Finance Awards 2021

26 | Finance Awards 2021 The firm now has some big plans for 2022 – It is currently going through a rebranding process and will launch the new brand in Q1. Additionally, Environmental, Social and Corporate Governance (ESG) investments have become more prominent and Venn Wealth Management is finally finding more suitable solutions in line with its investment philosophy. Barry said, “We have operated a centralised investment proposition since day one and whilst there are lots of options in this space, it is still difficult to get the market return, whilst controlling cost and risk.” Venn Wealth Management will therefore be launching a range of ESG portfolios in Q3. Company: Venn Wealth Management Ltd Contact: Barry Martin Website: Based in Exmouth, Devon, Venn Wealth Management’s number one role is to look after the life savings of its clients through its wealth management service, covering all investment, pension, and estate planning needs. We got in touch with founder, Barry Martin to discover the firm’s story. Venn Wealth Management provides independent impartial advice that gives the client the best opportunity to achieve their objectives. It begins by creating a financial plan, using cash flow analysis. This analyses incomes, expenses, savings and investments to illustrate whether the client’s financial objectives are achievable, and how certain decisions regarding finances will be likely to affect them in years to come. It is then essential that a regular review strategy be agreed to ensure the plan can be adjusted to account for any changes over the years. Barry Martin set Venn Wealth Management up in 2018, as he said, at a time when he wanted to work with the best people and knew from previous recruitment issues that the best people were either settled in their role or they had already set up their own business to create their own work/life balance. He wanted flexibility with his own time. Barry shared details about the beginnings of the firm. “When my wife and I were planning to get married and start a family, we wanted our children to grow up by the beach, with the opportunity of working in the city centre. We chose Exmouth as it ticks both boxes, as well as being a fantastic location and offering a wonderful lifestyle. “We made the decision to move to a new area and set up our business, to give our family the lifestyle and location that we desired. I also didn’t want to end up like all the other firms, and I certainly didn’t want to fall into the same traps that many before me have done.” In his previous roles, Barry typically had 150+ clients in addition to management responsibilities, and he ultimately felt that it was too much, eventually finding he wasn’t enjoying work. He was spending the minimum time with clients and struggling to find time for his own family, let alone his interests! Most Comprehensive Financial Planning & Wealth Management Firm - South West England Barry said, “I knew that my enjoyment came from investing time with clients to understand everything about their family, their business and their wealth. I also realised that clients value time with their adviser highly, and that spending time with clients is the best way to build a deeply trusted long-term relationship.” He added, “We spend so much time at work and I feel it is essential that you can enjoy the work you do, which is building a deeply trusted relationship that will potentially last beyond the client’s lifetime. Therefore, when taking on a new client, we are happy to invest time, getting to know them and ensuring we are a ‘good fit’.” Venn Wealth Management is a small firm, providing advice to 35 families, and its capacity will be 50 families, with it adding five new clients each year. Barry believes this is what sets it apart from its competition, having the ability to gain a deep understanding of its clients’ needs and therefore offering extremely high levels of service. He went on to tell us about his team. “I was unsure of our workflow for the first 24 months and didn’t want to have highly qualified staff that weren’t busy! So, we kept full time staff numbers low, outsourcing where possible. Fortunately, we were able to forge relationships with two companies who provide paraplanning and administration as and when we need, based on our workflow. This has worked incredibly well so far and was a blessing through COVID as we have continued to work with specific individuals in those companies, who are set up working from home in different parts of the country. “We will continue to outsource, however, we will also look to recruit experienced advisers, as well as train and develop our own paraplanning and admin team in the future. Skills can be taught and experience can be gained, but the most important factor for me is the individual’s attitude.” Nov21465 Venn Wealth Management Ltd