BRI Wealth has already bought two IFAs and signed an introducer with a third. Boardman-Weston could not confirm how many more deals the wealth manager is eyeing up, but did say more will follow before the end of the firm’s financial year in March 2023.
Acquiring younger clients
Boardman-Weston said the markets have been “atrocious” this past year but despite this, he reckons his firm has had a good 12 months in terms of growth.
Traditionally, the majority of the company’s clients were decumulators, drawing down with a high average age.
Nowadays, the firm finds itself serving younger business owners in their 40s and 50s.
“The average age of new clients is definitely coming down,” said Boardman-Weston.
“BRI has definitely gotten younger in the past 10 years. When I joined, I was the youngest person by about 10 or 15 years.”
Part of the reason for this has been the firm’s shifted focus on the financial planning route.
“It enables you to have earlier touch points. A lot more people who are just starting out at work need to get pensions sorted. 35-year-olds need basic pensions and Isa advice” said Boardman-Weston.
“The industry is getting better at coming up with solutions for younger generations. Going out and acquiring younger clients - you’ve got to be pragmatic about it. If we get it right, it can be a very successful relationship. If we sort their pension now and they stay with us for 40-50-years, that’s brilliant.”
The change in client base has reflected in the firm’s culture. “We’re not ageist,” said Boardman-Weston.
“It’s the right person for the job. I don’t care how old they are. But the culture of the firm has naturally changed, so we attract younger people giving us more of a buzz. It’s not been a conscious decision, it just happened.”
ruby.hinchliffe@ft.com
