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FE Analytics: our awful experience.

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We’ve been using FE’s Analytics software since 2007 and have always found them friendly, cooperative and easy to deal with and we love their software. We refer to FE as our ‘investment research partner’ and over the last few months have been working on a new project which will bring our firms even closer together.

Staying safe from investment scams

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There are plenty of ways to lose money to fraudsters. Keeping your money safe, especially online, is challenging when fraudsters use increasingly sophisticated ways to deceive investors.

Our regulator, the Financial Conduct Authority (FCA), has issued a new warning over the growing threat of loan fee scams which specifically target borrowers. According to the FCA, more than £3.5 million was lost to this form of fraud during the last year.

Don’t Panic: A leaving the EU process update

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I was listening to the radio on the train whilst commuting into London earlier today, hoping I wouldn’t reach the part of the journey where the signal drops out just as the news broke, but fortunately I was able to listen live to the speeches made by Jean-Claude Junker and Theresa May. The terms of Britain’s exit from the European Union have been agreed.

The American healthcare – another point of view

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I will confess I was finding it hard to understand why President Trump was so keen to change or replace the healthcare provision put in place by his predecessor President Obama. One of our clients has family in America so as we were chatting one day, I asked if he knew what was happening and why? Here’s his answer, which I thought I would share with you as I found it very interesting. Naturally I have changed our client’s name.

Recycling – our stats (impressive numbers!)

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As you know, we are big fans of recycling here at Gibson Lamb.  We like to do our bit to help the environment.

We have been recycling for many years and are always surprised when Paper Round provide our yearly statistics every January.

The last 12 months have been exceptional and we thought we would share the results with you in the below infographic!

Our investment process

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A key part of any long term financial planning is making sure you’re invested in the right things at the right time.

Gibson Lamb is a small, privately owned business (and we’d say that is a significant reason why we remain successful 40 plus years after we started) but what this does mean is that we don’t have the budget to have an in house investment expert with the sole job of reviewing the economic outlook and deciding what to buy, what to sell and what to hold.

The importance of backing up your data

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It had to happen one day. I was driving home from a meeting when my phone beeped to tell me the team in the office wanted to talk. My Windows Mobile phone screens calls for me when I’m driving so I’m not tempted to talk on Bluetooth unnecessarily, get distracted and thus caught speeding or worse.
A few miles up the road I pulled over and called them back.

One of the team had pressed the wrong button at the wrong time and our database was no longer working quite as intended.

‘No trouble’ I said, that’s what we have backups for.

Log a call with support and it’ll be easy to fix.

It wasn’t as easy to recover the data as we expected

I wont bore you with the details but it wasn’t quite as easy to fix as I’d hoped and with hindsight the software house have said their actions and process to recover the data were far from perfect. However, despite it taking longer than we expected, we were able to recover the data and carry on business as usual.
Nevertheless without our backups we would have faced some serious challenges. We have over 1,000,000 client related documents on our server – we’ve been using document management services since 1998 so we’ve built up a lot of information over that time.

How do we backup our data?

They say data isn’t backed up properly unless it’s in three separate places. Therefore we backup overnight using two separate systems (plus the original copy in the office making three copies in total). The first is www.depositit.com which is a cloud based backup. It’s easy to use and not particularly expensive. However it’s limited by the bandwidth of our internet connection so in practice we cannot backup everything to depositit each night.
We therefore also run an old fashioned but robust, reliable backup to tape. The tape is collected by the specialist data security firm Iron Mountain every morning which means a complete copy of our server, emails, databases etc are stored away from our premises by around 9:30am.
It turned out last week we had to fall back on both backups. Initially we recovered a small file from the cloud which worked fine. We had it ready for use within minutes. The software people however decided we needed a lot more files and this was impractical over broadband so we ‘called’ the previous night’s tape back from Iron Mountain which arrived within 2 hours.
The software people then set about rebuilding the system and soon enough everything was running perfectly again.

Test your Disaster Recovery programme

There is nothing quite like testing your Disaster Recovery programme for real. It’s a bit of a nerve shredder to be honest and we could have done without the hassle but all is well that ends well as they say.
Our backups cost us money but, as we have just proved, are an invaluable asset that you hope you never need.
Our advice therefore is not only to back up your data but also to test whether the backups are actually working. We may have been posting a somewhat different blog if we were not so well prepared.

Time tracking software – is it worth it?

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Spending time wisely

We’ve run this business for a long time and have picked up that small business owners skill of ‘just knowing’ how much to charge for whatever it is we are doing.

We recently had lunch with a key supplier who runs a small administration based business not dissimilar to ours in many ways and we were talking about time management.   Richard from The Paraplanners has used time logging software for around 10 years and they have refined their process considerably over that period.  They now use getharvest.com which is a website and app that allows both the logging and the all-important analysis of the data.

Fortunately for us as well as an endorsement from a trusted business associate, Harvest have a Windows Phone app.

As the in house gadget lover, I am one the few who use the much underrated operating system and this allowed us to sign up to the trial version of the software.

It’s early days and to be honest we’re still setting it up and understanding how it works but we wanted to share with you why we are doing it.

What we don’t want to know<

We really don’t have any interest on whether someone checks Facebook or has three cups of tea in the morning.  We trust our incredibly hard working staff absolutely and we know they use their time to the best of their ability.  All the data logging in the world won’t change that at all.

What we do want to know

We are keen to establish how long certain tasks take us and, crucially, how much of our individual and collective time is spent on ‘billable’ work as opposed to ‘non billable’.

We reconcile our bank accounts every morning and consider this a very important task as cash flow is king for all businesses, small ones especially.  It also allows us to spot any fraudulent activity very promptly which is also very important for anyone using online banking.

Our accounts are important but they are not billable time – clients do not pay us to reconcile our bank.

Billable time is therefore time spent working for clients directly.  Preparing for and travelling to and from meetings, answering emails and processing transactions are all examples of billable time.

Once we get the hang of logging time accurately we will be able to analyse all sorts of very interesting things which reminds us of a possibly apocryphal story of another firm who offered clients a chauffeur driven limousine to meetings so that they could take place in London and avoid the need for the business owner to travel, thus saving more time than the cost of the posh taxi!

It will take time (ironically)

We are only just starting this process and we know that there will be challenges ahead not least of which is remembering to log everything we do.  Harvest’s software is excellent and we are already better at using it.

We will keep you updated with progress!

Our paperless office and the things I am glad I don’t have to do anymore

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Having worked in the Financial Services industry for 28 years, I have seen how technology has progressed and how beneficial it can be.

Looking back to when I first started work in 1987, there was no computer in the department I worked in and only two phones. Even in my second job we shared computers!

Nowadays I’d imagine this would be unheard of as we tend to take technology for granted.

A real newbie: 3 months at a company where everyone has been for at least 10 years

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First steps

Starting at Gibson Lamb in June this year, I didn’t enter as a complete newbie, having already worked in insurance and at another financial advisers in the City.

But coming into a new company that’s had all the same staff since before I even took my GCSEs has been a hugely enjoyable challenge; as eye-opening as it has been refreshing.

I think of it like learning a new language.

Everything is done in a very particular way; either slightly or, more often, extremely differently to the way I was used to.

As with any job there’s a ton of both industry and company-specific language unique to any company.

I had built up skills and habits that were transferable, and others that were simply incomprehensible to those around me. Learning which is which comes with practice.

The important thing to remember is that there’s also a structure and a reason behind everything we do. It isn’t always obvious, but as a firm these practices stem from both our history and our culture.

These are the things that come naturally to the others, that I am still building into habits

  1. Filing: It’s hard to imagine two systems designed to do essentially the same thing being as different as Adviser Office (used at the place I used to work) and CCD (used at Gibson Lamb). A lot of the crutches I could rely on with the old system to keep things structured are simply no longer there. And everything is now filed in an entirely different way.On the plus side, and from the client’s point of view, we have a handy way of keeping everything paperless and efficient with “Virtual Cabinet” and “Portal” – see Vicky’s blog on this very topic!

 

  1. Structuring client letters: Starting out, even things like making sure I formatted my letters with the various rules that Gibson Lamb have relied upon for decades could trip me up.This invariably takes more concentration and double-checking than anything I end up putting in the letter itself. I like to think it’s finally become second nature to me. We shall see!
  1. Meeting preparation: Luckily this didn’t take me as long to learn as I had relevant experience before. Gibson Lamb has over the years developed some sensible methods (including, of course, clever use of technology!) to make this take a lot less time than where I used to work.

Learning from experience

Training brings its own set of challenges for the existing team almost as much as me (at times) as they try to explain to me something that for them is as instinctive as riding a bike.

With this I’m lucky that everyone’s been so welcoming.

I’ve quickly came to see why Gibson Lamb has managed to hold on to both the same core team of staff for so long, as well as many of its clients for even longer.

At this early stage, I just like to think I’m starting to make their lives easier rather than harder (!) and on a personal level that I leave the office every day having learnt as much as I can. From there I can look to the future with a company that I already look forward to being with for many years to come.

The Summer Budget: July 2015

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George Osborne delivered the first Conservative Budget in almost 20 years and took decisive steps towards cutting a further £12bn from welfare spending.

This was positioned as a Budget for working people. It carried three main themes of higher wages, lower taxes and lower welfare spending.

The Government’s stance is clear: the best way out of poverty is through work. He delivered on the Conservative manifesto pledge of a higher inheritance tax threshold for family homes valued up to £1m, which will be funded by cutting the tax relief on pension contributions for higher earners.

This is our understanding of the main announcements as they relate to personal financial planning and, as always, the devil could well be in the detail which hasn’t actually been published yet.

Building the right team

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Others have said we’re good at what we do which is providing advice and guidance about pensions, investments and finance in general.

We have a confession to make. We’re not quite such a polished act when it comes to recruiting people.  There is a good reason for that; we don’t do it very often.

Fifteen years with the same team

Prior to last year we hadn’t needed to recruit anyone as our team had remain unchanged for 15 years or so but that had to end one day. Just before Christmas 2013 Lisa left on maternity leave and some months later Lisa confirmed that looking after baby Sammy was far more fun than a 5 day a week commute to London. Professionally we were disappointed as Lisa was a wonderful employee but as her friends we were delighted that being a mum was indeed more fun than working at Gibson Lamb.

Another new chapter for Gibson Lamb: our first blog post (and a little bit of a history lesson)

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Welcome to our blog

We are delighted that we have launched our new look website which we hope you like and find both interesting and informative. Naturally we couldn’t have done it without the help of the wonderful design team at Top Left Design and I’m hoping I can negotiate a discount with that blatant plug.

Childhood memories

I have, of course, known the business which was set up by my dad and Andrew Gibson all my life. I remember my mum bringing me up on the train when smoking was allowed and being astonished to see commuters opening the ‘slam doors’ as we arrived in Charing Cross and jumping off whilst the train was still moving! As a kid I remember being so proud of my Dad and the team he had working with him. Some of the client names I became familiar all those years ago are still clients now and if you are one of those, thank you for your support over the years.