2024 / 2025: A note from our MD…
I usually write a reflective piece for our site and clients around this time and this year will be no exception. It’s very typical to do so during probably the only real ‘off’ period we have as a business.
We closed the office on Dec 20th and re-opened on Jan 6th. That felt like a really healthy period for all of us to switch off, rest and prep for our busiest period – which is our Q1 annual review process.
We have had a fair amount of discussion internally as to whether or not doing all reviews in Q1 is the right thing for us and for clients. Despite the challenges the stress it can cause, we believe it’s a net benefit for both sides.
2024 was another bumper year for markets. It’s seems like the 2020s is full of big swings. We have had pretty strong returns since the pandemic, though 2022 was a really difficult year. There was of course the huge sell-off in 2020 as well and 2018 was a tough year but, all in all, we’re getting growth through the volatility of markets – just as it should be. There is no free lunch in investing. To get strong long term returns, you have to experience periods when markets are down.
From a business perspective, 2024 saw us continue our growth. We’re now looking after approximately 125 families and managing c£150m of assets in the UK, as well as some in the US for our clients there. We are in discussions with a couple of businesses about potential new acquisitions for us, so keep your eyes peeled later in the year and we’ll let you know happens.
We were delighted to welcome Emily back to the office in July after her travelling sabbatical. She had a wonderful trip and it was great to be able to see her fulfil that ambition. It was even better that she came back! She’s now ready to start leading client relationships so will begin taking ownership over the coming months.
Toby has fully integrated the clients from our first business acquisition, and he is busy building new relationships with clients coming into Engage.
Stevie, Michelle and I, the original stalwarts, continue to drive the business forward and think about how to be better, to provide better client outcomes and for us to be more efficient in all that we do.
This year we hosted our first wine tasting event which received very positive feedback. We held a SSAS seminar for some clients/contacts we knew were thinking of buying property through their pensions. We also led a small collaboration with Watches of Switzerland for some of our clients who love horology. All of these events were well received, and lessons were learned that we can use when planning future social and/or educational events. We love to see a sense of community start to build across Engage clients.
One of the challenges this year was having to raise fees across the board. It’s never easy to find the right time, or the right way to do this for everyone. I’ve outlined before that our choice to be a fixed fee adviser is an advantage for our clients, and for us in down markets, however it presents issues with how and when to raise and strike the balance between the business’ interests and our clients’. Our new model is designed for longevity, so we are confident that these conversations/big changes are a thing of the past.
Looking ahead to 2025 and it’s a very exciting time for us as a business. We have lots of client enquiries, it’s likely that we’ll need to add a team member or two this year, and we’re aiming to get to c£200m of assets to manage. Our team is settled, we feel we’re doing good work for good people, and this should lead to the continued success for us and for our clients. The best thing about the business of financial planning is that you can do good by doing good!
Wishing everyone a healthy, happy and successful 2025. See you in Q1