Brett Investment - Case Study - FP Advance - A Boutique Consulting Firm

Brett Investment

Renewal income increases to over 70% of total turnover, PI premiums reduce by 50%


Jeremy Brett runs a one man practice in the Scottish Borders and employs two support staff. He provides Personal Financial Planning advice to clients.

Challenges facing Brett Investment

  1. To develop a clear client service proposition that would allow new and existing clients to understand the value Brett Investment could add.
  2. To create a simple, transparent and consistently profitable fee charging structure that would work across a broad range of clients (from low to higher net worth).
  3. To migrate existing clients from the old model business into the new model business without resistance.

What did FP Advance do?
In Jeremy Brett’s words …

  1. Carried out a client segmentation exercise

    With the help of FP Advance we had a closer look at the types of clients we worked with and then designed an appropriate service package that we believed would appeal to each segment. We have a wide ranging bunch of clients from sophisticated and wealthy to those with more modest means. We wanted to be able to offer a level of service appropriate to each client type. The customer impact was instantaneous and dramatic. From a slightly confused group of clients who weren’t exactly sure of what they were getting for their money we now have clients who understand exactly what we are trying to do for them, how they can benefit and what they are paying for it.

  2. Created a process for delivery of each service package

    The actual process followed for each client segment is actually very similar which meets our objective of having a consistent and manageable business process. However the packaging and presentation of each service is differentiated to appeal to each segment’s key needs. For example, we still offer a reactive service for clients with more simple requirements. The financial impact of these changes has been measurable. We are more efficient because our business process is consistent and of good quality which gives us confidence and saves real bottom line costs. A clear tangible benefit was a reduction in our PI premium of over 50% this year.

  3. Developed a first meeting presentation

    We developed an improved first client meeting presentation and an investment storyboard to help explain our value added to clients simply and clearly. This has improved customer take up of our services dramatically with our first meeting hit rate now over 90%. In developing the investment storyboard and with guidance from FP Advance we clarified our own beliefs around managing money and simplified our investment management approach. This has made life a lot simpler for us and our clients. Clients now leave after an initial meeting knowing exactly who we are and what we do.

  4. Re-engineered our client fee structure

    In the past we had tried various fee methodologies including hourly rate charging but nothing worked as we would have liked. FP Advance was able to help us design a fee structure which is simple to explain and appropriate for both the business and clients. All clients are now profitable which means one never subsidises another, and the recurring portion of my revenue will rise to over 70% this year. This provides a much greater security of income and a significant improvement in the businesses sale value. Clients are much happier with our new fee structure and I feel we have finally got it right. The feedback from clients directly has been that they understand it, accept the logic of it, and feel it is good value for money.


  1. Brett Investment will increase its turnover this year in the order of 12% – 15%. Furthermore, our renewal income will increase to over 70% of total turnover.
  2. Improved efficiency and quality of delivery has meant a reduction in our cost base of approximately 10%. This goes straight onto the bottom line and has improved profitability dramatically.
  3. For me there is only one true measure of client satisfaction; referrals, and this improved noticeably since we introduced the new approach.
  4. There is a far greater level of enjoyment I get from going to work in my business every day since our work with FP Advance. That is something I can’t put a price on.
  5. By creating a series of processes we have been able to extract more value from the technology we use at the heart of the business (1st Software). 1st has been able to offer the back office and client management tools to help us implement and maintain a robust and consistent business system.
  6. Our PI insurance premiums reduced by over 50% when we demonstrated our new processes to our brokers and insurers.

Jeremy Brett CFP
Brett Investment