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Wealth Manager: Charles Stanley's twin track to success in Brum

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by James Phillipps on Sep 05, 2013 at 09:38

The Venner twins’ overhaul of Charles Stanley’s Birmingham office is bearing fruit with the branch now the fastest growing in the wealth manager’s national network.

The transformation has been stark. Historically, the company’s presence in the second city was negligible until the acquisition of IFA firm Jobson James Financial Services in a £2.25 million deal back in May 2011.

Fast forward two years and what was a small eight-man outfit running purely discretionary money is now a bustling 32-strong team offering the full spectrum of client services.

Richard Venner, who had run Jobson James and moved across as part of the deal to head the office, is adamant the changes he has put in place should be the blueprint for the wealth management industry.

‘We were a leading financial planning firm and we want to be a leading complete proposition in Birmingham. We have a great platform through which to grow and we believe we will grow substantially over the coming months and years,’ he says.

‘I personally believe that the model we are creating will be the model of all wealth management firms and not just Charles Stanley.’

It was this conviction that the full service approach was the future - coupled with the impact of the retail distribution review (RDR) - that prompted Richard Venner and his brother Tim to sell to Charles Stanley.

While Jobson James enjoyed considerable success as a standalone business offering financial planning, corporate advice and employee benefits, the pair felt the regulatory changes afforded a much wider opportunity, which teaming up with an established discretionary manager could help them capture.

‘In 2009, as the RDR took shape, we thought that as an independent firm with £250 million under influence and a £2 million turnover, we were not big enough to take advantage of the opportunities.

 

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