A Hazel Grove, Stockport firm of Chartered Financial Planners has been named as one of the UK’s Top 100 financial advice firms by an authoritative industry publication. Prest Financial Planning is one of just three firms in Greater Manchester, and seven in the North West, to feature in New Model Adviser magazine’s 2018 “Top 100” listing.
The Top 100 listing, which was published in late October, is compiled using information including firm size, funds under advice, turnover and profit. It also uses detailed submissions from firms about their business strategy, commitment to professional development, community activity and examples of advice given to clients.
There are more than 5,000 regulated financial advice firms in the UK, according to the Financial Conduct Authority, so a Top 100 ranking potentially places a firm within the top two per cent compared to its peers. This is the fifth time that family-owned Prest has featured in the New Model Adviser Top 100 in recent years.
According to Will Robins, Editor of New Model Adviser, “In the past New Model Adviser has firmly backed reforms such as charging fees and gaining qualifications, and promoted the financial planning movement. We have championed small businesses.
“This year the things we looked for included: a clear strategy for growing the business; demonstrable succession planning; evidence of conversations about clients’ ethical investment preferences; a contribution to the profession through sharing best practice and holding roles with professional bodies; a commitment to client education; and a high level of qualifications among staff.”
Prest’s entry in the Top 100 listing identified sharing best practice and staff training and development as key strengths. It said, “Prest holds chartered status and all its staff are encouraged to add to their qualifications year on year.
“Adviser Joe Rose, already a fellow of the Personal Finance Society (one of two fellows at the firm) and accredited by the Society of Later Life Advisers, is currently studying for the Society of Trust and Estate Practitioners certificate. The firm’s 12-month business goal is to increase business in its areas of expertise: later-life care funding and generational wealth transfer.”
Graham Prest, Chief Executive of Prest Financial Planning, said, “The New Model Adviser Top 100 is the listing in which every firm like ours wants to appear. New Model Adviser magazine has for many years been at the forefront of the movement to professionalise the finance advice sector and enable firms like ours to stand shoulder-to-shoulder with our peers in accountancy and the law, so to feature in this listing is a real badge of honour.
“The submission process is really in-depth and goes into detail about each firm’s culture, business plan and advice process. I am very happy that Prest’s achievements and status within the profession have been recognised in this way.”
Prest Financial Planning was established in 1961 by James Prest, the father of current Chief Executive, Graham Prest. It provides advice on retirement, investment, later life care and general financial planning to a client base that is predominantly based in Greater Manchester and around the North West.
Last year Prest experienced a record 12 months in terms of new funds that it manages on behalf of clients. Prest now advises individuals and families on the investment of assets worth more than £350 million, £50 million of which was added in 2017.
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