Section 172 (1) statement - Succession Wealth Management

This statement is provided by Succession Wealth Management Ltd. All references to Group within this section relate to the Succession Holdings Jersey Limited Group.

Section 172 of the Companies Act 2006 (s.172) requires directors of a company to act in the way they consider would most likely promote the success of the Company for the benefit of its members as a whole. Directors must act in good faith and pursuant to s.172 consideration must be given to:

  • a) the likely consequences of any decisions in the long term,

  • b) the interests of the Company’s employees,

  • c) the need to foster the Company’s business relationships with suppliers, customers and others,

  • d) the impact of the Company’s operations on the community and the environment,

  • e) the desirability of the Company to maintain a reputation of high standards of business conduct, and

  • f) the need to act fairly, as between members of the Company.

Whilst the importance of giving due consideration to the factors listed in s.172 is not new, the directors are explaining in more detail this year how the Board engages with all of its members and stakeholders and how it has discharged its s.172 duties. The directors keep in close contact with investors, employees, customers, suppliers and local communities so they are aware of their views. This ensures the directors can appropriately consider their interests in decision making.


Strategy

The directors of Succession Holdings Jersey Ltd Board (the “Group”) spent significant time during 2019 reviewing the corporate strategy for 2020 and subsequent years. The strategy has implications for all the stakeholders and the directors obtained feedback from investors, the senior leadership team, critical business partners and employees.

During 2019 the Group reviewed aspects of its culture including its vision and values and also its core proposition. A strong culture with a focus on its clients forms an important part of the Group’s strategy and the work shall continue into 2020 in collaboration with its stakeholders.


Members & investors

The Group, via the CEO, COO and CRO in particular, formally engages with the Group’s majority shareholder and investors through parent Board meetings (six times a year) and regular investor updates (six times a year) providing financial, commercial, regulatory and human resources updates.

The Board met four times during 2019. Succession Wealth Management is 100% owned by Succession Group Ltd. Details of the company’s share capital, including the rights and obligations attached to the shares are set out in the Notes to the Annual Report and Financial statements, which are filed at Companies House.


Clients

Succession Wealth is the UK’s leading independent wealth management and financial planning business. The client is at the heart of everything the Group does. Approximately 17,000 individuals, families and corporations now entrust the Group with £7.5bn of assets. Client satisfaction and feedback is therefore of the upmost importance.

A client engagement survey was completed in the first half of 2020, the results are due to be published shortly. This information will be used to understand client preferences and will guide how the Board engages with clients in the future. The Group maintains separate quality and client engagement teams to ensure that clients have access to accurate and up to date information when they need it. A continuing programme of CPD and training ensures that the Group can act in the best interest of all customers.

A separate complaints team monitor all communication with clients who believe they have not been serviced correctly. Although the Group has an excellent record in this area, when the need arises the processes and systems are in place to ensure timely responses to clients and regular communication. When an agreement cannot be reached then the Group maintains contact when matters are referred to the Financial Ombudsmen Service (FOS). All staff across the Group receive training in relation to complaints handling to ensure client needs always take precedence.