MATT FRARY founded rockwealth Norwich in September 2019. It wasn’t the best timing, six months before the first coronavirus lockdown. But despite that the firm’s client base has steadily grown. In this interview with rockwealth’s Head of Client Education ROBIN POWELL, Matt looks back at the first three-and-a-half years in business and explains why rockwealth’s distinctive value proposition is proving so popular.

 

RP: Matt, you effectively started rockwealth Norwich from scratch, with no clients at all. How has the business gone since then?

MF: It’s gone fantastically well. The first 12-18 months were tough, especially with the COVID-19 situation. But we got through that and came out the other side, and now I’m really, really busy. Most of the new business I’ve had has come through referrals; existing clients and professional contacts have recommended me to their family and friends, and they’ve become clients too. In fact I’m so busy that, if 2023 continues in the same vein as 2022, I’m going to have to consider expanding and taking somebody on.

 

Have most of your new clients moved from other advice firms, or are you the first adviser they’ve had?

Actually, many of our clients have come to us after losing contact with their previous advice firm. There’s been a lot of consolidation in the advice sector, with owners of small firms selling to big firms. That often means that clients lose the personal relationship they’ve had with their adviser. They were told they were going to be dealing with a branch that might be many miles away, and they didn’t want that.

For most of those clients, the lifestyle financial planning and the cash flow modelling we do at rockwealth is completely new. They’ve never had a proper financial plan before. So it’s a bit of an education for them because they’re just not used to the idea of their plan and their goals coming first, rather than the investment strategy. But they’re pleasantly surprised by the way we do things, and they’re pleased to see that we’re looking at the big picture.

 

For you, Matt, why is it so important that the plan takes precedence over investments, and lifestyle over money?

I’ll give you an example from just the other day. I was with a wealthy client who’s going to be retiring soon. She has plenty of capital in her pension and other investments, but she was worried that, with her salary stopping, she wouldn’t be able to afford the lifestyle she wants. Using the cash flow modelling and financial planning tools we have, I was able to demonstrate that she’s not going to run out of money. So I reassured her that she has nothing to worry about on that score at all. In fact I told her she should be spending her money and making the most of the opportunities she now has for travel and the other things she wants to do.

This particular client loves keeping fit, particularly swimming, and she’s got a swimming pool in the back garden. But she was worried about the heating costs. I told her that, because she loves swimming so much, she should just go ahead and enjoy it. I was really quite upfront with her because I felt that I needed to be. By the end of the appointment, she was really grateful.

I see this a lot. What’s the point of having built up wealth over your working life if you’re not going to enjoy it?

 

Something else that sets rockwealth apart from other firms is its commitment to evidence -based investing. How is that going down with your clients?

I think this part of the country is still a little bit behind the curve in terms of the evidence-based approach to investing. But clients are uniformly positive about it. 

I explain to them that there are certain things they can control as an investor, like costs and taxes. But you can’t control the markets or fund performance. It’s liberating for clients to be told that they only need to focus on what they have control over.

They also like to see how small incremental savings become massive over time with the magic of compounding. We can demonstrate it using the software we have. When clients see the savings they can make and what those savings can mean for their families down the line, they really are up for it.

People have seen what happened with Neil Woodford. Some of our clients had money invested with Woodford. Others had money in the property funds that were suspended. And they’re realising that there’s enough risk with the stock market itself, without having to take on more risk. So they’re letting markets do the heavy lifting and focusing on their financial objectives rather than worrying solely about the “next big thing”.

What also appeals to clients is that I’m endorsing something I invest in myself. I invest my own money in exactly the same way. So our interests are very much aligned. That’s really powerful.

 

For you, what is it about rockwealth Norwich that really stands out most of all? 

The most important differentiator for me is the emphasis on transparency. I like clients to have a clear idea of the service and the value we’re providing. We don’t make promises we can’t keep, and we don’t raise false expectations.

I set myself very high standards. I pride myself on my attention to detail and on providing a personal service. I always like to respond quickly. Even if it’s bad news — say, for example, we’ve been let down by an insurance or investment company that’s failed to provide the information we need — I like to tell clients straight away. I like to keep them fully informed. That’s the way that I would expect to be treated myself.

So, yes, we’re transparent in everything we do, not just our fees. You know what you’re getting with rockwealth Norwich, and we won’t let you down.

 

You tend to see most of your clients face-to-face rather than via video link. That’s not necessarily the norm any longer, is it? 

That’s right, I still see most of my clients face-to-face. Advisers around the country started doing remote Zoom meetings during the pandemic and lots of them have stuck with that. But I find that that most of my clients really do value, and want, face-to-face meetings, and so do I. The personal, human touch allows me to have deeper and more meaningful conversations. People open up to you a bit more in real life.

Right now, even though they tend to be wealthy, my clients are quite worried about the economy and the cost-of-living crisis. You can’t avoid all the bad news in the media about inflation and so on. But that’s why we’re here as financial planners, to help clients look beyond the scary headlines and to realise that they can afford to do what they want.

So it was once the pandemic they were worried about, now it’s the cost of living, and I’m sure something else will come along to worry us all in the next 12 months. We can’t predict the future, but we can ensure that we’ve planned for different eventualities.

 

A recent report showed that a record number of new businesses started up in East Anglia in 2022. What do you make of that?

I think that’s probably a consequence of the pandemic. There’s been an upsurge in people moving to the country, because they realise they can work from home and don’t need to be in big cities like London. That’s a shift that will probably continue.

It’s really encouraging to see that the entrepreneurial spirit is alive and well in our region. I myself work in a set of serviced offices that are fully let. There’s a a good buzz about the place, and also about Norwich generally. A lot of people want to move here because of the beautiful countryside.

 

It’s a big subject, but what advice would you give to people thinking about retiring in the next few years?

First of all, anyone who’s thinking about giving up full-time work should sit down and ask themselves, What do I want out of life in retirement? What does my ideal retirement look like? 

Retirement is a huge opportunity to do what you want. Our freedom to travel has been massively curtailed because of the pandemic. Now that restrictions have largely been lifted, people should think again about grabbing the moment, seizing the day, and doing what they want to do while they’re healthy enough to do it. 

That would be the first thing that I’d encourage people to do, because life is for living and enjoying now. I would also urge them to see a good financial planner from a firm, like rockwealth, that offers a fixed-fee model rather than percentage fees. And, of course, I would recommend that you invest in a low-cost and evidence-based way.

 

Finally, a key part of your job as a financial planner is to help people identify the things they really value. What do you value most yourself?

For me it’s all about three Fs — family, fitness and freedom. Those are the things that get me out of bed every day.

Family comes first of course. But I love all types of fitness training, and that’s the leisure activity I enjoy most and spend most time on. Freedom is also important: the ability to do what I want and travel where I want. 

So family, fitness and freedom are the three key drivers of my own financial plan.

 

FIND OUT MORE

Want to find out more about rockwealth Norwich and how Matt Frary can help you to achieve your goals? Then give us a call or send us a message. We would love to hear from you.

 

Financial Planner in Norwich

rockwealth Norwich is an evidence-based and fee-only Financial Planning firm situated in the City of Norwich, Norfolk.

About: rockwealth Norwich IFA, is based in the centre of Norwich. As an independent financial planning adviser, we can help with many financial services, from independent financial advice, pension and retirement advice, investment advice and inheritance tax planning.

Interested to work with us?: We offer an Initial Discovery Consultation, completely free of charge and without any obligation. You can visit us at our office, schedule a video call, or call us on:  01603 542080.

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Find rockwealth Norwich IFA at: rockwealth, St Georges Works, 51 Colegate, Norwich, Norfolk, NR3 1DD.