Business
Hiring the Right Financial Advisor for Your Business
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
Wales’ biggest Specsavers store opens in Haverfordwest
SPECSAVERS HAVERFORDWEST has relocated to a larger, state-of-the-art premises in the Riverside Shopping Centre, becoming the largest Specsavers store in Wales following a £1.2 million investment by local partners.
The grand opening of the new landmark store took place on Monday 16 December, with customers and local dignitaries, including several mayors, in attendance.
On arrival, guests were welcomed with performances from the Haverfordwest Male Voice Choir and local musician and dispensing technician, Kyle Kirkhouse, followed by a ribbon cutting by one of the store’s long-standing customers, Madaline Roberts, who runs the Milford Haven branch of the Macular Society.
William McNamara, owner of Bluestone National Park Resort and patient of Specsavers Haverfordwest was also in attendance.
To encourage guests to explore the new store and learn fun facts about optometry and audiology, staff organised an interactive treasure hunt.
‘After years of planning and preparation, we are delighted to officially open our brand-new store,’ says Wayne Jones, retail director. ‘We are confident that this investment will bring lasting benefits to the local community for years to come.’
He adds, ‘A heartfelt thank you to everyone who supported our relaunch event. It was incredible to see so many customers, both familiar faces and new ones, celebrating with us. I also want to extend my deepest gratitude to our incredible team, whose hard work and dedication made this all possible. Without their commitment, none of this would have materialised.’
The new premises at 21 Riverside Quay offers cutting-edge facilities and enhanced services to meet growing community needs with 14 test rooms, including two dedicated audiology suites.
As the largest Specsavers practice in Wales and one of the largest in the UK, the store is equipped with advanced diagnostic technology to deliver exceptional care. These services will also help alleviate pressure on local NHS resources, providing convenience and vital support to residents who previously had to travel significant distances for specialised treatment.
Narbeth local, Sandra Tarrant, previously needed private consultations in Swansea, but she was referred to ophthalmic director, Andy Britton by her consultant earlier this year, who recognised his expertise and the store’s advanced diagnostic equipment.
Mrs Tarrant explains: ‘The staff at Specsavers Haverfordwest are highly trained and genuinely care about your eye health. I no longer face long journeys for tests, and the team’s professionalism gives me complete confidence in their care. You feel like you’re in good hands, with staff who take you seriously and don’t pass you around.’
Partners Andy Britton and Wayne Jones are also passionate about shaping the future of optometry. The new store will provide hands-on training opportunities for optometrists pursuing advanced qualifications such as Glaucoma and Independent Prescribing certificates, ensuring they gain essential clinical experience in a world-class facility.
The new Specsavers Haverfordwest store will be open seven days a week, offering flexible appointment times to cater to the community’s needs. To book an appointment or learn more about the services available, visit www.specsavers.co.uk/stores/haverfordwest.
Business
Ferry traffic surges at Pembroke Dock due to Holyhead closure
FERRY traffic at Pembroke Dock Ferry Terminal has surged following the temporary closure of Holyhead Port due to severe damage caused by Storm Darragh. The Port of Milford Haven, which owns and operates the terminal, has implemented measures to manage the increased volume of vehicles and minimise disruption in the area.
Holyhead Port, a key hub for ferry services between Wales and Ireland, has been closed since December 7. Repairs to storm-damaged infrastructure are ongoing, with reopening not expected until at least Thursday, December 19. The closure means more lorries in Pembroke Dock.
Irish Ferries has temporarily replaced the Isle of Innisfree ferry with the larger James Joyce on its Rosslare route..
Traffic management plans in place
Tom Sawyer, Chief Executive at the Port of Milford Haven, said: “We are expecting to see ongoing increased traffic to Pembroke Dock Ferry Terminal. To manage traffic in the area, we have opened up different areas of the Port to reduce the number of vehicles queueing at the Port entrance. We have also been liaising with Pembrokeshire County Council’s Emergency Planning team to identify other areas for longer-term parking, if needed, so that traffic around Pembroke Dock is managed as effectively as possible.”
Sawyer acknowledged the inconvenience to local residents and businesses and expressed gratitude for their understanding: “Our priority is to ensure the safe and effective operation of all traffic on the Milford Haven Waterway. We’d like to thank everyone, particularly those living in and around the Pembroke Dock area, for their understanding and support. We will endeavour to take all actions possible to keep the area as uncongested as possible.”
Concerns over Christmas delays
The closure of Holyhead Port has raised concerns about delayed Christmas deliveries, as the route is a critical link for goods between Ireland and the UK. An Post, the Irish postal service, has reassured customers that alternative routes are being utilised, and the backlog of parcel trucks at Holyhead is decreasing.
A spokesperson for Holyhead Port stated: “Safety is of paramount importance to Holyhead Port, and a thorough investigation into the extent of the damage and repairs required is ongoing. At this point, it is estimated that the berths will reopen for ferry traffic on Thursday, December 19, at the earliest.”
Local impact and advice
Residents near Pembroke Dock have reported increased congestion due to the diversion of ferry traffic. The Port of Milford Haven continues to monitor the situation closely, working with local authorities to alleviate the impact on the community.
Photo Caption: Increased ferry traffic at Pembroke Dock Ferry Terminal due to Holyhead Port closure (Pic: Martin Cavaney/Herald).
Business
Global green hydrogen pioneers choose Milford Haven as new HQ
HAUSH LTD, a leading green energy and technology company specialising in green hydrogen, has announced Milford Haven as the location for its new UK headquarters. The move marks a significant step toward making the area a global powerhouse for green hydrogen production and innovation.
Pioneering green hydrogen solutions
Haush Ltd aims to be the first company of its kind to provide green hydrogen solutions for decarbonising land, sea, and air transportation, as well as exporting fuel to Europe. The company’s new headquarters will be established at Fleet Surgeons House, where work is set to begin immediately. The project will create local jobs and includes plans for an education centre to promote skills development in the community.
The Welsh Government is backing Haush through the HYBRID SBRI Hydrogen Port Re-Fuelling Project (HyPR). This initiative focuses on fast-tracking hydrogen production and refuelling services for onshore and offshore fleets, including the design of a permanent hydrogen refuelling solution for the Port of Milford Haven.
High-profile visit to Milford Haven
Economy, Energy, and Planning Cabinet Secretary Rebecca Evans toured the new site on Thursday (Dec 12). She was accompanied by Haush CEO Richard Winterbourne, Chief Technology Officer Joanna Oliver, Chief Operating Officer Adam Hill, and Chief Financial Officer Peter Kristensen.
Rebecca Evans said: “Jobs and green growth are a priority for this Welsh Government, so I am delighted Haush has chosen Milford Haven as the base for its new UK head office.
“The company’s ambitious growth plans align with our aspirations to see Wales become a global leader in renewable energy. This investment will benefit both our climate and economy, generating quality, skilled jobs.
“Haush has committed to training local residents to the highest standards and expanding their educational initiatives to benefit the wider community.”
Driving green innovation
Haush CEO Richard Winterbourne expressed excitement about the project:
“Haush is delighted to make this announcement and move forward with this groundbreaking green hydrogen production project. We look forward to working closely with the Welsh Government to maximise training and educational opportunities for the local community, equipping a future workforce with valuable, transferable skills.”
Chief Technology Officer Joanna Oliver emphasi sed the company’s innovative approach:
“Haush is operating at the forefront of green hydrogen technology and aims to play a significant role in advancing the local green energy transition.”
A brighter, greener future
Haush’s decision to base its UK headquarters in Milford Haven underscores the town’s growing importance as a hub for renewable energy innovation. With strong support from the Welsh Government and a focus on local job creation, the project promises to boost the regional economy and contribute to global efforts to combat climate change.
(Photos by Martin Cavaney/Herald)
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