in or is it that in teaching these people actually, yeah, I really do need critical illness, and do you know what I really do need income protection? 00:44:58.800 --> 00:45:11.199 I do a lot of coaching around the budget plan, uh, you know, sort of the income and expenditure of people of of what they like doing with the money, what do they do, where do they go, um, what do they buy, what makes them tick? 00:45:11.360 --> 00:45:20.559 Um, what would happen if they didn't have that money to buy their coat, buy their shoes, or go on holiday, or uh go to the gym or whatever. 00:45:20.639 --> 00:45:29.360 And it it's those type of things that I try and sort of encourage our guys to work around and have in having those chats with clients. 00:45:29.760 --> 00:45:30.960 Make people feel uncomfortable. 00:45:31.199 --> 00:45:31.840 Yeah, it is. 00:45:32.880 --> 00:45:33.280 It really is. 00:45:33.360 --> 00:45:35.760 It's important to do that because you know what? 00:45:36.079 --> 00:45:37.440 You'd be wrong if you didn't. 00:45:37.679 --> 00:45:38.400 Yeah, exactly that. 00:45:38.480 --> 00:45:39.679 Yeah, you're doing them a disservice, right? 00:45:39.760 --> 00:45:40.960 That's the whole point of making that wrong. 00:45:44.320 --> 00:45:50.559 Actually, I've done the right thing for them because if they didn't feel that uncomfortable, how are they going to feel when something goes wrong? 00:45:50.639 --> 00:45:52.880 Yeah, and it really is uncomfortable. 00:45:53.280 --> 00:45:55.920 Listen, Michael Jane, thank you so much for joining me today. 00:45:56.000 --> 00:45:57.760 I could talk to you all day as a lovely couple. 00:45:57.920 --> 00:46:06.719 It's nice to see two people as well, married, running a business, having fun, having success, keeping fit and healthy, building a business and leaning into the open work partnership. 00:46:06.800 --> 00:46:08.639 It sounds like it's a great ecosystem for you. 00:46:09.440 --> 00:46:12.480 Sounds like the next few years aren't slowing down, which is really nice to see. 00:46:12.559 --> 00:46:13.840 And I'm glad you're enjoying it all. 00:46:13.920 --> 00:46:18.400 And good luck with the high rocks, gonna be keeping in touch to see how you get on, and good luck with growing the business. 00:46:18.480 --> 00:46:21.599 But um, thank you very much today for sharing your financial planner life. 00:46:22.000 --> 00:46:23.199 Thank you very much, Jason. 00:46:23.599 --> 00:46:24.159 Thank you.