The Business Exchange Bath & Somerset Issue 5: Autumn 2017 | Page 15

EPOCH WEALTH MANAGEMENT ADVISES OWNER OF WELL-KNOWN ONLINE RETAILER Bath-based Epoch Wealth Management, one of the UK’s top financial planning firms, has been working with one of the owners of popular UK e-retailer, Not On The High Street.com (NOTHS). Here, Epoch Managing Partner, Barry Newbury and Sophie Cornish, co-founder of NOTHS, explain how the relationship came to be and why it’s worked so far. Barry Newbury (BN): Sophie and her husband, Simon, were referred to Epoch through our mutual relationship with London accountancy firm haysmacintyre. When we first met, Sophie was building the business she co-founded, whilst Simon had just stepped away from a career in the City. Sophie Cornish (SC): We knew we needed help with our personal finances, but with incredibly busy lives, we couldn’t initially spare the time to meet with Epoch. We were just so focused on building the business that it was only when we stopped to take a breath that we realised we needed to start the process! The thing that really differentiated Epoch initially was that they used a financial forecasting tool with us. No other adviser we’d used in the past had been able to show us the ebb and flow of our finances in a transparent and comprehensive way. Having previously built up a patchwork quilt of investments and pensions over time, to be able to finally make informed decisions about our financial future gave us personal financial confidence. BN: The financial forecasting tool has been a fantastic addition to our client proposition. It allowed us to show Sophie and Simon a range of scenarios, from staying on the course they were, to the business being more successful than projected. We were also able to show you the effect of headwinds or even business failure on your ability to meet your goals. SC: That’s right. Life as an entrepreneur is very uncertain and knowing the potential impact of our decisions has allowed us to better shape our future. Being able to see the impact of business success or failure has also shaped our thoughts. We could see that even with some headwinds, we should be in a reasonably good place. That’s the goal- the worst-case scenario is ok and the best-case scenario is great. Epoch knows how entrepreneurs think – they’re entrepreneurs themselves after all. Having that ability to have an honest and straightforward conversation was refreshing and reassuring. Furthermore, being able to challenge our own preconceptions has allowed us to make decisions that allow us to focus on the family and our work. BN: This is the key thing for us; we want to involve clients in the financial planning process as much as possible. That way, rather than having to convince someone that your advice is sound, you can show them the impact it’ll have and let them make an informed decision, as opposed to one based on blind trust. The tool we use has proved so popular that we’ve decided to license it to other IFAs rather than retain it as a USP. That way, more people can benefit from this approach to financial advice. Epoch Wealth Management based in Queen Square House, just off Queen Square, has been named New Model Adviser of the Year for the South West region twice in the last three years. They have over 500 clients and the firm has influence on more than £500m of client assets, positioning itself at the High Net Worth end of the market. It is one of only four Chartered Financial Planning firms in Bath and one of around 900 in the country. Furthermore, it is the only Accredited Financial Planning Firm in Bath and one of fewer than 80 in the country, placing it within the top 1% of advice firms nationally. For more info: www.epochwm.co.uk @EpochWealth [email protected] 01225 487772 THE BUSINESS EXCHANGE 2017 15