“Clients really like the fact that we run this business.”
When it comes to what they enjoy most about the job, both said it was meeting with clients and helping them get a financial plan in place.
“We didn’t really anticipate it but the part we enjoy the most is to sit with someone who is unsure about what to do,” said Payne.
“You are able to leave them with a plan in place - it is a really good feeling to take a weight off someone’s shoulders.”
Would you have advice for anyone wanting to do the same?
Setting up a firm with someone else was advice both Payne and Wood said they would give to others.
Wood said: “My biggest tip for anyone setting up their own business is, don’t do it on your own.
“It is hard, you are the head of everything. There are always frustrations along the way and having someone to bounce ideas off is so important.
“We don’t formally split up jobs between us but as we go on, each of us have different skill sets which we weren't necessarily aware of before we set up.”
And when it comes to setting up a business, they think doing the job well is more important than trying to do something different.
Payne said: “We have got some really nice unique selling points but we are not trying to remould the advice industry, we are trying to take the best bits and apply them to our business.”
Wood added: “Financial planning is number one and investing is number two, we build someone's plan around what they want to do. We typically use low cost investment solutions for investors.”
Going forward, the pair has ambitions to grow but plan on taking it slowly.
“Our aspirations are to go forward with really good people,” said Wood. “We are being fussy here though, we would want another adviser who we can trust. We want to grow the business in a methodical way.”
How do you think more younger people could be encouraged to become advisers?
Payne and Wood did not plan on becoming financial advisers before their time at Octopus and think the industry needs to be promoted more as a career to those leaving school and university.
Payne said: “I think awareness of the profession would help. Very few advisers left university and wanted to become a financial adviser.
“Although we planned this for a number of years we have essentially fallen into the profession.
“I think there needs to be more training academies to take on new advisers.”
Wood added firms like theirs could play a part in increasing representation of younger people in the profession.
He said: “I think it is on us. People want to join firms like Fortify Wealth, we are modern, efficient. It is up to us as advisers to show people it is a good profession.”
