Court Ross Financial Management Case Study
Court Ross Financial Management Ltd (“the business”) is a well-established Independent Financial Advisory (“IFA”) business specialising in providing advice in respect of investments, retirement planning, group pension and protection advice, as well as employee benefit schemes to both corporate and private clients across the South West. With over 30 years of experience the business has grown to c. 1,000 clients with a diverse portfolio of c. £80m under management.
The business is authorised and regulated by the Financial Conduct Authority as it operates within the financial services sector and conducts certain activities in relation to financial instruments such as shares and bonds and manages client assets as well as providing financial advice.
The business has been a client of Everett King (under its previous name of Bell King) for over 20 years. The relationship commenced at a time when the business required the expertise of a reputable accountant to support the launch and management of a profit-related pay scheme for one of its clients. Based on successful collaboration at that time and consistently good service since then, the business secured the services of Everett King for their expanding external accountancy needs.
The Service and Solution
The business offers a range of complex financial and investment solutions to a diverse client base. As a regulated entity the business must ensure it has up-to-date accounts (every 6 months) prepared as part of regular submissions to the FCA. Everett King prepares these statutory accounts and ensures that what is presented to the Inland Revenue reflects the performance of the business. They also prepare the monthly management accounts, analyse the data and offer advice so that the business has full oversight of its performance at any point in time.
The industry can be complex, difficult to predict and is significantly driven by the global economic climate and financial markets. The business designs bespoke portfolios consisting of collective investments, unit trusts, investment trusts and individual stock holdings. A large proportion of the private client base is either in or nearing retirement so portfolios are designed to give a solid return matched to client risk portfolios.
The driver for the business in continuing to engage the services of Everett King is the expertise of partner, David Everett, and the wider team, who understand the nuances of the industry, have a handle on regulations, compliance requirements and financial instruments and can work under challenging deadlines.
The proof of the strong relationship is demonstrated by the business having referred the partners and services of Everett King to a range of clients as and when they themselves require accounting services. This reciprocal arrangement is mutually beneficial as many of the clients within the Everett King portfolio are seeking an IFA to advise them on their investments.
The range of managed accountancy services provided by Everett King includes:
- Producing accurate monthly management accounts and ensuring timely delivery of accurate financial statements meeting both management and statutory requirements.
- Advising on current and future strategy including commercial risk factors and identifying potential tax-planning opportunities.
- Ensuring that all tax returns for income tax, capital gains tax and VAT are submitted on time.
- Preparing the statutory accounts to report on the financial activity and performance at the end of the financial year
- Ensuring that all the accounting standards are implemented and are in line with regulatory requirements and changes.
“I go back a long way with David Everett. He and the team at Everett King provide a consistently good service to our business and we are always supplied with sound and practical advice to ensure our business is kept on the straight and narrow regarding tax. Our business can be fast-paced and dynamic and we need an accountant that can react quickly and David has always come up trumps. He understands the various corporate complexities and tax equations and is always up to date on the latest accounting standards. Everett King understands the various stresses within our business and the team are always there when we have urgent needs. Their focus is always to deliver optimum results for our business.
The relationship with Everett King has been built on trust, results and longevity. We deal with highly confidential client financials and are extremely comfortable with Everett King preparing our management and statutory accounts and ensuring as a business we are tax-efficient whilst operating under the letter of the law.
Three words would I use to describe Everett King? Friendly, competent and competitive.”
Ivan Angell, Director at Court Ross Financial Management