WEALTH at work experience strong growth as thirst for knowledge increases.

24th March 2016

WEALTH at work, originally opened in Liverpool in 2006 as JP Morgan INVEST- a subsidiary of the US Bank JP Morgan. When the global financial crisis struck in 2008 it was considered to be a non-core asset by the global banking giant and was put up for sale. This allowed the UK directors to undertake a management buyout in order to protect the jobs and realise the significant growth potential they believed the business had to offer.

WEALTH at work is a leading provider of financial education in the workplace, supported by guidance and advice designed specifically for the workplace and its corporate clients range from FTSE companies such as BT and Marks and Spencer to SMEs.

Chief Executive Officer, David Cassidy says, “The early years were challenging to say the least, as cut backs during the world recession in 2009-2011 meant that only the most forward thinking of employers were investing in our type of services. However, since then the value of our offering has become new best practice from an HR perspective and we have now provided financial education to more than 85,000 employees on crucial issues such as share schemes diversification, pensions and retirement planning.”

WEALTH at work is now entrusted with managing over £700 million of assets for its clients, many of whom are in or approaching retirement. Cassidy continues, “Managing the life savings of individuals is a huge responsibility. We have something we call ‘the mum and dad principle’, which basically means we will only do for our clients things we would comfortably do for our parents and that is fundamental to our success.”

The other vital ingredient is being located in Liverpool where 90 of the firm’s 140 staff are based. He comments, “Liverpool is a great place for a wealth management business to be based. The City has long been one of the UK’s largest financial centres and offers a real pool of talent. We have recruited a perfect mix of both young and experienced people. Many of our fast growing team previously had little or limited experience (we train and help them gain qualifications), whilst a significant number have many years’ experience and are delighted to put it to use in a new, innovative and creative manner. It’s a very effective combination, blending those newer technology skills together with those savvy professionals who pass their technical experience on to younger colleagues.”

Cassidy says, “There is a lot of interest from people who see the firm’s services as the future and a number of staff travel from Manchester to Liverpool to be part of the team. Interestingly, we are now getting applications from people in the South East, keen to relocate to Liverpool to join the company such is the combined appeal of the career opportunities and the City.”

He comments, “Liverpool is a brilliant place to be based, not just because it offers the right sort of people for our business but also because, as a city, it has a reputation for being innovative and creative. In financial services this goes back to the Victorian era when two of the largest and new Friendly Societies, Royal Liver and Liverpool Victoria, were established in the City. In many ways we are a 21st century version of those great institutions offering new solutions to the requirements of individuals today.”

Regulatory change, most notably in the 2014 Budget bringing flexibility in retirement, and increased pressures for employers to engage with staff, has seen an increase in the demand for financial education, guidance and advice to individuals. Cassidy believes that the workplace is the best place for them to find such services.

Cassidy says, “That’s why WEALTH at work has been growing at over 40% PA compound in each of the past few years and has been identified as the 24th fastest growing company in the North West (North West Insider). Last month WEALTH at work was included by the London Stock Exchange as one of the ‘1000 companies to inspire Britain 2016’, recognising it as showing consistent revenue growth over 3 years, outstepping its peers in the wealth management sector and for developing skills, growth and creating jobs.”

Recently WEALTH at work received backing from Equistone Partners, one of Europe’s leading private equity investors who valued the business at £50 million. “With Equitone’s backing we are well capitalised to continue to meet the growing demands for our unique services and our momentum is continuing to increase” says Cassidy.

Further coverage can be found in Liverpool Echo.