Finance Awards 2020

19 | Finance Awards 2020 Established in 2018, Venn Wealth Management is a wealth management business, proudly providing independent financial advice. Having recently found success in the UK Finance Awards 2020, we caught up with the firm’s Managing Director, Barry Martin, to find out more about one of the best wealth management firms in Devon today. Located in Devon, Venn Wealth Management Ltd take time to understand you, your family, and your financial affairs. Helping it’s clients agree upon and prioritise objectives, the firm are able to create a financial plan at the centre of a client’s lifestyle to help them achieve financial freedom now and in the future. To start, Barry provides a brief overview of the firm and offers more insight into its clientele. “Here at Venn, we use our wealth management service to show clients what their wealth will look like, now and in the future. With careful analysis of their income and capital needs for the rest of their lives, we are then able to see the future impact of decisions made now, setting clients on the path to financial freedom. The clients we take on are usually successful and working very hard, often with a target in mind that is not related to their family or lifestyle.” Across the Devon region, Venn Wealth Management is regularly challenged by a number of competitors, however, as Barry highlights, the firm’s client-focused approach has proved to be one of the key factors behind its success. “Looking after the life savings of approximately 30 families, we have a small number of clients and take the time to really understand their needs before building a deeply trusted relationship over many years. Generally, we know everything about our clients including their wealth, family, and business. Furthermore, these typically represent the three rings in our logo and our service is the link between them. So many firms make the mistake of taking on hundreds of clients, however, to provide an outstanding level of service you need to allocate a significant amount of time to each one.” When it comes to recruitment, a candidate’s personality and work ethic are far more important than any qualifications or skills they may have, we can teach the skills, but it is very difficult to change someone’s attitude, as Barry goes on to explain. “Financial services is full of very qualified people but to me the most important skill is a positive Best Wealth Management Firm - Devon attitude. Staff members are key to the success of Venn and it takes time to get to know our clients. Anytime a client calls the office they are greeted by someone who knows them and understands their needs” The outbreak of COVID-19 forced Venn Wealth Management to embrace digital technology, and as Barry informs us, a change of stance has certainly benefited the firm in recent times. “In February 2020, we launched the Venn Wealth Personal Finance Portal. Initially I wanted a secure document transfer service as sending encrypted emails was dependent on the end user’s software and an up-to-date licence. By taking advantage of the latest technology available, I then decided to go one step further and set up a fully interactive, engaging, and secure portal that would allow clients to view all of their finances in one place and track progress against the objectives set. Prior to the pandemic, something like this would have involved using many different logins as we are providing independent advice. i.e., not simply giving restricted advice from one product provider, but arranging the most suitable product for our clients from the entire world of financial services. This has been a huge breakthrough in future proofing our business. Initially, I was concerned about introducing this technology as I felt it was a big step for many clients to move away from paper. Ultimately, the timing of delivering this was perfect with lockdown, feedback from clients has been really positive and it has helped create a deeper engagement from clients into our process.” Bringing the interview to a close, Barry signs off by revealing some of the exciting plans which lie in store for the team at Venn Wealth Management for both 2021 and beyond. “2021 is about finding new clients. With our business model based on a maximum of 50 families, it is important that we do this slowly, i.e. 5 -10 per annum. By the end of 2021 we will have another adviser and support staff on board, however it has to be the right person who can embrace the culture, values and integrity that sit at the heart of Venn.” Company: Venn Wealth Management Ltd Contact: Barry Martin Website: Email: Telephone: 01395 883920 Nov20020 Helping it’s clients agree upon and prioritise objectives, the firm are able to create a financial plan at the centre of a client’s lifestyle to help them achieve financial freedom now and in the future.