Wow - six months since my last post! It's hard to believe, but then there has been a lot going on. We have decided that Carrington Wealth Management will, in future, be (a) directly authorised (we're currently part of the Paradigm network of financial advisers) and (b) a limited liability partnership.
There are two main reasons for the first change - one is that being part of a network places restrictions upon us in terms of the subjects that we can advise clients on (for example, we aren't permitted to advise clients in Spain on QROPS pension plans) and the second is that as we are authorised via the network we could be unable to advise clients in the future if the network got into financial difficulties (as has happened with others in the past). Direct authorisation ensures the continuity of our service and the widest possible range of options for our clients.
The change to an LLP (Carrington Wealth Management is currently an 'ordinary' partnership between myself and my wife Jill with unlimited liability) is for two reasons - the first is our own financial security and the second is that it makes it easier to grow the business.
Our application for direct authorisation is currently undergoing scrutiny by the Financial Conduct Authority and we hope to hear that the new LLP has been approved within the next few weeks, after which time I'll be posting much more regularly. If you have any ideas for subjects that you'd like to see covered in the blog or on our YouTube channel them please let me know.
Kind regards, Steve Laird
