“You never know what these regulators and politicians are going to do until the time comes,” he says. “Obviously, we are aware of various changes coming out of Brussels, and in the future we might change our business model. We have certainly been thinking about how we would do it.
“But at the moment the regulations have not changed, so we will just have to wait and see, and be prepared as best we can for any changes we think are coming.”
One of the ways in which Spectrum keeps up to date with these changes is through its membership with associations such as the Federation of European IFAs and the European Federation of Financial Advisers and Financial Intermediaries, which help to shine a light on any issues in the industry, while also giving firms the opportunity to voice concerns.
One of the biggest bugbears for Lodhi is the lack of fresh products in the market, particularly tax wrappers, which are an integral part of Spectrum’s business.
“All of the wrappers are similar and, having been in the European advisory industry for 24 years, there has been nothing much new out there.
“There needs to be change in respect of some product structures, particularly within the area of regular savings. Providers know they must change and we are just hoping that the change comes sooner rather than later.”
European family
But one thing Lodhi hopes will not come to fruition is a decision by the UK to cut ties with the European Union, a decision that is looming on the horizon as the British Government plans the date for a referendum.
“Some of our clients do express their concerns about the UK’s membership with the EU. It is definitely a worry for people living and working in Europe who are British, of which there are substantial numbers. “Having lived in western Europe for a long time, I personally feel like a European, and I think it would be sad if the UK did leave the EU.”
The striking thing about Spectrum IFA Group is the firm’s resounding focus on building and nurturing relationships.
The term ‘family’ has often been used by those outside the business to describe the connection between its IFAs, and although Spectrum’s offices may be miles apart, it is this European togetherness that is rooted in the way in which its advisers do business.
