A North Staffordshire financial planning company has invested in top class technology to enhance the client experience.
Founder of Minerva Financial Solutions Nicola Conway decided to introduce document management platform DocPortal in February this year, to help with the storing of important documents and information and to allow for a more efficient service. DocPortal stores personal and business documents, while clients can also access the app, allowing Nicola and her team to communicate and share information directly.
Nicola Conway, Founder of Minerva Financial Solutions, says: “In a world where we spend a lot of time storing information electronically, and accessing it digitally, it is important to be able to keep important documents in one place. We wanted to help clients to be able to access what they needed with ease and that’s why we introduced DocPortal into the business.
Nicola adds: “The app really can help to store someone’s important life documentation in one place. Our finances, life policies and even legal papers are really important and need to be stored in a way that can be accessed by family members on the occasion of a death, which can be a very difficult time for relatives to be dealing with such issues. However, as you can appoint digital executors within the app, these documents can be accessed more easily and help minimise the added stress of those challenging circumstances.”
Minerva Financial Solutions have now shared the DocPortal app with more than 300 clients. As well as arranging financial documents, users are able to upload personal information such as photographs and favourite trips if they wish, along with other day-to-day documents.
“Our experience is that it’s like having a filing cabinet in your pocket – but without the large amount of paper,” adds Nicola.
“Information can be uploaded instantly to the app and people can go back and look over things themselves in their own time. We’ve found it very useful and many of our clients have been keen to use it.”
Minerva Financial Solutions is an Appointed Representative of St James Wealth Management and is based in Newcastle-under-Lyme.
Quantum Advisory, the leading independent financial services consultancy, today announced the launch of a new solution designed with small to medium (SMEs) employers in mind.
The service, which has only been available to a handful of existing clients to now, will advise SMEs on group risk, healthcare and wellbeing solutions tailored to them, and to best meet the evolving needs of their employees.
Commenting, principal consultant Graham Yearsley, who leads the employee benefits team at the firm, said: “Although gradually improving, the experience of small to medium employers in the market is generally still poor – they are often overlooked, cannot access the same resources and opportunities as larger organisations, and the quality of advice and consultancy they receive can be lacking. With SMEs by far the majority of the market, the disparity in service levels is unacceptable.
“According to government statistics, in the private sector 5.51 million businesses in the UK have less than 49 employees – this accounts for 99.2% of the total business population. Around 37,000 are medium sized and have 50-249 employees and only around 8,000 are large at 250 employees or more. And it’s growing, in 2023 there was a 0.8% increase of SMEs from 2022.
“Employee benefits programmes are critical attraction and retention tools – meeting employee expectations, ensuring the wellbeing and ongoing loyalty of staff, as well as optimising engagement. Getting it right is important whatever your size, but for SMEs it’s crucial.
“Recruitment is extremely competitive at the best of times and offering ever increasing salaries simply isn’t an affordable option, and neither does it address the overall wellbeing of staff. Frequent staff turnover can also be a real issue for a small employer, and difficult to manage. An expertly executed benefits package can have a big impact on an employment decision and, by proxy, the quality and loyalty of a team.
“It has to include honest investments in employees’ financial security, total health and career growth. As well, of course, as being accessible and affordable for an employer.”
Yearsley continued: “Our independent status means we can act nimbly and innovatively, creating truly bespoke solutions that are fit for purpose. We are able to access new and interesting things and act upon them quickly without the shackles of external shareholders – resulting in direct benefits to our clients and to their employees.”
In its 100th year, Swansea Building Society stands as a testament to success, achieving historic growth in mortgages and savings balances, complemented by record profits. The institution’s ability to attain double-digit growth in total assets, mortgages, savings, and capital, even in a challenging economic environment, underscores its financial prowess and strategic resilience.
For the fiscal year to December 31, 2023, Swansea Building Society celebrated significant financial milestones, witnessing a 15% growth in total assets fuelled by a 16% increase in savings and a 15% rise in mortgages. Total assets soared to £607 million, savings balances reached £565.5 million, and mortgage balances expanded to £477.8 million. The Society’s impressive mortgage growth was propelled by setting another record with gross mortgage completions hitting £120.1 million, surpassing the previous highest set in 2021.
The Society’s growth was supported by record profits before tax of £6.2 million, beating the previous record of £5.4 million achieved in 2022. This increased the Society’s capital reserves to £39.8 million. This is vitally important to the Society, as it provides greater reserves to support members achieve their financial goals.
The Society remains one of the few financial institutions in the UK that receives no wholesale funding or support from the Bank of England in the form of cheap funding. Its balance sheet is funded entirely by customer savings balances and its own capital reserves built up from retained profits over many years.
Alun Williams, Chief Executive of Swansea Building Society, said:
“The Society has ended its centenary year in great health, having delivered a record performance in 2023. This is despite the extremely difficult market conditions experienced during the year. I am extremely proud of how the Society has balanced the needs of borrowers and savers against a backdrop of a cost-of-living crisis, falling house prices and a rapidly increasing interest rate environment. Our 100th year has been full of activity, and I am delighted with how my colleagues have shown the level of dedication and care that our members deserve.
“The Bank of England has increased the Bank base interest rate 13 times since December 2021 as they have sought to reduce inflation. We are mindful that many of our mortgage customers have never experienced a rising interest rate market and were considerate of the impact that these dramatic increases could have on both new and existing borrowers. As a result, the Society’s weighted average interest rate paid by borrowers has increased by 2.88% at 31 December 2023, compared to the 5% increase in Bank base interest rate.
“Each time the Bank Base interest rate has changed, we have reviewed the Society’s savings interest rates to ensure that they are still highly competitive. The number of changes to the
Bank Base interest rate during 2022 and 2023 has made this task more challenging than in previous years, as the increased volatility in the savings market has made it more difficult to review the interest rates offered by other savings providers. It was therefore extremely pleasing that we were able to offer our savers such competitive rates that we achieved record savings growth.
“Producing strong sustainable financial results is just one aspect of the Society’s objectives. It is vitally important to the Society that we are also successful in terms of the quality of customer feedback and Member satisfaction. I was therefore delighted that based on customer survey feedback for 2023, 97% of respondents said they would recommend the Society to other prospective customers. This was particularly pleasing given the current economic climate.
“A key element of the Society’s purpose is to be socially responsible and to make a positive impact to the local community. We offer support not only through the products and services that we provide, but also by donating our time, skills, and resources. As 2023 was our 100th year of existence, in addition to the money raised for Maggie’s, our charity of the year, we donated an additional £100k to provide further support to local good causes in branch communities.
“To celebrate its 100 years, the Society held several events throughout the year to thank our members, introducers and suppliers for their support. It gave me great pleasure to be able to share the Society’s success with so many of our supporters across our core communities from West to East Wales.
“As we look beyond our 100th year, the Society is well placed to navigate through the challenging trading conditions caused by the current economic uncertainty. Our plans continue with the theme of digital transformation, as we embrace change by investing in our people and technology. Our members will therefore continue to see improvements in the way the Society delivers its products and services in the coming years. The increased growth and subsequent profitability of recent years has enabled the Society to make such investments, for the benefit of both current and future members.
“Our core goal of serving our customers in any way they choose remains. We will continue to support members through whichever channel is best for them, whether that is in-branch, telephone, or online. We pride ourselves on being a true mutual, with a member centric focus, providing relevant, attractive products and delivering exceptional customer service. Together with our robust financial strength, we are in a strong position to deliver on our purpose of providing members with tailored, flexible solutions.”
The Society will hold its annual general meeting at the Swansea.Com stadium on Thursday 25th April 2024. Members can vote ahead of that meeting or attend the meeting in person and the Society will donate a pound to Maggie’s cancer charity for every vote received.
Whilst senior members of the finance team would prefer the top job at their current company, young professionals favour a job move first
London, UK – 13th February 2024: The majority (61%) of finance professionals in the UK are aiming to become a chief executive officer (CEO) in their career, according to a UK survey of the industry by AccountsIQ, the award-winning accountancy SaaS provider.
Overall, young professionals are more ambitious about their prospects of moving out of the finance department and into the CEO’s chair, with 63% citing this aspiration compared to 59% of senior professionals. However, of those wanting to become CEO, just 46% of the younger respondents would like to do so at their current company. This is in comparison to 64% of senior professionals who are targeting the CEO job with their current employer.
The findings provide evidence to the growing connection between the role of the CFO and that of the business leader, with accounting teams increasingly relied upon to drive business strategy.
The data also reveals that finance leaders are succeeding in providing a clear development pathway to junior members of the team. In fact, 81% of young professionals report having a clear understanding of what they must do in order to achieve their desired career goals at their organisation.
Darren Cran, COO at AccountsIQ said: “It’s inspiring to see the ambition of young accountants to work their way to the top of corporate leadership through the finance team. The accounting department has always been a team which works closely with the CEO, but as the volume of data collected by the function has expanded, so has the pathway to leadership positions for those analysing it.”
Whilst ambition within the finance team is high, the survey revealed aspects of the role which cause issues with morale and culture. Over one-fifth (21%) of all finance professionals cited manual data entry as a leading cause of feeling undervalued. Additionally, when asked about the culture within the finance team, 30% of young professionals said better software and more automation of burdensome tasks would be key.
Cran added, “To truly enable these professionals to make that leap from finance to the CEO role, it’s essential that we liberate them from the shackles of manual, time-consuming tasks. By automating and streamlining financial processes, we can open up opportunities for talented individuals to engage more deeply in strategic decision-making, better preparing them for business leadership.”
The research was conducted among 502 finance professionals and accountants in the UK:
251 young finance professionals between the ages of 18 and 35 who have up to three years’ experience, and who work in companies with between 40 and 500 employees up to middle management level
251 senior finance professionals in companies that have between 40 and 500 employees, and who have 11 or more years of experience and are aged 31 or more
ACCA’s review of the current global economy suggests 2024 will be beset with risks and challenges
Slow growth, geopolitical risks, lagged impact of monetary tightening in 2023 and businesses approaching with caution are likely to shape
An inaugural annual economic prospects report by ACCA examines the outlook and major risks for the global economy and key countries. The report, 2024 Global Economic Outlook: Slow Growth High Uncertainty, sets out the key events to watch in a year packed with elections; examines three trends to watch closely; and interviews chief financial officers (CFOs) from across the globe.
Jonathan Ashworth, chief economist at ACCA and author of the report, said: “The global economy looks set to grow slowly once again in 2024, and the risks are skewed to the downside. The lagged impact of past monetary tightening could lead to an even more pronounced slowing in growth, and geopolitical risks remain very heightened. The busy political calendar, with elections scheduled in around 60 countries, including the US, the UK, India, and the European Parliament, adds a sizable extra degree of uncertainty and potential volatility.”
Ashworth added: “It could be risky for central banks to declare imminent victory in their battles against inflation” but suggested that: “Upside risks to the global economy in 2024 could perhaps come from continued rapid improvements on the inflation front, which could pave the way for quite an early and significant easing of monetary policy by central banks.”
But he warned that “this could risk sowing the seeds of higher inflation in 2025 and beyond.”
In addition to monitoring the usual ebb and flow of economic data, Ashworth suggested watching three key trends this year:
Further backsliding by governments on policies to achieve the green transition
Signs of rising geo-economic fragmentation
Developments with artificial intelligence (AI).
Ashworth said: “The first two could be particularly impacted by political developments through the year, and we will be watching for early signs that wider AI adoption is beginning to provide a much-needed boost to productivity growth in economies.”
Meanwhile, caution was the watch word from CFOs given the challenging global economic backdrop and the geopolitical developments and elections in many countries. Some businesses were naturally less impacted by cyclical economic developments, but a number were impacted by, or at risk from, structural changes related to trade, and supply chain issues. Most were experimenting with AI and other technologies in their businesses, while some noted the difficulty in attracting talent given the changing ways of working.
Universal Partners, a leading provider of financial services to businesses, today announced that applications are now open for a new intake of cohorts for its FX Academy, a comprehensive twelve-month training scheme designed to identify, cultivate and recruit exceptional diverse talent looking to launch a career in financial markets.
With a focus on breaking down barriers to career progression, the FX Academy is an extraordinary opportunity for individuals from all walks of life to develop the skills to become a Business Development Executive at the firm, through a well-paid, on-the-job training placement, regardless of their previous educational credentials or work experience.
Applicants are selected for their potential to complete and excel in the programme, and must possess the ability to play by UP’s core principles – Hard Work, Loyalty, Collaboration, Transparency and Reflection.
Through the structured programme, individuals will be paid to learn a valuable skill set that includes research, client communication and effective business outreach, as well as training on sales, macroeconomics, financial markets, FX technical and fundamentals, corporate finance and accounting, business studies, customer service and FX risk management.
Upon completion of the FX Academy, graduates will join Universal Partners with a competitive salary and bonus – as well as unlimited opportunities for career growth. Responsibilities of the role will include reaching out to key decision makers of large corporations and understanding their current FX exposure and strategy before presenting Universal Partners’ bespoke solutions and product suite.
Individuals beginning the FX Academy programme will be paid a salary of £21,000 to learn, with pay rises to £24,000 halfway and £27,000 upon graduation, typically within 6-8 months, focusing on various financial and business skills, supplemented with bonuses and based on measurable results and success. Graduates of the scheme who progress onto senior roles can see their earnings reach 6 figures per annum within 12-18 months.
Now in its fourth year, the FX Academy has previously attracted a diverse group of individuals aged 17-30 – all from various socioeconomic backgrounds as well as educational levels, from college dropouts to master’s degree holders. A number have been promoted to several leadership positions at Universal Partners and play an instrumental role in accelerating the growth of the company.
Universal Partners saw volumes almost double to £1.3 billion last year, making it one of the UK’s fastest-growing fintechs. The company has set itself apart by utilising an analytical approach to provide customers with tailored cross-border payments and bespoke risk management strategies.
Looking ahead, Universal Partners plans to increase its workforce to help deliver more global payment services, and to establish key partnerships with global financial institutions.
“Oliver Carson, Chief Executive and Co-Founder of Universal Partners commented: The FX Academy is more than just a training programme; it’s an embodiment of our core values and our dedication to creating a truly inclusive workplace. We believe talent is not confined to traditional educational backgrounds or socioeconomic status. Having started my career in finance upon leaving school myself, without a degree, we wanted to give that opportunity to many more young, ambitious hard working individuals, and that is exactly what we have done through creating our very own academy, providing a platform for individuals with the drive, determination, and passion to pursue a rewarding career in financial markets.” It’s been very rewarding to see so many successful candidates progress into senior management positions throughout business and now play a key part in the company’s overall strategic vision.
The FX Academy has been instrumental in identifying and nurturing top talent, ensuring a consistent pipeline of highly skilled and motivated individuals who contribute to the company’s continued success. It goes beyond traditional training, providing participants with a holistic development experience that encompasses not only financial expertise but also personal and professional growth.
Applications are now open for the next cohort, starting in February 2024. Interested individuals can apply through the company’s website.
Leading foreign currency specialist recognised for its competitive rates and customer service in the ‘Best Travel Money Provider’ category
Leading travel money specialist, eurochange, has started the year on a high after being named Highly Commended in the prestigious 2024 Moneynet Awards.
The foreign exchange provider, which has over 200 branches across the UK, was recognised for its competitive rates and service in the ‘Best Travel Money’ category.
The annual Moneynet awards recognise the top personal finance providers and products from the previous twelve months. They are noted for celebrating the foreign currency providers, banks, building societies and credit card companies that have gone that extra mile and delivered great deals for consumers.
Charles Stewart, managing director of eurochange, said: “We are delighted to be awarded this accolade from Moneynet as a top travel money provider, known for delivering service to be proud of.
“This recognition is a great start to the year, and we aim to build on it by continuing to be a trusted choice for those seeking great foreign currency rates and service.”
Andrew Hagger, personal finance expert and Chair of the Moneynet Awards judging panel, added: “We recognised eurochange for it’s commitment to competitive currency pricing in our 2024 personal finance awards.
“We look at many factors when honouring foreign currency specialists, in what is a highly competitive market and eurochange is a well deserved its ‘Highly Commended’ accolade in the Best Travel Money Provider category.”
Independent accounting and business advisory firm HURST has announced two promotions in its tax team.
Sam Ryan, who joined HURST in 2022, has been promoted to tax manager. He works with clients on a range of matters, including transactions, due diligence and restructuring.
Liza Whiley, who moved to HURST in 2021, has become an associate tax manager. She has a dual role, covering personal tax advisory and research and development.
HURST partner Liz Gallagher, head of the tax team, said: “Sam and Liza are integral to the success of our tax advisory department and have both contributed significantly to what will be our best-ever year.
“As a firm, it’s important that we recognise their hard work and dedication as they progress their tax careers with us.
“In addition to reflecting their individual contributions to the business, their promotions underline our commitment to helping colleagues actively develop their careers with us.
“On a personal level, I’m delighted that Sam and Liza have made these important career steps with HURST and I and look forward to working with them as we go forward to the next phase of our firm’s growth.”
HURST focuses on advising entrepreneurial owner-managed businesses with turnover of £10m and above across all sectors. Clients include Kinaxia Logistics, M&I Materials, Beechfield Brands, Duerr’s, Oliver Valves, Lancashire County Cricket Club, Krones UK, Creamline Dairies, Arighi Bianchi, Scapa Group and Hyde Group.
The tax team promotions follow a raft of recent promotions in HURST’s business services team. Four of those five individuals began their careers with the firm as trainees.
HURST is due to move its head office to a new flagship development in Stockport in the spring to accommodate its growing team.
The firm is taking 11,000sq ft at 3 Stockport Exchange, the latest phase of a £145m project by Muse Developments and Stockport Council.
HURST is taking a 10-year lease and will occupy the entire fifth floor at the building. It has been based since 1998 in Tiviot Dale in Stockport town centre, but has outgrown those premises.
The new HQ will give the firm scope to expand from 120 staff to around 170, which it aims to achieve over the next three years.
Challenges in talent acquisition, cost management, and ESG reporting emerge as the three top hurdles for SMEs in 2024.
New research from ACCA (the Association of Chartered Certified Accountants) highlights the pressing challenges and strategic innovation opportunities for small and medium-sized enterprises (SMEs).
The study, SMEs: Business challenges and strategic innovation opportunities, reveals three main challenges: escalating costs, workforce and talent management, and the evolving ESG (Environmental, Social, and Governance) reporting agenda.
Aleksandra Zaronina-Kirillova, head of SME at ACCA, says: “As we enter the new year, SMEs are grappling with a wide spectrum of challenges, but our findings are also a clarion call for SMEs to embrace strategic innovation. By addressing these challenges head-on, SMEs can unlock new growth avenues and strengthen their market position.”
The report emphasises the need for tailored strategies that can help SMEs navigate the evolving business landscape successfully, including embracing innovation, optimising resource management, and staying ahead of regulatory changes.
Key findings include:
Cost pressures and the economy: SMEs face significant increases in utility prices and supplies, with 58% of businesses highlighting higher costs as their top concern. A quarter of respondents said utility prices had surged by over 20%. This significant challenge underscores the need for effective cost management and innovative financial strategies.
Workforce and talent management: The study revealed a notable rise in job vacancies and challenges in filling specific roles. Increased job vacancies for professional workers were reported by 31% of businesses, and 14% were unable to find suitable candidates for clerical workers, technicians, and service and sales workers. This calls for a renewed focus on talent acquisition, skill development, and retention strategies.
SMEs and the ESG agenda: Nearly 50% of SMEs are now required to provide ESG information, highlighting the growing importance of sustainable practices. However, the report identifies a gap in the ability to generate and manage this data, presenting both a challenge and an opportunity for SMEs. Less than 45% of those surveyed said they had received training in how to effectively collect ESG data, leading to a lack of universal framework and metrics for reporting.
Zaronina-Kirillova added: “In these testing times, SMEs must pivot towards innovative strategies to navigate the complexities of cost pressures, talent retention, and sustainable practices. Our research not only identifies the critical hurdles but also offers a roadmap for SMEs to emerge stronger and more agile.”
The roadmap within the report recommends the adoption of digital technologies, enabling SMEs to streamline operations, reduce costs, and enhance productivity. It also emphasises the importance of embracing sustainable practices, not only as a regulatory compliance measure, but also as a strategic move to attract new business and customers.
It also encourages SMEs to develop and retain top talent through continuous learning and development opportunities.
In this rapidly evolving landscape, the role of accountants, especially those in small and medium-sized practices (SMPs) can be pivotal. Accountants are not just financial stewards but strategic advisers who can guide SMEs through complex challenges such as managing rising operational costs, navigating new regulatory requirements, and implementing effective ESG practices.
Accountants’ expertise in financial management and strategic planning is crucial for SMEs to optimise resources, identify cost-saving opportunities, and ensure compliance with evolving regulations.
From seasoned market veterans to newcomers eager to carve out their niche, the appeal of real estate property investments is universal. However, real estate, like all investment domains, is fraught with challenges, from market volatility to unforeseen external factors that can sway property valuations.
In the UK, 2023 has seen a notable shift. The number of homes sold is projected to decline to its lowest in over a decade, with house sales expected to drop by 21% year-on-year, amounting to approximately 1 million. This decline is primarily attributed to the rising cost of mortgages, deterring potential homebuyers.
In the midst of such complexities, how can investors navigate with confidence and precision? The key to success is transparent financial research. This comprehensive research transcends mere statistical data, offering a lucid, impartial perspective on the real estate landscape, encompassing current market trajectories, emergent growth sectors, and areas potentially on the decline.
In the following article, we aim to provide readers with a deeper understanding of the indispensable nature of transparent financial research in crafting a robust property investment strategy.
Harnessing Expertise in Property Finance
Delving into the world of property finance, including development finance, requires more than just knowledge; it calls for genuine expertise. Consider working with a property finance firm with a longstanding history in the industry, as their sustained presence signifies more than just longevity; it’s a mark of their adaptability, skill, and dedication to helping clients achieve their financial aspirations.
In addition to that, look for firms that offer a wide range of services, covering everything from short-term financing and development finance to various mortgage solutions, and cater to diverse financial needs. Their extensive network, which includes both mainstream and specialized lenders, ensures clients receive the best possible rates.
Foundations of Astute Investment Decisions
Evaluating Intrinsic Value
Every investment proposition is underscored by its inherent value. Transparent research serves as a guiding light, meticulously detailing a property’s current market standing, potential for appreciation, and areas of possible depreciation.
These insights empower investors to make decisions anchored in reality, ensuring that their capital is allocated judiciously to avenues that resonate with their financial objectives.
Decoding Market Dynamics
The real estate sector is akin to a living entity, perpetually evolving in tandem with economic, technological, and societal tides. Transparent research offers a panoramic view of these shifts, equipping investors with the acumen to make strategic, timely decisions. By understanding these dynamics, investors can position themselves advantageously, capitalizing on emerging trends and sidestepping potential pitfalls.
Anticipating Returns
The cornerstone of successful investing lies in data-driven, informed risk-taking. Transparent financial data enables investors to craft accurate return projections, ensuring alignment between financial ambitions and a property’s projected trajectory. This predictive capability ensures that investors can calibrate their expectations, optimizing their portfolios for maximum yield.
Strategizing Risk Mitigation
The property investment landscape, while promising, is not devoid of risks. Transparent research acts as a sentinel, identifying potential challenges, be they legal intricacies or market fluctuations. Such foresight allows investors to fortify their strategies, bolstering confidence in their investment choices. By pre-emptively addressing these challenges, investors can ensure the longevity and resilience of their investments.
Upholding Regulatory Compliance
The labyrinthine regulations governing property investments necessitate meticulous adherence. Transparent research serves as a compass, ensuring that all investment undertakings are compliant, thereby safeguarding investors from potential legal entanglements.
In an era where regulatory scrutiny is intensifying, this commitment to compliance is paramount, ensuring that investments are not only profitable but also ethically and legally sound.
Conclusion
As the industry undergoes multifaceted transformations, influenced by global economic paradigms, technological innovations, and evolving societal predilections, the imperative for rigorous, objective financial analysis becomes paramount. This analytical framework, steeped in empirical rigor, furnishes investors with a strategic blueprint, elucidating potential avenues of opportunity while concurrently signposting potential areas of caution. For the seasoned investor, it serves to validate and recalibrate investment strategies, offering avenues for portfolio diversification.
For new investors, it provides a lucid, structured pathway to traverse the labyrinthine complexities inherent to the real estate domain. Moreover, as the emphasis on sustainable and ethically aligned investments intensifies, transparent research will be pivotal in discerning properties and ventures that resonate with these contemporary imperatives.
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