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Meet the Team - Alan Coombs

January 17th 2020 – Written by Jonathan Chorley

Meet the Team - Alan Coombs

Alan Coombs, the Chairman and Founder of Financial Planning Wales, is in this week's 'Meet the Team' feature.

After working initially with GA and then Sun Alliance, Alan became an IFA in the late 1980s practising as a successful sole trader for many years before forming Financial Planning Wales Ltd in 1999. Over the years Alan has built the well-respected reputation which remains the foundation of Financial Planning Wales Ltd. His wealth of experience and personal integrity still guides the principles of the company today.

Outside of the office, you will find Alan gardening at home or at his allotment. He is also a volunteer gardener at the National Trust property Dyffryn House & Gardens.

We asked Alan a few questions regarding his career in financial planning and what changes should be made in the industry -

What was your first job?

(Alan) - I left school on a Friday and started working for The General Accident Insurance Company the following Monday. I had two offers and chose insurance ahead of Julian Hodge, which was then a finance company. I worked in the claims department and feel that I benefited from a wide breadth of product experiences.

What has been the favourite piece of financial advice you have given?

(Alan) - Over the years one of the most successful pieces of advice has been for clients to hold National Savings Index Linked Certificates. The opportunity to hold £30,000 per person in tax-free inflation protected cash deposits have over the long run provided excellent returns. They were also something that clients were really receptive to and understood the benefit. In the days of commission, recommending products that created no remuneration for advisers was not the norm - but it was the right thing to do and really helped to build client relationships and trust.

In one sentence what would you change in financial advice?

(Alan) - Regulators and their spin off bodies be directly accountable to Parliament and responsible for authorising products. There is too much hindsight and very little foresight.

Why did you become an IFA?

(Alan) - Study! The Insurance Institute exams included a module that sparked my interest. I was previously involved in Property and Motor Insurance.

If you would like to speak to Alan regarding any aspects of financial advice, please do not hesitate to contact us.

EST. 1999