It’s a common time for businesses to review both the year that’s just passed and the one to come, but at Welsh & Taylor Wealth, this has become a quarterly exercise.
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Martin Welsh, who founded and runs Welsh & Taylor Wealth with Kieran Taylor, said: “What we usually do with the team is review the previous quarter we’ve just had to celebrate all the successes and talk about any learning points. Then we review the quarter to come, looking at the main focuses and things we need to achieve, like regulation changes.”
As well as keeping on top of industry changes, it also ensures the whole team is on board with the business vision.
It’s proven a recipe for success, with Welsh & Taylor Wealth celebrating a year of positive business growth, including £20m of new client investment.
Welsh & Taylor Wealth focuses on organic growth
While Martin and Kieran considered acquisitions as a growth option for their business, they ultimately decided not to go down this route.
Instead, organic growth has been the answer, with Welsh & Taylor Wealth identified as one of the fastest growing financial advice firms in the UK, attracting in excess of £50m of new client investment over the last two years alone.
Part of this success has to be credited to Martin and Kieran’s dedication to service, with the pair always on a mission to do things quicker and better.
Streamlining to improve service
In 2023 they used a third-party provider, who has helped streamline some of the largest finance companies in the UK, to go through an operational excellency programme. This involved mapping out and timing all Welsh & Taylor Wealth activities, discovering pinch points and identifying steps that could be improved.
Martin said: “It allows us to operate our business in a way that we can always deliver five-star service and allowed us to streamline a lot of processes. Every single day since we’ve benefited from it. Time’s being saved, mistakes aren’t being made – lots of wins have come from it.”
Although it was a time-intensive task, Martin and Kieran agree that the benefits make it a worthwhile endeavour.
Kieran added: “You sometimes have to slow down to go faster. It’s easy to say ‘we’re too busy for that’ but 10 years down the line, and 10 years of inefficiencies later, how much money has that cost the business?”
Expanding to keep up with growth of business
Martin and Kieran – who plan to take on a new financial adviser every year for the next four years – also looked closely at their recruitment process.
Kieran said: “Martin and I collectively have been doing this for 15 years, so we have good intel on what makes a good adviser. We’ve narrowed down the key characteristics that will help that person to help other people. That was time well invested and now we know the kind of people we want to bring on board and have a robust training plan for them.”
Now, celebrations are in order for Welsh & Taylor Wealth after a year of business growth and wins, with Martin and Kieran feeling good about what 2024 holds – both for their own business and for their clients.
Finishing the year on a high, existing clients have continued to value working with Welsh & Taylor Wealth, as demonstrated by over 150 five-star reviews and its ongoing status as one of Aberdeen’s top rated financial advice firms on VouchedFor.
Find out more about the services on offer at Welsh & Taylor Wealth.