Leaders List interview: 60 seconds with Chris Hogarth, Vermeer Financial Planning

Date: 06 Nov 2024

Karen Jones

This week’s 60-second piece is dedicated to Chris Hogarth, Managing Director at Vermeer Financial Planning.

Tell Citywealth readers a bit about your role.

My role provides an interesting mix between managing the day to day running and development of Vermeer Financial Planning, and ensuring we are providing the best possible service to our clients. We take the time to get to know our clients, understand their objectives and provide the benefit of our experience, knowledge and resources, to construct a detailed plan mapping out how to achieve their objectives. Working with clients and building solutions, is the highlight of my role.  I typically work with an investment manager, lawyer and/or accountant to construct efficient financial solutions. This may be for a client of significant wealth, who may hold pensions, has a potential inheritance tax liability, is in need of structuring assets to maximise investment returns, tax efficiency or to provide an income strategy.

Real Financial Planning is the ability to manage your financial position in order to achieve what you want from life, rather than life being the result of your financial position. 

What does a typical day look like for you?

I would typically cycle in to work, passing through the ‘interesting’ sights of Soho in the morning. I start my day catching up on emails over a bowl of fruit and porridge, before joining our daily morning investment briefing for a macro, portfolio and news flow update.

My day is then typically a run of meetings with either, clients, developing the internal team and proposition, or grabbing a coffee with a fellow professional adviser such as a lawyer or accountant to share knowledge, best practise and opportunities for collaboration. I believe a mix of professional advisors working together provides the most powerful client outcomes.

Client meetings would typically be a team approach where a specialist investment manager and I would work together to provide a total comprehensive service.  It is difficult for one individual adviser to be an expert in both financial planning and investment management, particularly when looking after clients of wealth with complex matters.

Tell us about some recent, interesting client instructions/requests you have received.

• Structuring a long-term plan for a high-profile sports person, currently a world champion and at the peak of their sport, however, they want to plan their retirement from the sport and look at how to maintain their lifestyle whilst retiring in their 30’s with a young family.

• A client gearing up for the sale of their business, working out what is their ‘magic figure’ based on need and want. How do they transition from holding wealth within their business to a significant lump sum overnight.  How do they manage large levels of wealth in investments and how to be a responsible custodian of what will now be generational family wealth. Pre-exit planning and cashflow modeling to build a long-term plan, consideration to estate planning and how to structure the wealth post exit. This is usually a significant shift into the world of wealth management for clients who have previously focused on building their business.

What challenges do your clients face and how are you helping your clients to overcome them?

I think the main thing clients struggle with is moving goal posts. This is true for all levels of wealth, whether it be a business owner, sports person, someone of generational wealth or a pensioner, the ever moving political and tax landscape can be a challenge. The recent budget is a good example of this, it can be difficult for an individual to plan long term on their own, as it would be a fair bet that over the next twenty years the tax structure will change in the UK multiple times. 

We absorb the assumption of change into our planning, providing diversification not just in our investment strategies but also in the tax wrappers and planning solutions we recommend. All advice is backed up and stress tested by a robust personal cashflow model to identify risk and “what if” scenario modelling. This is an ongoing ‘living’ activity and we take a front foot approach.  If we spot a risk or if something changes in the budget that will affect a client, then we are on the phone, rather than being reactive.

We also understand that trust is hugely important for a client. We earn trust with transparency and providing the best possible service.  Our advisers are Chartered standard, and the taboo topic of fees is something we are clear and upfront about, we charge a fee for our advice (not selling product!). These behaviours are fundamental to building long term relationships.

We provide clients with the peace of mind of knowing a robust plan is in place to achieve their objectives.

What is your proudest professional achievement?

Building and launching Vermeer Financial Planning Ltd. Having completed what feels like a twenty-year apprenticeship, I have seen what has been done well and what could be done better. The opportunity to start from a blank sheet of paper and reinvent what financial planning should look and feel like has been a real highlight of my career.  To see the business growing, the excellent team we now have in place. and most importantly, to see our advice helping our clients, is genuinely satisfying.

What do you consider to be the most important attributes for a leader?

An effective leader has the ability to see the bigger picture, have a vision, and the ability to turn that vision into a reality.

I also think the best leaders value their team and the individuals they surround themselves with. No one can do it on their own. Strong leaders set the culture and help their team to develop. If you have the right individuals in the team then this development will be in the same direction as the business need.  A good leader can create this in a collaborative and enjoyable environment.

Who do you most admire and why?

My parents.

They come from humble beginnings and have maintained a 52 year marriage, whilst building a business and creating a family.  They have always made the time to be present, and still to this day provide guidance and share wisdom. Something for which I could not be more thankful.

Where was the last place you travelled to for work or pleasure?

Papua New Guinea.

We stayed with a tribe in the rainforest, climbed a volcano and went diving in crystal clear waters, it was a dream holiday. I’ve been trying to do more adventurous trips whilst I still can.

If you weren’t in this industry, what else might you be doing?

Throughout my youth I researched the possibility of becoming an explorer. I’ve always enjoyed the excitement of discovery, the unknown adventure and doing things that are a little bit different to the norm.

…however, the boring answer is I wouldn’t choose anything else, I’m very fortunate to love what I do now.

How do you relax after a long day?

I’d love to say I hit the gym or do a 5k, but if I’m honest, I love nothing more than relaxing on the sofa with my girlfriend, a sushi takeaway, and getting stuck into a good boxset.