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].