The unSecret Adviser [11 May '23]

A meeting packed day in London, navigating rush hour trains for the first time in a while.

As I await the arrival of the Elizabeth Line, its electronic board proudly displays "Heathrow Terminal 5" as a direct destination for the very first time. You’ll know if someone is using the Elizabeth Life, they won’t stop talking about it, myself included.

In a world where we've had the convenience of direct train travel from London to Paris for almost three decades, its bewildering I get excited at the prospect of reaching Tottenham Court Road just five minutes faster, only to find it takes an extra 10 minutes to finally exit the station.

My first appointment is with a potential new client, and I arrive early at Borough Market in search of a table which are either scarce or tightly crammed together—don't people have offices to go to? Fortunately, he’s running late, so I suggest relocating to Hay's Galleria, where the sun is shining, tables are available, and the atmosphere is relaxed.

Many financial advice firms insist on conducting first meetings exclusively within the confines of their office and insist prospects complete questionnaires well in advance, perhaps to create an air of prestige and professionalism, but to me it feels more like a control mechanism. Their businesses are built on rigid processes, and some advisers even restrict annual review meetings to specific periods, such as between January and April.

Our approach has always been the opposite. We appreciate the value of informal settings such as coffee shops that can provide a neutral ground, devoid of sales pressure and the formality associated with office environments.

Our guiding principle is simple: "you first."

We prioritise your convenience, meeting you when and where you need us, rather than dictating our schedule.

This philosophy extends to our regular review meetings whether you prefer frequent check-ins or meetings spaced several years apart, we adapt to ensure your financial well-being remains our top priority.

My next meeting is a case in point. As members of The Office Group, we have the freedom to choose from any of 40 offices across London and I’ve arranged to meet Anne and Gareth, who travel into London Bridge, at our Borough Market office, rather than have them continue across to Aldgate.

Stepping into the building, it’s clearly a hub for tech businesses and we immediately notice we are the most senior figures in sight. The absence of traditional suits and the relaxed atmosphere contrasts starkly with the work environments Anne and Gareth are familiar with. It's a far cry from our initial meeting in the boardroom of Colliers CRE back in 2007, traditional old-school—I may even have worn a tie!

The bustling activity seems far from what our generation would typically associate with productivity. To Anne's delight, several dogs are merrily roaming the office.

During our escort to the meeting room, we're informed about a cheese and wine function scheduled for 1 pm and that we’d be welcome to join.

As our meeting concludes, the rain outside gives us the perfect opportunity to take up the offer, even going back for seconds!

One final meeting at a client's central London home. If you're like him, you may have a huge collection of paperwork and provider correspondence that leaves you uncertain about what to keep.

Today's task is to declutter the overflowing filing cabinet. We carry this out regularly for many of you as we can quickly sift out what needs to be retained allowing you to bin the rest. Additionally, if you prefer, we can take care of the entire process, scanning the documents and making them available to you online.

When I arrive, he has been going through the files and discovered a vintage issue of Money Week dated March 28, 2008.

The headline caught his eye: "GET OUT NOW: Our experts on why you should sell the banks."

He also finds an old email from me dated April 1st, 2008 (no, it's not an April Fools' joke), where I dismiss the possibility of a further 65% drop in the RBS share price.

Guilty as charged! I can see I did indeed write those words, but thankfully added, "…of course, nothing is impossible."

In hindsight, it might seem disingenuous given the terrifying headline from just five days prior, but we laugh about my inability to predict the Credit Crunch, a period that shook the very foundations of the financial world to it's core.

It serves as a reminder that even renowned investors and experts have stumbled in their quest for clairvoyance.

Remember Long-Term Capital Management? In 1998, this hedge fund, led by Nobel laureates and financial geniuses, spectacularly collapsed, despite their sophisticated mathematical models.

And how about the great Isaac Newton? In the early 18th century, he invested in the South Sea Company, only to witness its catastrophic downfall. He famously said, "I can calculate the motion of heavenly bodies but not the madness of people." Wise words indeed, Sir Isaac!

Over the past 15 years, financial markets have continued to demonstrate their unpredictability. The Credit Crunch, in particular, was akin to a rollercoaster ride without brakes, much like the recent mini-Budget, which also seemed to lack restraint.

This is another area where our approach sets us apart from many advisers. While other wealth management firms claim to outperform the market through their investment management prowess, we hold a different belief.

We recognise that such claims are unfounded, as accurately predicting the market is impossible. In fact, the market itself represents daily average returns. Simple mathematics dictate that over 80% of investors will underperform the market over time. That's why we choose to invest in the market as a whole, while minimising overall costs through trackers and passive investment funds.

If you encounter a wealth manager touting the discovery of the Holy Grail of forecasting, I suggest you take a cue from our Cold Calling article and hang up the phone.