As one of our favourite participants at A Meeting of Minds, we caught up with Nick Cowen from Statehouse Group for a quick bit of Q&A around his thoughts on the challenges his business is currently facing.
So Nick, tell us a bit about your business.
We set up in 2003 and have developed two completely separate propositions – the first is a private wealth management service and the second is moretransactional. We like to think this is what makes us stand out from our competitors as not many companies offer both propositions under one roof. There are eleven of us and we have three RIs and over 4,000 clients.
Lots to manage! How did you get into this world?
I joined the industry when I was 21 and started out by working at the Prudential. I have since been in the world of financial advice for 29 years. OK you can do the sums!
Wow – you look well for 40!
So what do you consider to be the biggest challenges facing the industry?
I am sure many advisers would agree that regulation and rising costs are some of the biggest challenges, which are having an impact on running an advisory firm.
Another ongoing industry issue is trying to ensure that people can continue to access quality advice at a reasonable cost! Is the average person on the street able to do that now? Like many firms, we are developing IT-based solutions to help solve the problem! Already having the transaction side of the business does help our clients but where needed, we can offer full financial planning which is much more hands on.
I also believe that adviser firms could cooperate more and maybe share resources with each other. A Meeting of Minds Winning Advisers does allow us to learn from each other. (We didn’t pay Nick to say that – we promise!)
As an unsubtle plug for our own Meeting - why do you come to you Winning Advisers?
I attend for three different reasons: one to network with like-minded individuals; two to increase my knowledge; and three to hear views from my peer group and industry experts.
If you would like to participate at the next Meeting of Minds Winning Advisers, which will take place at Tylney Hall in Hampshire on Tuesday 11 October, to discuss some of these issues and more please do get in touch with either me or Emily Landless on 01483 861334
Hannah Jackson – Business Development Manager