Gary Fawcett - Chartered Wealth Manager and Branch Principal at Raymond James Monument
Describe your career path so far…
I’ve been helping clients with their finances since June 2000. In 2023 I took the plunge and co-launched Raymond James Monument. During my career I’ve seen a lot of consolidation in the financial services sector, which in my view has resulted in a less personal and more centralised service – I feel like I’ve gone full circle to help deliver something more local, tailored and service focused.
What challenges did you face in the early days and how did you overcome them?
I always remember a careers advisor once said to me that I would never succeed as a stockbroker (now wealth manager!) because it’s a cliquey world and it’s all about who you know and the strength of your network. Not having that ready-made network was a challenge – I overcame it by building strong relationships, gaining trust, helping people and building rapport.
What sets your business apart from competitors in your industry?
I believe it’s the personal touch. Where we go the extra mile is in establishing that level of trust and connectivity with the people whose money we invest and the financial plan we build. We’ve signed up more than 300 clients in two-and-a-half years and the personal touch is what we’ve become known for. Our clients know how much we care.
How do you define success and how has that definition evolved over time?
In my opinion, the ultimate test of success is whether people are happy to recommend us. Whether that recommendation comes from an accountant or a solicitor or an existing client, it proves that we’re doing things right, but we will never rest on our laurels. Referrals are a great measure of success – as is our client retention level. The other side of success is that we’re able to give one per cent of our turnover back to the local community. The more we can give back, the more successful we are.
What strategies have you found most effective for growing your business?
We were prepared to put in the hard work from day one – whether that was supporting local organisations, backing local events, getting out and about to meet new people or reconnecting with people we’d worked with previously. Facilitating connections and putting our clients at the heart of what we do, is hugely important to us. Our aim is to be the number one wealth manager of choice in the North East, so continuing to build brand awareness is really important.
How do you stay ahead of industry trends and adapt to market change?
It’s a case of how we embrace AI to remain relevant while not compromising on client service or the personal touch. Raymond James Financial in the US – Raymond James UK’s parent company – is investing almost $1bn this year into technology and that should filter through to the UK over time. We should be able to use that technology to better service our clients and free up more time to focus on what matters most – personal relationships and tailored financial plans and investment strategies. Also, the younger generation of investor expects their adviser to be more tech enabled and so it’s important to embrace technology.
What role does company culture play in your success and how do you foster a positive workplace environment?
We’re a small team but within that team you’ll find a range of personalities and therefore views, all of which feed into an evolving, organic culture. Our culture is informal, rather than forced. The foundation of Raymond James Monument is based on our client-first belief, and the culture comes from there. I’m proud that our team boasts the ethics and values that align with a positive workplace environment. Culture comes from within.
Can you share a defining moment or breakthrough that changed the course of your business?
The defining moment was when we became profitable and the business became financially sustainable. The moment when we covered all of our costs and we could reinvest with confidence was a real breakthrough. We built a strong dedicated team from day one – before we started making any money – and now we’re in a great position to propel the business forward.
What advice would you give to aspiring entrepreneurs looking to start their own ventures?
I’d say back yourself, trust yourself and don’t run before you can walk – try to put the team and the infrastructure in place first if you can. Always have mentors around you and they can be friends or family. Surround yourself with people you trust, otherwise it can be lonely. I’ve found its more fun building something together than alone, but it is important to have the right people on the journey with you.
What’s next for your business? Any exciting projects or future plans on the horizon?
It’s all about building on where we are at the moment. Our target is to get to £500 million funds under management over the next few years. We’ll grow organically, add the right people to the team, embrace technology and keep doing what we’re doing – refining our service to get better. However, if the right opportunity arises to acquire a firm where client care is the top priority, it’s a path we are well-positioned to explore.
www.Monument.RaymondJames.uk.com