In this next instalment of our meet the team series, our longest standing partner, David Bashforth, tells us more about his career to date.
He reveals how academic achievement is not the only route to success and when he reaches retirement, he’ll be practising what he preaches…
Stumbling onto the career ladder
I never really knew what I wanted to do, so university was a non-starter, and it would be fair to say after working in retail while still at school, I bumbled my way into a career after A-levels.
My first ‘proper job’ was as a clerk with Yorkshire Bank at Broomhill in Sheffield. I spent a few years moving between branches, before becoming a mortgage advisor at the Halifax and undertaking my first professional exams. I then joined Aviva 12 months later and began my journey into pensions and investments, earning further qualifications specific to giving advice.
This was the point at which a clear career path started to emerge for me. I’d learned enough and gained enough life experience to realise financial services had the potential to offer a good living.
My next stop was as a broker consultant with Clerical Medical and then Scottish Widows. These years served to inform me that I could at least do as good a job as the advisers I was assisting. By this point, I was also more qualified, although I lacked the practical experience.
I realised I could communicate complex financial matters effectively and I didn’t like being one step removed from the client outcome. The best broker consultant in the world still can’t influence whether business is won or lost or have any control over the ultimate advice.
Opportunity knocks
In 2003, I was introduced to the former Belmayne partners by a colleague. Initially, I turned them down, choosing instead the security of what turned out to be a final broker sourcing role with Sunlife Financial of Canada.
Having an extremely young child at home made me think self-employment was a risk I wasn’t prepared to take. Looking back, I can see I lacked the confidence and an understanding of the opportunities it presents.
Not long after, Sunlife made the decision easier for me! It pulled out of the UK market and served redundancy on its entire salesforce. On the face of it, this was a significant setback in my career, but I was given a modest lump sum and put on garden leave, which afforded me the time to consider further the opportunity that was still on the table at Belmayne.
I’m sure you know how this chapter ends, of course. I decided to take the leap of faith and become an IFA.
Right place, right time
When I arrived at Belmayne, it was a very traditional practice – heavily paper-based and run by four partners of advancing years, some of whom were looking for an exit strategy.
My appointment coincided with the Retail Distribution Review (RDR), which increased the minimum qualifications for financial planners to diploma level. This helped crystalise three of the four partners’ decisions about their long-term future and I became their business continuation strategy. I was already qualified beyond diploma level and more than capable of looking after their clients.
I took the opportunity in the early, quietest months of my self-employment to complete my studies and finally achieved both Chartered Financial Planner and Fellowship status in 2011.
Much has changed since these first few years at Belmayne, not least those of us who hold the reins. It was a pleasure to recruit three like-minded fellow partners to help continue the firm’s journey and I am particularly proud of my leading role in our digital transformation.
We are now on the cusp of further digital consolidation that will streamline our systems and processes by harnessing the power of AI. This will allow us to service clients so efficiently, more people will be able to benefit from our valuable expertise.
Future goals
I’ve learned to enjoy the benefits of self-employment to the full. It provides me with the flexibility to prioritise time with my family, which I’ve used to maximum advantage.
I no longer take life for granted – I’ve been doing this job long enough to have seen firsthand good people being struck down too young by either death or serious illness. So, at the grand old age of 47, I took up field hockey and now play for my local team. I also run, read and watch lots of movies.
Retirement still feels a long way off, but I have already recruited my long-term replacement, who I’ve mentored from graduate trainee to fully fledged adviser. I’m so proud of the Belmayne team my fellow partners and I have built and of our ability to bring other people on our journey. Hopefully, we can deliver them a share of the success I’ve enjoyed in my career to date and help them fulfil their own potential.
When I eventually hang up my calculator, I hope I’ll follow my own advice by investing in the same portfolios and platforms we use for clients. I have to say, I look forward to a future in which time is my own to spend doing the things I love.
Being a partner of an independent, regulated firm is a lot of responsibility, and the mantle can feel heavy sometimes, but I have a passion for helping clients understand the value of their money. Not only in terms of the pounds and pence, but also in the time it can afford them, which is priceless.
If you are a planner looking to move to a forward-thinking, ambitious firm or you want help reviewing or planning your retirement, don’t hesitate to contact us on (01246) 298181 or email: enquiries@belmayne-ifa.com
