When it comes to money, it is good to have someone to talk to
Iain is a former Campbeltown Grammar School pupil who then went to Napier University to study banking and he joined the Clydesdale Bank in 1989, based in the Campbeltown, Lochgilphead and Tarbert branches, before joining the Prudential in a financial consultants role up until 2001.
After a short spell working as an Independent Financial Adviser for a Glasgow-based firm, he decided to set up his own Independent Financial Advice business based in Campbeltown which now serves more than 400 loyal clients.
With a family farming background, Iain understands agricultural and rural life and its finances and understands Kintyre, Argyll and the people who live here.
When long-established and respected financial advisor Alasdair McPhee retired, Iain took over his client list so there has been a continuation of great, personal, local care within the town.
Iain works as a one-person consultancy and outsources legal and regulatory practices and procedures which ensures full compliance and security. Argyll and Bute Consultants Ltd is also regulated by the FCA and is backed by professional indemnity insurance and national compliance services.
‘People can be assured that my work is secure and legally correct,’ said Iain. ‘You should always look for this level of compliance and assurances from any advisor, as well as the appropriate permissions and qualifications for the class of business you wish to be advised upon.’
He is concerned many people do not understand the nuances of financial products and the legislation around them.
Iain said: ‘A lot of younger people are taking advice based on social media because it is trending on line and there are a lot of outrageous and unregulated things out there, including crypto currencies with a high risk and no protection. Their capital is at risk.
He added: ‘I look after people’s wealth by making sure it is in the right place and tax efficient to meet their expectations and objectives. It is all about planning and avoiding the common mistakes many investors can take years to recover from.
‘I am not a salesperson so you will always get the right advice from me. If something you are considering is not in your interests, I will tell you and help you understand the risks so you can make an informed decision.’
Iain’s core advisory services include investments, pensions, unit trusts and tax planning. Iain’s work helps families plan: ‘We are talking about inter-generational planning all the time these days and making sure your money stays in your family and not needlessly handed over to HMRC.’
Iain believes: ‘it is essential to have a long term relationship with clients and be with them on their financial journey for years.’ Clients with an ongoing relationship with their advisor are much more likely to achieve financial success.
Iain’s service involves initially advising on and implementing suitable plans for clients, but more importantly carrying out annual reviews to make sure that all plans are on track, still performing well, and investigating whether or not the client’s needs have changed.
‘It is not just about money and returns when you are advising clients, it is also just as important to consider that everyone has different levels of financial knowledge or indeed interest in their finances. Everyone is unique and their financial advice should be too.’
Personal wealth is about accumulating and decumulating; helping your wealth grow until the point you retire and start to use your pensions and savings so that you can enjoy the retirement you aspired to without running out of money or taking unnecessary risks.
It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.”
Many people will know Iain as a keen cyclist and see him regularly on the Southend or Carradale road when he is not in the office.
He also serves on the Machrihanish Golf Club Committee and sponsors the Machrihanish Golf Club Winter League.
‘It is about being part of, and understanding, a local community,’ he said.