GETTING STARTED IAN REX-HAWKES Aegis Financial Consulting

In a few words tell us a bit about your business ?

I am setting up a forward-thinking financial advice company. The core service is a fixed fee proposition for everyone at all stages of financial planning, so people know exactly what they are paying and what they are getting in return. It is an independent proposition, meaning it is not tied to any specific investment or pension proposition, instead I can tailor the service depending on what a specific client needs.

What gives your business 'the X-factor’?

Traditionally advisers have been all about gathering as many client assets as possible because in at least one stage the fee is based on the size of the book. I decided to eliminate that as much as possible by adopting a fixed fee approach for all investment and pension business because the amount of time and effort required by a financial adviser is based on complexity, not size of assets.

What motivated you to set up in business ?

I had a number of health issues over the last few years that make normal employment challenging. With my own business, I can work from home, set my own hours, and have an unparalleled understanding of what is going on within the business and therefore what needs my attention. There is also the fact that I have a very principled position on certain matters of financial planning that has seen me come into conflict with employers before, and that is no longer an issue.

What do you like most about working as a start-up ?

I get to be there for more of my 8-monthold son’s key milestones. If I were out at an office for 10 hours or more each day, I would miss so much, maybe even feeling like a stranger to my own son.

What has been your greatest business success to date ?

It is still early days, but I have managed to create a chat bot which can answer basic questions to do with personal finance. It is not (yet) a full robo adviser and it does not (yet) take advantage of AI, but I am still very proud that I was able to build it.

What has been your lowest moment ?

The time between spending a large amount of company and personal money on advertising but before seeing any results from that advertising. Genuinely felt like I had made a colossal mistake, but fortunately it now seems to have turned around. www.aegisfinancial.ltd

In terms of business achievements, where do you want to be within the next 5 years ?

Within 5 years my main goal is for the company to not just be me anymore. Ideally, I would like to find that I have too much work and need to take on some staff. At first, I expect the priority would be to take on an additional adviser, but as the company then continues to expand, administration and support staff as well. To get there, more clients.

What would be your top tip to someone thinking of starting up their own business ?

Consider the time that it will take to get going and think about what you will do to support yourself in that time. Businesses will have a certain amount of time and money needed to get going, so it is important to know that these costs will not ruin you personally.