Placing your investment is important
Not only do we need to make sure your money is invested in the right funds and you that are aligned to the level of risk you are prepared to take, we need to make sure the most appropriate company is managing your money.
Hodge Bakshi Wealth follows a robust procedure to undertake due diligence on all the companies out there, which we review regularly. We do this to give you peace of mind, so you know that expert selection has taken place.
A very important feature is to make sure that we own the selection process and we take an unbiased approach when selecting a provider. This is called ‘owning the supply chain’ and something we take seriously.
Owning the supply chain
The Cambridge Dictionary Online defines supplier as a ‘company, person, etc. that provides things that people want or need, especially over a long period of time.’ Hodge Bakshi Wealth makes sure we control this supply chain on your behalf, selecting the best providers of tax vehicles and fund choice.
In the model shown below, our advice process is independent from the provider, and only at the recommendation stage would we introduce the most appropriate provider and solutions to meet your needs. Following appropriate due diligence reviews, we shortlist providers to those who provide the required solutions to meet client needs. Of course, nothing stays the same, so we conduct regular ongoing reviews to ensure that the provider remains suitable and appropriate. Hodge Bakshi Wealth owns the processes which are used to formulate advice.
The litmus test for any advisory firm is to ask how easy it would be to remove their business from the advice process and supply chain of the providers and/or platforms for each client. In other words, is there a reliance on providers to run the business, or are their services only called upon when required. In our case their services are called upon when required.
We take guidance from our regulator and other experts
We follow the advice given by The Financial Conduct Authority (FCA) and our compliance service provider because both have vast amounts of expertise and experience in setting out what make a good client outcome.
We will firstly identify what type of investment vehicle you need, one that offers a single tax solution (for instance a pension) or a provider who can offer a number of different tax vehicles. We will also identify if a Platform (a product with more than one tax wrapper) or a Product is the most suitable.
We will make sure that we explore all the possible solutions and make a choice best suited to our clients’ needs.
Our due diligence procedure is supported by the Regulator expectation, in other words what the experts see as best practice.