David Mayo and Kate Mayo have advised clients and their families on their financial planning for more than 30 years. In 1989 they established one of the first fee-based financial planning practices in the UK, DMA Financial Planning Limited, with David overseeing financial planning and Kate investment planning. In 2016 they completed the sale of DMA. They live and work in Mounts Bay Cornwall.
Our move to a fee-based business model was chosen deliberately to provide a ‘transparent’ approach to financial advice. In 1989 this was unusual and was the precursor to the changes brought about by the Financial Conduct Authority at the end of 2012. Peninsula Wealth has been established to take this approach to another level by offering services which include coaching. This will be especially attractive to those who feel they have the time and the confidence to manage their own financial and investment planning; our ‘Overview Service’. This is not for everyone and so to compliment this we use ‘Trusted Partners’ which enables us to offer clients a fully comprehensive service; our ‘Lifetime Financial Planning Service.
In addition to using sophisticated software systems we work with and retain a number of associated professional connections. These include accountants, lawyers and financial advisers with whom relationships have been formed and developed over many years. These connections enable Peninsula Wealth to research specialist areas in greater depth.
Peninsula Wealth will also work with existing regulated financial advisers or, if there is no current adviser, can introduce clients to a panel of
‘ Independent Financial Advisers’, to assist with the review and possible purchase of any regulated products.
What We Do
Our services encompass four areas:
Our Lifetime Financial Planning Service places us in regular contact with clients, reacting to changing circumstances.
What We Do Not Do
We do not sell or arrange financial products, neither do we obligate clients to make any such purchases. The Financial Conduct Authority does not regulate financial planning, they do regulate the advice process which involves financial products. Some financial planners choose to arrange financial products and are therefore regulated. We do not choose to arrange financial products. All financial advisers and financial planners are however subject to codes of ethics monitored by their trade associations.
Although we do not arrange financial products, we will review and monitor certain types of financial products, as follows:
The level of personal protection held
The extent and type of cover provided by employers
The nature of benefits earned and potentially payable.
Types of investment and the associated risks
Any in depth product review or comparative study would be undertaken by suitably qualified and regulated ‘Trusted Partner’.
Who we advise
Our clients are broadly divided between the professional, business owner and the retired.
Reasons for seeking guidance are varied and include
Those needing immediate help with a financial concern such as a career change, inheritance or financial provision.
Those seeking an immediate review of a current financial situation
Those who wish to update their planning
Those needing help in areas where they do not have the knowledge or expertise to evaluate financial dataThose requiring a ‘third party’ opinion
Those who lack the time and expertise
Our clients are paramount.
Trust must be earned which generally takes time and comes through experience. It is for this reason we prefer new clients come to us having been referred by existing clients, or via other professional advisers.
Integrity and Ethics
a member of the Chartered Insurance Institute (CII) and Chartered Institute for Securities & Investment (CISI) we are bound by their code of conduct and ethics. A copy of the code is available on request.
We believe our fee structure is as clear as we can make it and it is set out and agreed before we commence work.
We have no central guidance proposition, all of our clients are unique.
Value for money
Fundamentally our aim is to give value for money.
We support a range of charities important to our clients.
Our fees are dependent on the complexity of the planning required and range from £750 to £3,000.
We will never exceed our quoted fee.
If VAT applies we will make this clear in advance.
Initial Meeting, at our expense
Our letter of engagement is concise and will set out the agreed objectives and confirm our fee(s).