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
Local site managers triumph in prestigious House-Building Awards
PEMBROKE and Cardigan site managers have been celebrated for their exceptional dedication to quality house-building, earning top accolades in the industry’s most esteemed competition.
Gareth Davies of T I Davies A’I Fab Cyf and Mike Thomas of South Meadow Homes Ltd, representing Cardigan and Pembroke respectively, were among the prominent winners at the National House Building Council’s (NHBC) Pride in the Job Awards 2024. The prestigious event, held at Celtic Manor Golf Club in Newport on Friday, 13 September 2024, recognises the very best in the industry.
In the Small Builder category, Gareth Davies clinched the top honour for his outstanding work at Maes Y Dderwen in Cardigan. His exceptional commitment to raising standards was further acknowledged with the Pride in the Job Seal of Excellence. Meanwhile, Mike Thomas was awarded the Seal of Excellence for his work in Pembroke, demonstrating the high standards upheld by builders in the region.
Matthew Coyle of Redrow Homes South Wales was also a major winner on the night, securing the Large Builder category award for his work at Parc Y Coleg in Newport. Like Davies, Coyle was awarded the Pride in the Job Seal of Excellence, marking his dedication to quality construction.
The Pride in the Job Awards, now in its 44th year, are regarded as the ‘Oscars’ of the house-building industry, setting the benchmark for exceptional site management. The competition is known for its rigorous judging process, which assesses entrants across six key areas: consistency, attention to detail, leadership, interpretation of drawings and specifications, technical expertise, and health and safety.
This year, eight site managers from across Wales received the Seal of Excellence, having first earned a Quality Award in the initial round of the competition in June. The full list of Seal of Excellence recipients includes:
- Gareth Davies of T I Davies A’I Fab Cyf, Cardigan
- Matthew Coyle of Redrow Homes South Wales, Newport
- Dave Jones of Barratt and David Wilson Homes South Wales, Swansea
- Paul Oakley of Bellway Homes Wales, Cardiff
- Nick Powell of Redrow Homes South Wales, Newport
- Nick Rumble of Persimmon Homes West Wales, Pontyclun
- Mike Thomas of South Meadow Homes Ltd, Pembroke
- Daniel Williams of Taylor Wimpey South Wales, Penarth
Steve Wood, CEO at NHBC, extended his congratulations to the winners: “For more than four decades, Pride in the Job has underpinned NHBC’s purpose of raising standards in house building. The competition recognises the UK’s top site managers, showcasing best practice and rewarding excellence. Winning site managers demonstrate dedication, passion, and leadership to ensure new homes are delivered to exacting construction quality standards.”
The regional events, taking place throughout the UK, aim to celebrate these achievements and acknowledge the recipients of the Quality Awards. Mr Davies and Mr Coyle will now progress to the next stage of the competition, vying for the ultimate prize in house building at the Pride in the Job Supreme Awards, set to be revealed at a gala ceremony in London in January 2025.
Business
Specsavers expansion ‘shows confidence in future of Haverfordwest’
SPECSAVERS’ decision to expand into larger premises in Haverfordwest is further proof of the confidence of businesses in the future of the County Town.
That was the message from Pembrokeshire County Council Deputy Leader Cllr Paul Miller to news that the leading optometry company will move to larger premises at the Riverside Shopping Centre.
Specsavers has signed a lease with the Council to expand into the building previously occupied by Boots and Poundland.
The additional space will allow for 14 examination rooms fitted with state-of-the-art technology that will enable Specsavers to provide more enhanced sight, contact lens and audiology services for its customers.
Cllr Miller, who is also the Council’s Cabinet Member for Place, the Region and Climate Change, said: “I’m really pleased that we’ve been able to support Specsavers in expanding and investing significantly in Haverfordwest.
“This shows confidence in both the present and future of Haverfordwest which is undergoing major regeneration by Pembrokeshire County Council.
“Through taking control of the Riverside Shopping Centre we have been able to secure investment and tenancies in the town while also recovering the Council’s investment to purchase the site.
“Alongside the great news that leading food and drink company Loungers is moving into our Western Quayside development, I am confident further businesses will be drawn to the town centre.
“The work we’re doing will ensure Haverfordwest is an attractive place for businesses to operate and a great place for people to live, work and visit.”
Andy Britton, one of the partners of the locally owned store, said: “We are so pleased to be making the move into larger premises. The additional space will allow us to better accommodate the increasing demand for eye tests and audiology clinics in the area and help take some of the pressure off the NHS.
“The new store will open later this year and we look forward to celebrating its launch with customers old and new.”
Pictured top of article: Cllr Paul Miller, Deputy Leader of Pembrokeshire County Council (centre) with Andy Britton (left) and fellow partner Wayne Jones at the Riverside store which will be home to an expanded Specsavers.
Business
Former Cleddau Bridge Hotel site up for sale for £1.2m
A FORMER hotel site in Pembrokeshire is now on the market, having received planning permission for a new care home. The site, previously home to the Cleddau Bridge Hotel, is listed for sale at £1,200,000.
The Essex Road location, which spans 2.45 acres, has been granted outline planning permission for the construction of a care facility accommodating between 55 and 70 beds, as well as six retirement bungalows. This significant development is set within Pembroke Dock, lying just 120 metres from the A477, and is encompassed by the Pembrokeshire Coast National Park. The area boasts convenient access to amenities such as a shopping centre, restaurants, cafés, hotels, a pharmacy, sports clubs, and recreation grounds.
Planning consent for this project was conditionally approved by Pembrokeshire County Council in February 2023. The approval was given for the “Demolition of Hotel and Siting of Residential Care Home and Linked Bungalows,” marking a new chapter for the site that has remained derelict since a fire in 2019.
The Cleddau Bridge Hotel has been out of operation since March 2019, when a blaze caused extensive structural damage, leading to the collapse of several sections of the building. This incident thwarted earlier plans to convert the hotel into a 48-bedroom care home, a project that had been green-lit following a change of use application in 2018.
Due to the damage incurred, a new application was submitted for the demolition of the existing structure and the erection of a new care home. The planning proposal also included provisions for the six retirement bungalows, intended to be occupied by elderly residents who could assist with activities at the care home.
The fire that devastated the former hotel required a substantial emergency response, however, an investigation by Dyfed-Powys Police concluded there was insufficient evidence to identify a suspect.
This site is now poised for a new beginning as a care facility, providing much-needed services to the local community. Interested parties can find more information about this listing, handled by Christie and Co, on Rightmove.
-
Health1 day ago
Man dies following nine-hour wait for ambulance in Pembroke Dock
-
Health1 day ago
Ambulance error admitted in 999 call before Pembrokeshire mother’s death
-
Crime4 days ago
Man arrested following violent Incident in Pembroke Dock
-
Crime5 days ago
Dock police continue search following multiple assaults incident
-
News6 days ago
Pembrokeshire’s new MP votes to cut the Winter Fuel Payment
-
Education4 days ago
Whitland School goes into lockdown following threats to pupils
-
Crime3 days ago
Man with limited mental capacity sees child grooming conviction overturned
-
Crime6 days ago
Police appeal for witnesses following violent incident in Narberth