A personal approach for clients results in Paterson Financial Planning's growth

“We listen to our clients, ascertain what they are looking for and the journey they want to take, and then we devise solutions to fit,” he says.

“We are really proud of our year-on-year growth, and the fact that most of our business has come from existing client referrals.

“As advisers, we seek to engage with the right kind of clients who share our ethos and can recognise what we can achieve for them by understanding their personal and business needs on a collaborative basis. Indeed, we have many clients for whom we have been there since the beginning, and have helped them shape and plan the future of that business.”

Damien has worked in financial services since 1992. After building up experience across a wide range of sectors - families, trusts, small and large corporate clients, divorce proceedings and settlements and personal injury award cases – he decided to set up on his own, specialising in pensions and investments.

The company now employs seven people and has recently moved to new premises in Glasgow’s Blythswood Square, at the heart of the city’s financial district.

It has around £60m assets under management, which Damien hopes to build up to £100m over the next few years, and the team prides itself on its blend of expertise across the board.

“We do things a little bit differently,” explains Damien. “Our viewpoint is very much about capital protection – we want consistency of return rather than shooting the lights out now and again.

“Our clients are very varied, but tend to be directors of businesses, and those around the ages of 40 to 55, planning for retirement.

“Whatever someone’s situation, we believe everyone needs a plan to support them. Whether that’s building towards retirement, or growing a business, each situation needs guidance and planning to help them reach their goals and aspirations.”

He adds: “People don’t particularly want to hear about the specifics of investing in the Far East, or the impact of emerging markets – they want to know if they can trust us, if we will look after their money and if we can get them to where they want to be.

“Financial planning is a huge part of people’s lives – it’s not something anyone goes into lightly and it has to be handled properly.”

Damien has recently added to his team with the introduction of Richard Farquhar as director and Natalie Donnell as financial planner.

“Richard, who is a qualified pension transfer specialist, has more than 21 years experience in the industry, having held several senior roles at large financial institutions,” says Damien. “Natalie has an in-depth knowledge and understanding of the market and is a very capable financial advisor - she is committed to taking the time to understand what is important to our clients and what drives their financial goals.”

The rest of the team comprises Carole Blair, office manager; Ross McIntosh, office administrator; PA and administrator Debbie Morris; paraplanner Mark Davidson; and Gillian Paterson, director and Damien’s wife.

“We have recently taken on a graduate trainee, Millie Watt, who is a final year university student,” adds Damien.

“I feel very strongly about supporting young people in our industry. I’ve also worked closely with young entrepreneurs, and that’s something I’d like to build on in the future.

He explains: “These young men and women have great ideas, and then people throw money at them, and they spend it without a thought of a pension or the taxman. They are just 20 or 21 and suddenly there is nothing left. Those good ideas are squandered.

“I love entrepreneurial work, the exuberance of new ideas, of helping them to manage their business.

“Over the next few years, with the type of change that is coming, we may well have to get back to that mentality, of growing new ideas.”

LATER LIFE 

Providing independent financial advice to people approaching their later years is a specialist skill.

Paterson Financial Planning’s expertise in this area has recently been acknowledged by being asked to contribute to the prestigious Parliamentary Review publication highlighting best practice in their field.

The company is currently completing a rigorous two-year accreditation process with the Society of Later Life (SOLLA) and also intends to provide additional training for staff, through courses such as dementia care at home sessions run by Alzheimer’s Scotland.

“I’m particularly passionate about later life financial planning,” says Damien. “It is very frustrating that there are so few innovative products on the market available to help with this increasingly complicated area of advice.

“Currently, there are only a handful of advisers offering products such as immediate care needs annuities.”

He adds: “We believe this is going to be hugely important to individuals and families over the coming years as studies show that people are living much longer than they ever have before due to medical advances.”

“We all know someone who has had to deal with an elderly family member or relative having to go into care in later life, for example, and this leads to what I call ‘pub advice’, where friends and families – and inevitably, the internet – chip in with bits and pieces of often conflicting and flawed advice.

“There’s a lot of information regarding funding for care that people need to get to grips with very quickly - what to do with your elderly relative’s home, for example, how to invest (to provide for the cost of care) and having powers of attorney in place. Increasingly, clients will need advice on repaying debt or improving income through equity release schemes too.”

On average across the UK, 41 per cent of care home residents are entirely self-funded, 37 per cent are funded by the public purse and others self-fund part of their care or receive other funding.

“It’s estimated that, where self-funders run out of money, this costs the state around £425 million,” says Damien. “There is a common misconception that care is government-funded as part of the NHS, and many older consumers believe their families and homes will provide financial support for care they may need.

“We think it’s really important that families get the correct advice, delivered with compassion and understanding. Without it, there’s a real risk to vulnerable people and their families at a very challenging time in their lives.”

VISION FOR THE FUTURE 

Risk goes hand in hand with growth but Paterson Financial Planning has a clear vision for managing that risk through knowledge and understanding.

“Our business lends itself to the personal touch,” explains managing director and founder Damien Paterson.

“It is our intention to expand at a measured pace without taking significant risks, and this is reflected in the advice process we pass to our clients.

“We believe it’s important to set achievable objectives and to be able to chart a measured journey to achieve those plans.

“Risk is part of growth, but it’s about managing that risk effectively.”

The uncertainty surrounding Britain’s departure from the European Union is a challenge ahead, accepts Damien.

“As a business, like everyone else, we are finding it very difficult to quantify what that impact will be” he says.

“In terms of our clients, if they are concerned or worried, we will aim to guide them through the consequences, whatever those play out to be.”

Damien’s plan is to build up his business to “cover all angles”.

He explains: “Over time, we want to build on our expertise, to make sure we strengthen all areas of the business. Building the business has been a gradual and cautious process for us, over the last 15 years, and I am more comfortable with that rate of change rather than quickly becoming a huge entity. Accelerated growth rarely works in a people business.

“It is much more important to me to retain the personal touch for our clients. The small details matter.”

For more information please contact Paterson Financial Planning Ltd on 0141 221 0033 or visit their site www.patersonfp.co.uk

This article appeared in The Herald on the 16th February 2019