A Wigan-based IFA of 12 years is taking his career in a new direction - by embarking on the journey to become a lifestyle financial planner.
Peter Wray, a partner at Gannon, Lindsay, Wray, said he "proverbially saw the light" when he came across lifestyle financial planner Paul Armson, the founder of Inspiring Advisers and a coach who aims to transition advisers to a "highly profitable" lifestyle financial planning service in six months.
Armson promotes the ‘Three Hats' concept, which breaks the advice process down into three distinct parts - life planner, financial planner, and financial adviser - which Armson said should each be charged for separately.
Wray, who is currently working his way towards becoming a certified financial planner with the Institute of Financial Planning (IFP), signed up to Armson's course and is now starting to implement what he has learned under a new venture, Symphony Lifestyle Financial Planning.
Symphony will be "a firm within a firm" operating under the Gannon, Lindsay, Wray umbrella. Gannon, Lindsay, Wray will implement the financial advice provided by Symphony.
Wray said the decision to branch out followed the twin realisations he "didn't feel fulfilled" with the way he had been operating, and that he "needed to differentiate" himself in a crowded marketplace.
"It's about turning it around, asking the clients what they actually want to achieve, what they want to do in retirement, looking at it as a whole package.
"I want to provide a more complete service for clients, to get rid of boundaries."
Wray is in the process of discussing his new lifestyle financial planning venture with current clients to see if they are interested in it. With new clients he plans to bring them on board via the Symphony route.
‘Most significant’ upgrade since launch
Changes happening over coming months
Had accepted British Steel business
Aimed at HNW clients and family groups
Set for 1 April 2019