Business Update – Where we are Heading, Part 1

As the heat descended on us this week, we thought it was worthwhile reflecting on and sharing some hot news of our own from the year so far.

We are always keen to ensure everyone has a forward financial and lifestyle plan; that way we are better equipped to navigate the inevitable bumps in the road, both within the investment world and life in general.

At DB Wood, our business continues on its own life journey, and therefore it will be no surprise that it also has a forward plan. In its most basic form, the plan is centred on supporting clients and our own team in equal measure. If we can provide a safe and secure working environment that is based around integrity and doing the right thing, then our teams will do an excellent job of looking after our clients, and that in turn will drive the right outcomes. Simple really.

On a bigger picture basis, we know that legislation and regulation change is constant, and that technology advances provide both opportunities and threats. In addition, our team grow older, and happily our client base increases too. Therefore, when we review our forward plan, we visualise our recruitment requirements for the years ahead, considering how the landscape might evolve. Typically, it takes 3 -5 years to qualify as a financial planner, so there is no quick fix available to short term requirements. Planning is therefore essential.

In 2004, one of our then young apprentices Owen Meads left our business to set up his own practice and continue his financial planning journey. Owen developed MLi Advice who have grown in both size and reputation over the last 15 years or so. In July 2022, we are delighted to confirm that Owen and MLi have come back into DB Wood and this partnership forms part of our forward growth and succession plans. Much like DB Wood, MLi also have a commercial insurance arm which is managed by Director, Steven Loomes, who has also come across with Owen and the MLi team.

In 2022 we have also appointed two non-executive directors in Carlo Cavaliere and Tracey Underwood. Carlo is someone of immense experience within commercial insurance markets. He has already broadened our exposure to available markets which will greatly assist our clients in the search for the right cover for the right value. The quality in the team has never been higher. Tracey has been a constant in the business in one form or another over the last two decades, and indeed was MD for 2 years from 2015. Tracey has vast experience of the financial planning industry and is integral to the implementation of our future plans.

These changes are all part of our strategic objective to build out our highly successful offering at scale, which in turn will provide greater infrastructure and drive down costs which can be passed back to clients. It is also about bringing in quality people of the right age to help take the business forward in the years ahead, in alignment with our current crop of both up and coming and experienced individuals.

We are continuing to develop our plans for the future and building the infrastructure of the business to support our longer-term objectives for the team, and ultimately for our clients. For now, I’ll leave you to the cooler weather this weekend, but watch out for more news on where we are heading over the coming months.