Chris Budd

2016, was it?

So all firms were forced to act the way that I had been for 18 years by that time.

What it does for the relationship with a client is it should focus on a longer term relationship rather than the sale of a product.

And the profession has changed massively since those days.

And I would say...

There won't be too many that if you could deal with that would be very transactional orientated.

I would say most financial advisors now would be more long-term relationship.

Whether they're doing planning or not is another matter, but they will be much longer term looking.

I do a lot of work with business owners who are looking to succession on succession planning because of my employee ownership expertise.

And one of the questions I always ask them is, so how much do you need to sell your business for?

And they'll tell me, well, it's worth 3 million.

And I say, okay, two things.

Firstly, that's a very round figure.

I don't trust round figures.

You haven't actually done any work on that at all.

You've just made that up.

Well, you've guessed.

But secondly, I didn't ask what its value is.

I said, how much do you need it to be worth?

And then they say, oh, well, you know, three million would be enough.