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 quite similar and, having been in the European advisory industry for 24 years, there has been nothing much new out there,” he says. “There needs to be change in respect of some product structures, particularly in the area of regular savings.
“The providers know they need to change, and we are just hoping this change comes sooner rather than later.”
European family
But one thing Lodhi hopes won’t come to fruition is a decision by the UK to cut ties with the European Union, a decision which 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’s 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 very sad if the UK did leave the EU.”
The striking thing about Spectrum 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 though Spectrum’s offices might be miles apart, it’s this European togetherness which is rooted in the way its advisers do business.
