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Financial Planning Wales origin and development

February 1th 2020 – Written by Jonathan Chorley

Financial Planning Wales origin and development

In 1979 when Alan decided to focus on personal aspects of insurance and investment he joined Sun Alliance Insurance Company as a trainee “Inspector”. In those days the financial services world was dominated by Insurance Companies there were very few alternative employers and in many cases the only source of education and training. The role was to develop business relationships with business introducers such as banks and Building Societies, it was a sales job.

There were very few introducers of business other than banks. He was allocated a geographical area based in Swansea where he developed a sound business base and was rewarded with a Vauxhall Cavalier Company Car, in those sales roles an Astra was the norm. After several years he was appointed Financial Planning Manager for South Wales, reporting to the head office in Horsham.

In the early 1980s the Government became concerned that the sales of financial products was heavily influenced by the commission to be earned and commissioned Professor Jim Gower to prepare a report resulting in the 1986 Financial Services Act. This proposed that arrangers of products were either sales people working for one company or Independent, capable of representing any Company. Following the introduction of The Act, Alan joined a small specialist Investment Company to add a Life Assurance and Pensions arm to the services offered to clients.

After a few years Alan decided to strike out on his own and became a sole trader, Independent Alan T Coombs & Co. This business developed from a basement room in St Andrews Crescent Cardiff moving to offices above a pharmacy in Cathedral Road. The CII, Chartered Insurance Institute, introduced a number of new examination modules, study for which helped the business to develop further.

In 2000 He purchased our current Head Office at 62 Cathedral Road. He realised that a long term business such as this needed to plan for succession and he was introduced to Andrew Chorley who had, following graduation, worked for a building society but was seeking to relocate to South Wales. Andrew joined the Company in a support role but very soon developed his career by study and was authorised to give advice by our regulator. As part of the succession plan we were joined by Andrew’s younger brother, Jon who in turn, by study, developed into an authorised adviser. There are few individuals in this type of business who can claim to number of qualifications that they hold.

EST. 1999