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Hiring the Right Financial Advisor for Your Business

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Starting a business is an exciting venture that many Britons are embracing. With a record number of startups registered in the UK in 2023, the nation’s entrepreneurial spirit is alive and well. 

However, navigating the financial landscape of a new business can be daunting. Amid economic uncertainties and evolving regulations, the importance of sound financial advice cannot be overstated. A financial advisor can help steer your business towards stability and growth. But how do you choose the right one? 

Understand Your Business Needs

Before embarking on your search for a financial advisor, it’s crucial to identify your specific needs. Are you seeking help with bookkeeping, tax planning, investment strategies, or overall financial management? 

Each advisor has their area of expertise, so knowing what your business requires will help you find the right match. For instance, a startup tech company might need an advisor well-versed in R&D tax credits and venture capital, whereas a retail business might need help with inventory financing and cash flow management.

Check Qualifications and Experience

Not all financial advisors are created equal. In the UK, reputable advisors often hold certifications such as Chartered Financial Analyst (CFA), Certified Financial Planner (CFP), or Chartered Accountant (CA). These qualifications ensure a level of competence and professionalism. 

Also, consider their experience with businesses similar to yours. An advisor familiar with your industry will better understand the unique challenges and opportunities you face. You can verify their credentials through professional bodies like the Chartered Institute for Securities & Investment (CISI) or the Financial Conduct Authority (FCA).

Evaluate Their Communication Style

Effective communication is the bedrock of a successful client-advisor relationship. Your advisor should be able to demystify complex financial concepts and explain them in simple terms. 

During initial consultations, assess their ability to listen to your concerns and answer your questions. Are they patient and approachable? A good advisor should not only provide expert advice but also educate you on financial matters, empowering you to make informed decisions.

Assess Their Fee Structure

Understanding how financial advisors charge for their services is essential. Advisors may charge hourly rates, flat fees, or a percentage of assets under management. 

Ensure that their fee structure aligns with your budget and provides value for money. Be cautious of advisors who earn commissions from selling financial products, as this can create conflicts of interest. Transparency in fees is a hallmark of a trustworthy advisor. 

Know Your Options if Something Goes Wrong

Despite your best efforts, there may be instances where your advisor fails to meet professional standards, resulting in financial loss. It’s crucial to know your options in such cases. 

If you suspect professional negligence, you can file a complaint with the Financial Ombudsman Service (FOS). The FOS handles disputes between businesses and financial service providers and can provide compensation if your complaint is upheld. Additionally, seeking legal advice from professional negligence solicitors may be necessary to explore further action.

The benefits of a well-sourced financial advisor

While hiring the right financial advisor involves careful consideration, the effort you invest in this process can yield significant dividends. 

Beyond immediate financial management, a skilled advisor brings a wealth of knowledge and industry insights that can catalyse your business growth. They can introduce you to innovative financial strategies, help you avoid common pitfalls, and ensure that your business remains agile and responsive to market changes. 

In essence, the right advisor not only safeguards your financial health but also propels your business forward.

Business

Port backs next generation of seafarers with expanded cadetship support

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STUDENTS training for careers at sea in Pembrokeshire are set to benefit from enhanced practical learning after fresh backing from the Port of Milford Haven.

Learners on the Marine Engineering Pre-Cadetship at Pembrokeshire College will now receive additional hands-on maritime training, funded by the Port, alongside their classroom studies.

Launched in 2023, the enhanced programme is aimed at young people hoping to enter the maritime, deck and engineering sectors. It combines technical teaching with industry-focused skills to help students prepare for work at sea.

For the past three years, the Port has covered the cost of uniforms to encourage professionalism and team spirit among cadets. This year, its support has been widened to include a series of accredited practical courses delivered through the Royal Yachting Association.

These include radar operations, first aid training for mariners, navigation and seamanship, and professional practices and responsibilities — qualifications designed to give students recognised safety and operational skills before entering the industry.

Brian Stewart, Assistant Harbourmaster at the Port of Milford Haven, said the training provides valuable real-world preparation.

He said: “The Pre-Cadetship training at Pembrokeshire College gives students a real insight into life in the maritime, deck and engineering sectors, while building key qualities such as discipline and teamwork. It’s great to see these enhanced practical opportunities being offered this year, which will provide students with invaluable experience and a clearer pathway into our diverse industry.”

Tim Berry, maritime lecturer in the college’s Faculty of Engineering and Computing, said the extra funding would make a “tangible difference” to learners.

He added: “These RYA-accredited practical courses allow the Pre-Cadets to translate classroom theory into real maritime skills, building their confidence and readiness for a career at sea. We’re incredibly proud of the opportunities this partnership continues to create for the next generation of marine engineers.”

The Port, one of the county’s largest employers, has increasingly worked with local education providers to encourage young people into maritime and energy-related careers, helping retain skills and opportunities within Pembrokeshire.

More information about the Marine Engineering Pre-Cadetship is available at pembrokeshire.ac.uk.

Cover photo:

Pre-Cadetship students with lecturer Tim Berry and Port of Milford Haven representatives Brian Stewart and Emily Jones (Pic supplied).

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Business

Langdon Mill Farm Pembrokeshire expansion signed off

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THE FINAL sign-off for plans for a heifer accommodation building and associated works at one of Pembrokeshire’s largest dairy farms, with a milking herd of 2,000 cows, have been given the go-ahead.

In an application backed by councillors at the December meeting of Pembrokeshire County Council’s planning committee, Hugh James of Langdon Mill Farms Ltd sought permission for a 160-metre-long heifer accommodation building, a slurry separation/dewatering building and associated yard areas at 1,215-hectare Langdon Mill Farm, near Jeffreyston, Kilgetty.

A supporting statement through agent Reading Agricultural Consultants said: “The holding currently has a milking herd of approximately 2,000 cows, which are housed indoors for the majority of the year, with dry cows and heifers grazed outdoors when weather and soil conditions permit.

“There has been significant investment in buildings and infrastructure at the farm over the last decade in respect of cattle accommodation, slurry storage, milking facilities, Anaerobic Digestion (AD) plant, feed storage. Recently a calf and weaned calf accommodation buildings were approved by Pembrokeshire County Council with construction almost complete.

“The unit is efficient, achieving yields of more than 10,000 litres/cow/year, with cows being milked three times/day in the 60-point rotary parlour. Langdon Mill Farm currently directly employs 21 full-time, and three part-time staff.  Of these, four live on site in the two dwellings opposite the farm, with the remaining staff living in the locality.”

It added: “Although the unit has previously purchased heifers to aid expansion, the farm now breeds most of its own replacements to improve genetics and to minimise the ongoing threat of bovine tuberculosis (bTB).”

It said the proposed building would be used by heifers between the ages of 7-22 months, the siting  “directly influenced by the adjacent calf and weaned calf buildings, with livestock being moved from one building to the next as they get older”.

Members unanimously supported the recommendation of approval, giving delegated powers to the interim head of planning to approve the application following the final approval of a habitats regulations assessment.

An officer report published yesterday, February 5, said Natural Resources Wales confirmed it had received the assessment, and, “in consideration of the mitigation measures detailed and on the understanding there is no increase in stock, they agree with the LPA’s conclusion that an adverse effect upon the integrity of the SAC [Special Areas of Conservation] sites can be ruled out”.

Formal delegated approval has now been granted by officers.

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Business

Report into Wales SME finance paints mixed picture as barriers remain

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A NEW report by the British Business Bank and Economic Intelligence Wales shows that while most Welsh SMEs remain financially stable, many continue to face barriers to accessing finance and are less likely than their counterparts in other devolved nations to seek funding for future growth.

The Wales SME Access to Finance Report 2026 has found that 66% of Welsh SMEs are currently using external finance, and eight in ten (80%) report a positive cash flow position. Despite this, 19% of smaller Welsh businesses reported experiencing barriers to accessing finance, the highest proportion among the devolved nations.

The report also highlights a more cautious outlook among Welsh SMEs when it comes to future investment. Just 17% of Welsh businesses expect to require additional finance over the next year, compared with 42% in Northern Ireland and 47% in Scotland. While 62% of Welsh SMEs that anticipate needing finance say they are confident about securing it, overall demand for funding remains lower than elsewhere in the UK.

Regional variations within Wales are also evident. SMEs based in North Wales and South West Wales were more likely to report barriers to finance (both 21%), while South West Wales businesses were least likely to feel confident about securing additional funding. At the same time, SMEs in South East Wales were most likely to report a finance requirement above £250,000, reflecting differing growth profiles across regions.

Giles Thorley, Chief Executive, Development Bank of Wales; Susan Nightingale, Director, Devolved Nations – UK Network, British Business Bank; Irvine Mwiti, Economist, British Business Bank 

The findings underline the importance of a diverse and accessible finance ecosystem to support business investment, innovation and growth across all parts of Wales.

Susan Nightingale, Director UK Network, British Business Bank, said: “Welsh businesses continue to show resilience and confidence, with most reporting positive cash flow and steady growth expectations. Yet, clear regional and structural differences remain in access to finance, particularly for smaller businesses and sole traders. With Wales recording the highest share of smaller businesses experiencing barriers to finance among the devolved nations, it is vital that all businesses, wherever they are in the country, have the knowledge, confidence and support to secure the right finance for them. This will be key to unlocking sustainable growth across every part of Wales.”

Giles Thorley, Chief Executive of the Development Bank of Wales, said: “This year’s Wales SME Access to Finance Report shows a mixed picture. It’s encouraging to see many Welsh SMEs reporting strong cash flow, yet concerning that confidence and demand continue to lag behind other UK nations. If we want our businesses to innovate, invest and grow, closing that gap must remain a priority.

“Improving access to finance isn’t something any one organisation can solve alone, but the Development Bank of Wales will continue to play a vital role in supporting SMEs, working alongside partners across the wider finance ecosystem to help businesses invest, innovate and grow.”

Economic Intelligence Wales is a unique research collaboration between the Development Bank of Wales, Cardiff Business School, Bangor Business School, the Enterprise Research Centre, and the Office for National Statistics (ONS).

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