Wirral Life February 2020 | Page 32

W L WHAT’S YOUR NUMBER? Wirral Life talks to Alan Mellor, Chartered Financial Planner and Managing Director of Phillip Bates & Co Financial Services Tell us about yourself? Last November, I celebrated 30 years since starting out as a financial advisor with Barclays, subsequently becoming the bank’s regional director for financial planning. For the past 15 years, I have been Managing Director of Phillip Bates & Co Financial Services, which has its offices in Neston but with clients across the region and further afield. I am married with a son and a daughter, both of whom are currently studying at university. In my spare time, I am actively involved at Caldy Cricket Club, often opening the batting for the 2nd XI and playing for the midweek Over 40s side. How has the financial services industry changed? The financial services industry has changed beyond all recognition during those 30 years. When I started out, it was very much a sales-oriented industry, whereas today it is much more of a service profession in which building long-term, trusted relationships is of key importance. For us, it is not just about the relationship of the Chartered Financial Planner with the client. Instead, it is about the whole team. All our staff have a role to play in ensuring our clients’ experience is a great one. The way we interact with our clients depends on their preferences. While many still enjoy the face-to-face contact, some will now use virtual meeting technology. Technology has also advanced in terms of the software we are able to use to develop a client’s long-term financial plan and predict changing patterns relating to the likes of cashflow along the way. What is the one question you get asked more than any other by clients? There are a couple, both linked. When can I retire? How much do I need? Of all the questions I am asked, these two are the most important and most asked. However, the answers depend on the individual and require careful consideration before any significant life decisions are made. I know from experience that people often leave it later than they should to plan for their retirement. 32 wirrallife.com Traditionally, the advice has always been that you should try and save the equivalent of half your age. For example, if you are 50 then you should aim to put away around 25% of your salary. This is extremely rudimentary and not something we work to at Phillip Bates. Instead, we work with clients to put in place a very personalised and long-term financial plan. What does it mean to be a Chartered Financial Planner? We are fortunate to have three Chartered Financial Planners at Phillip Bates, myself, Helen Brown and Margo Dorozik. It is rare for a firm to have so many Chartered Financial Planners and, even more so, for two of them to be female. To achieve Chartered status, we must meet and maintain the most exacting industry standards. We are even more unique locally in that we are part of a Chartered Partnership with our sister business, Phillip Bates & Co Chartered Accountants, led by my colleague Phil Bates. What services do you offer? We provide our clients with independent financial advice, looking at savings and investments, pensions, retirement planning and inheritance tax plans along with areas such as protection against loss of income. We are also extremely experienced in estate planning and have the STEP Certificate for Financial Planning (Trusts and Estate Planning). This enables us to take a holistic view of a client’s financial position. Our Chartered Financial Planners also have vast experience working with owner managed businesses and SMEs. Long-term planning is integral to the work we do for our clients. We want to understand their goals and then build a robust plan that will help them realise their objectives. For more information visit www.pbatesfs.co.uk or to book a free initial consultation with Alan Mellor or Helen Brown, call 0151 353 1066 or email: [email protected].