Ben Rouse set up Rouse & Co later Rouse Limited in 1992. The company now employs around 20 people at their office in Newport’s Mill Court, offering financial planning advice across a full range of financial services, including wealth management, savings, investments and retirement planning.
With the current financial uncertainty around Brexit and the change in the value of the pound, I’m guessing this must be an interesting time to be a financial planner?
The plans don’t change that much, in reality. It’s our approach to investment for clients that changes. Ben Silk is head of our investment committee and he has made some excellent decisions for portfolios in reaction to the shock result. And for the majority of our clients it’s about reassurance. We deal with many very intelligent people including those running big businesses in the City as well as those who have retired and want to make sure that what they have got will last for as long as they need it. They look to us to provide some security and reassurance that their investments are safe and that we have their interests at the core of our decisions, should there be changes in legislation or events that alter the market environment, such as Brexit,
How different is the Isle of Wight as a place to provide the kind of service that you do?
There are some fantastic businesses on the Island run by entrepreneurial characters as well as many people enjoying a long, happy retirement. Demographically yes, it is different. In London we are often dealing with people who are at the peak of their earning potential, working in the legal system or performing arts, so naturally there is more of a buzz there. Clients in London are also used to a faster pace. From our perspective we feel that that keeps us sharp. If we can compete in London, dealing with very high earning individuals and providing them with the robust service they expect, then this will enhance the knowledge and experience we bring to all our client relationships. And we all have very close relationships with our clients, wherever they are based. The Island is great because everyone tends to know everyone but this isn’t always a benefit! Interestingly, there is often the sense our London-based clients rather like using someone who is not immersed in their community!
A business like ours is a people business: it’s based on relationships and trust. We are looking after substantial amounts of people’s wealth – in total we manage about £250m of liquid assets and within financial services that is quite a large sum of money for a business like ours, so it’s important to have the right people in place.
How do you engage with the business community?
We have very good working relationships with most of the Isle of Wight’s solicitors and accountants. We refer clients to them for legal and accountancy expertise and hopefully they see us as a well-qualified team to whom they can also refer clients. In terms of corporate work, we have helped quite a few businesses with developments such as auto-enrolment – unobtrusively advising on the options available. We also run clinics for companies. Some of the more forward- thinking companies understand that allowing their staff to have a chat with an experienced, qualified person can help their workforce. Worrying about mortgage payments or losing sleep over debt isn’t productive for anyone and our clinics mean companies can actually provide some sort of financial help for their employees.
Lots of people on the “leave” side of the Brexit argument have dismissed worries about damage to the economy. On the “remain” side, many people are now predicting years of turmoil. Is it the beginning of a financial apocalypse? Should investors be worried?
We have repeatedly been on the brink of an apocalypse during the 25 years I have been working in financial services. The rise of global terrorism, Brexit, changes in government, changes in legislation – they have all impacted. It’s our view that it doesn’t really matter what the problem is as markets will react if something is causing uncertainty. The reality is that they also bounce back. And if they don’t bounce back then we have got bigger problems to worry about!
In terms of Brexit, it is what it is, and we have to deal with the developments. Businesses generally find a way to work their way through these problems as it’s about keeping a cool head and making sure that there’s enough cash set aside to ride you through any issues. This is not a time for knee-jerk responses or trying to guess where things are going. Nobody knows right now. Provided you keep yourself diverse in terms of investments and you have a nice wide range of angles covered then you stand a better chance of riding the storm.
One of the easiest ways to lose money is to act emotionally when it comes to investments. We listen to our clients as people and much of our time is spent coaching them to ensure we understand their financial needs and that they understand we have them diversely invested in a way that matches their attitude to risk.
