About Eldon Chartered Financial Planners
Eldon Financial Planning Limited (Eldon) is a Chartered and Accredited Financial Planning firm. It was set up in 2002 by three like-minded directors aspiring to become the North East’s premier fee-based personal Financial Planning practice. Eldon gives specific, detailed advice within the framework of a comprehensive financial plan so that everything fits together to meet their clients’ objectives in life. They have developed a high level of expertise in investment, retirement and tax planning for clients with simple or more sophisticated requirements. Eldon has been listed as one of New Model Advisers Top 100 UK firms for the 4th year in a row.
Note from Tony Conner, Owner and Director, Eldon Chartered Financial Planners
“Our partnership with Parmenion means we are able to focus on building long-term relationships with our clients; providing excellent client service at all times. We can now spend our time on financial planning instead of fund selection and performance, which is time consuming and this is time that could be spent with clients. The streamlined process, intuitive technology and high standards mean that we can provide a high-quality service at all times, which in turn leads to happy clients. Parmenion’s flexibility has provided us with the right investment proposition for our clients and our business.”
What business challenges were you facing when you elected to consider Parmenion as a partner?
In 2009 we made the decision to refine our investment proposition. We were looking for a service provider that could put together precisely the range of funds that we wanted to offer to our clients, in a cost-effective way. We also needed to be confident in the ability of our chosen partner to deliver the promised quality and service levels, both then and in the future. We needed a partner that could demonstrate the ability to match the high quality of service that we have always given to our clients.
How has Parmenion supported the development of your business?
We have achieved the investment proposition that we wanted with Parmenion. This means that we have been able to work confidently within our investment philosophy and been able to maintain the high standards we always set. That has led to continuing client referrals.
How has Parmenion helped you to secure your business objectives?
Parmenion helped us to put in place the bespoke package that we were looking for, by working flexibly and being attuned to our requirements.
What has been the impact on your operational processes?
Our operational processes are now more streamlined. Our clients are invested within a wider range of clearly defined, volatility bands, which is what we wanted. Parmenion’s technology is easy to use and clients can view their portfolios online. We were an early adopter of Parmenion. The personal service we receive and the continuity in quality has been maintained throughout the growth of Parmenion.
How have you adopted Parmenion in relation to other platforms and/or DFM solutions?
We are an independent firm, so are always reviewing our services. We are fully able to justify using the Parmenion service as it continually ticks all the boxes. There are over 10,000 individual holdings across our portfolios. We knew the funds that we wanted to use, for example Dimensional and not all platforms could offer this in 2009. Parmenion negotiated on our behalf with the fund managers and got them on the platform as part of our solution. Parmenion offers us a true working partnership as well as flexibility.
What future opportunities do you expect to explore as part of your relationship with Parmenion?
We have been exploring Parmenion’s pension offering and we shall continue to take advantage of enhancements that we can make to our service.
What client feedback have you received in relation to the Parmenion service?
Our clients are very happy. We can explain the Parmenion service to them. We work together on client documentation and clients know that we have a very close relationship with Parmenion, which is reassuring for them. Our clients understand that we have a partnership with Parmenion; it is not remote from the service they have with us, it is integral.
How have you been able to develop your proposition as a result of partnering with Parmenion?
Through working with Parmenion, we have been able to concentrate on our core offering of lifetime financial planning using cashflow modelling. The ‘engine room’ of investment is there to drive clients to their objectives; it’s not an end in itself for those that we work with. When we meet we focus on our clients’ futures, not the performance of individual funds and the merits of fund managers.
How would you summarise the benefits of delivering an investment proposition powered by Parmenion?
We have felt confident to continue to recommend the portfolios in the format we organised from the start, without the need to change service providers. Continuity is reassuring for clients. We have stability. As a firm, we like to be at the forefront of advances in the financial planning profession, leading by example. We always strive to do things properly. For example, we have always insisted on the highest qualifications for technical expertise, focused on the six steps of financial planning and been fee-based from the outset. We were early adopters of TCF and were RDR ready almost as soon as it was formalised. It is a nice position in which to be and we have to make sure we don’t jeopardise that. Back in 2009 we had to take Parmenion at face value and trust what we were told. Parmenion said they could deliver what we were looking for and they did. The outcome is that we have a lot of very happy clients who trust us implicitly.