Being a part of the community in which they are based is key to success for brothers Seán and Paul Standerwick, who took on their father’s financial advice business of 40 years in 2023.
The pair said they were keen to shed the “old school” perception of financial advice and they want to bring younger advisers into their team, having recently employed a trainee adviser.
Paul, 44, has been with the firm for 20 years and Seán, 38, for the past 10.
MLP Wealth is based in the centre of Banstead in Surrey.
What is most important to you as a firm?
MLP Wealth was founded by Paolo Standerwick in 1983 and started by selling life assurance.
Paul said: “Our father was an old school IFA. It wasn’t that long ago we had all paper files.”
Since they took over in 2023, the well-established firm has moved into a “quirky” office, the site of an old Natwest bank in the High Street.
The brothers say suits are a must for the team and they are keen to be a part of the local community.
Paul added: “Today we can do things online but people like to support their local business.
“We want to embed ourselves in the local community. All new clients come to the office and pretty much all of the new enquiries are from local people.
“It was our father’s idea to be part of the community.”
What are your ambitions for the future of the company?
The Standerwicks took over the firm through a management buyout, a “full on” process which took 18 months.
Seán said: “To be honest it affected our relationship a bit. The process was full on but it taught us how to negotiate the deal and at that point everything became aligned.”
After the deal they said it was important to stop taking on new clients for a time to get the business in the shape they wanted.
Now the brothers feel they have no restrictions on how the business is run and over the next five years
With £200mn assets under management at the moment, they have ambitions to grow to £500mn in the next five years.
What changes have you made since taking over the business?
Key to the success of the business, according to the co-directors, is the relationships between the team.
The firm currently has three advisers, a trainee adviser and three support staff.
The ambition is to bring on further trainee advisers and support them through their studies.
Seán said the firm has worked to create a fun working environment, adding: “We spend the most time with the people we work with”.
Paul added: “There is an assumption our industry can be quite boring but we want to make a business that is attractive to younger people.
“It is a great career but it is stuck in an older culture.
“Most IFAs play golf but the things we do together are different. We have been wild swimming and been to watch Crystal Palace play.”
The firm is primarily office-based but flexible, said the brothers.
