Our Mission
To bring independent financial planning to those usually priced out.
To offer investment options with a conscience, that not only give a financial return, but also those which work towards improving the world socially and environmentally.
The case for planning for all
It is often perceived that financial planning/advice is aimed at the over 50’s, those who have accumulated savings and are looking to plan for their retirement and later life.
It’s usually delivered in a low-tech, traditional face-to-face way (by someone also 50+!). With a price tag that means you need to be wealthy already in order to afford it.
According to the Financial Conduct Authority (FCA) there are 14 million people in the UK alone who’d benefit from receiving qualified financial planning advice but can’t afford the fees. Research, undertaken in 2022 by Platforum, found that 76% of those between 36-45 do not currenlty receive financial advice.
Commenting on the results Platforum research director Richard Bradley said: “The financial advice industry currently services a surprisingly narrow section of the adult population. Less than 10% of people are receiving ongoing advice, due to a shortage of financial advisers and advisers focusing on providing ongoing advice to the more affluent. However, around a third of people believe they are receiving some form of advice. This suggests there’s a wide gap between consumer views of advice and the services offered by advisers.
At Farrar and Thompson, we don’t turn clients away for not being rich enough. Why? Because we believe good financial planning is more important than ever before and it should be denied to anyone.
It’s you that face the challenges of student debt, a collapse in home ownership, higher levels of self-employment, let alone the effects of the Covid pandemic.
You don’t have to have a high salary, large inheritance, or be at the beginning of a potentially lucrative career to use us.
We’re Independent Financial Planners, but not as you know it
Farrar and Thompson was originally formed in 2013 by Duncan Farrar, who, having worked as a Financial Planner for several large banks since 2005, took the step to establish an independent financial planning firm.
This coincided with RDR (Retail Distribution Review) which brought fundamental change to Financial Planning rules and regulations. Whilst there was a lot to RDR, likely the most recognised changed was moving from commission (paid by the investment company chosen by the planner) to fees being paid by the client.
Although this was a hugely positive step for the industry, there were unintended negative consequences. The changes pushed Independent Financial Planners to seek wealthier clients, and it caused the banks (who catered for a broader spectrum of clients) to dramatically reduce adviser numbers. These two factors left many unable to benefit from financial planing.
We believe in the power of good independent financial planning and the positive impact it can have. The aim of our business is to make Independent Financial Planning available to those without oodles of cash. As a result we have no minimum’s, we charge low fixed fees, and we are fiercely independent.