What it takes to set up a wealth boutique: Simon Davies

With the benefit of hindsight, Davies also advises budding entrepreneurs to broaden their horizons when looking for clients.

He says: ‘While you do get loyal clients you also develop new connections so don’t plan your business solely on what you did before.’

High risks

Yet despite his obvious satisfaction at having built a competent business that is currently expanding into continental Europe, Davies says the difficulties of establishing a business in the financial services sector means only a handful ever truly succeed.

‘My own view is that unless the need to do that is staring you in the face, the chances of it doing well are very small. Either you’ve got the bloody-mindedness to set up a business or you haven’t,’ he says.

‘We work in an industry where it is the guys who absolutely feel the need to set up that absolutely deliver. It’s not the guys who have 13 options in life. It needs to be a burning need and you’ve got to feel it.’