Five years after the birth of TCFP, it feels like now’s the time to share my thoughts on how I see TCFP progressing.
There was no set plan at outset and there isn’t now to be honest, more expectation than an executable strategic plan. That sort of straitjacket has never suited me and, if it’s not, you shouldn’t do it. You can’t be what you’re not.
Instead, I believe, TCFP operates on a mutual understanding that we and you would like to enjoy a decent, comfortable life. And that short- and long-term financial security should be at the heart of everything we do together.
There are inevitably a lot of “ifs”, “buts” and “maybes”. We are subject to external forces we can’t control, but the general theme or thinking is quite clear to me.
I have a very strong feeling that TCFP should operate with you, our ideal client, in mind. In that regard, I feel more like the CEO you have appointed to run this mutual society to all our benefits equally than the owner of a business hell bent on maximising revenue and profit.
That’s quite a departure from the traditional “IFA” model which suggests you should maximise the amount you have under management and then flog the book at retirement to the highest bidder.
It can and should be different.
If we’re committing and committed to a lifetime of helping you, then having a ten-year exit plan (unless fully disclosed at outset) is disingenuous to say the least.
The very clear message I heard at our client focus group is that TCFP and Jeremy Askew are the same thing; that’s what you believe in, that’s what you want.
That’s understandable given where we are today, but to progress it’s best it doesn’t stay entirely that way.
To me, “Jeremy Askew/TCFP” is a set of values and way of working with you. These values are passed on to, taken up by and, ideally, improved upon by the excellent people that work at TCFP.
It takes more than an induction course and six months’ probation to get a handle on how we do things. If you want to do it right and have it done right it takes time.
And it doesn’t always work out. And that’s fine; it doesn’t need to, we’re not a “volume” business. Our capacity will always be limited by the availability of good people wanting to do a cracking job. We’re dealing with human relationships all round, not zippers or cushions.
Then there’s an overall size limit. Much more than five advisers (we’re at three at the time of writing) feels too much to handle, too much compliance risk, too much time organising and monitoring.
We both understand that you’re trusting me to make the right decisions for you and TCFP. That covers looking after your plan, having the right colleagues and making sure everything runs smoothly and safely.
Therefore, the plan is to work at and on TCFP until the end. To leave a great business to others to carry on and, in the meantime, have them be more and more responsible.
That means taking on and nurturing new talent. To help them fully take on board what we do, why we do it and how that’s so important to you.
I think we’ve done that with Ian and Siobhan, but more will follow to take the place of the rest of us old lags in 15-20 years’ time.
It’s good that this is on the agenda now; like any good plan we’ve given ourselves the luxury of many years to get to where we need to.
future proofing your finances
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