“The point of the training they give you is to basically take people on a tour in the water,” he said.
“So you are there as a guide for qualified divers who know what they're doing, but they just need someone to be by their side, show them around and make sure they have a good time and stay safe.
“I was sitting there on the beach thinking, ‘Isn't that what we do in financial planning? Stay safe, have a good time and don’t get lost or distracted.'
“So that’s the origin of where Deep Dive comes from.”
The underwater theme runs through Deep Dive’s website and marketing material and the firm is even set to exhibit at this year’s Southampton International Boat Show.
Ditchburn added: “Typically you wouldn't find the financial planning business there, but the fact is the demographic that potentially have time to spend on their boats tend to be closer to or into retirement, more affluent and tend to have inheritance tax problems.”
What would your advice be to someone wanting to set up on their own?
“It is important to have a clear purpose of what you are,” said Ditchburn.
“You don't have to be different from everyone else, because there is plenty of room in the industry for lots of similar types of people.
“It is good to be able to explain what you’re about and who you are for.”
For Deep Dive, this can clearly be explained as for people approaching or already in retirement.
The firm primarily focuses on inheritance tax and wealth planning.
He added: “Having a focus makes it easier to know who your clients are going to be.”
Did you always know your firm would focus on retirement planning?
Ditchburn said the area has “always been his thing” so he knew from the start it would be his focus.
He added: “From a personal perspective, I don't like working evenings and weekends so to a degree it means people who are retired or come to meetings in the week.
“And I like talking, I like to have a nice two hour meeting and people aren’t on their lunch break so you can have several cups of coffee.
“It is a much more relaxed way of doing business.”
Ditchburn also said those in retirement typically had more complex needs, which he enjoys dealing with.
“It made a lot of sense for me to focus on retirement because it answers a lot of questions and I find it a lot of fun, especially with the more niche products,” said Ditchburn.
How easy is it to get to know the next generations of your clients?
“The estate planning side of the business involves us getting to know the next generation before it becomes urgent,” said Ditchburn.
