Kyle Bates – Economics Student

During the week of December 9th 2019, Longhurst hosted Kyle Bates, a Cardiff University economics student, for work experience.

It was a huge success, with us then asking Kyle to write his thoughts and answers to some questions we gave him.

We hope his words inspire more students to reach out to financial planning businesses like Longhurst.

And for you Kyle, in my words, thank you for being part of the Longhurst team. You have a very bright future ahead of you, just make sure you stay away from Bitcoin 😉

Chris Broome

Why did you select a financial planning business for your work experience?

I’m currently studying economics at Cardiff University, and am interested in aspects of investment management. The idea of spending some time in a business that deals directly with investors appealed to me as it would provide direct insight into how it all works.

Why Longhurst?

Chris Broome is my cousin-in-law (through his partner, Louise, my cousin). He’s known as the Money Man to family, and I knew he ran some sort of finance business, so he was my first thought.

I sent him a text asking if I could spend some time with him, with Chris answering ‘YES!’ immediately. He sent me a link to his website and told me to read through it ahead of time and watch all of the videos in their video store – especially the one titled ‘What does Wealth mean to you?

What expectations did you have?

If Hollywood is anything to go by you think the finance and investment world as frantic workplaces, with lots of loud phone calls, suits, shouting, and cheering as they land the next sale.

Having met Chris a few times before (at family events) he didn’t come across like that so, to be honest, I didn’t really know what to expect. His website was filled with bright colours and images of butterflies, not quite the Wolf of Wall-Street image ….

What did you do whilst at Longhurst?

The team at Longhurst had prepared a full itinerary for my week, consisting of:

  • Big presentation = A Monday morning presentation to 20+ corporate solicitors at one of the region’s leading law firms – with Chris introducing Longhurst and his journey to both them, and me.
  • Proper financial planning = Time with Chris talking through life planning, financial planning, and financial advice, and how all three are combined to deliver positive client outcomes.
  • Face-to-Face client meetings = I was allowed to attend 3 client meetings with Chris, where I observed friendly and warm conversations about family, work, life, and how their personal finances related to the underlying ‘plan’. I also got to experience 3 live cashflow planning exercises, via Longhurst’s tool of preference ‘Voyant’, which was fascinating to see.
  • Investment = Time with Glyn understanding Longhurst’s approach to investment management, their philosophy, active versus passive investing, how capital markets function, and what types of investments/scams to steer clear of – such a cryptocurrency.
  • Administration = Michelle had prepared an afternoon of phone calls and paperwork for me, including me calling insurance companies and pension providers to chase up application forms and outstanding items.
  • Porsche Experience Silverstone = Chris took me to meet Porsche UK in Silverstone, where Longhurst will be filming early next year. I got to sit in a few cars, including a brand new 911 and Boxster. Then, we got driven around their test circuit in a new Cayenne, which was amazing! Chris bought me a key-ring as a memento, which I’ve already put on my Corsa key 😊
  • Curry Night = I was treated to my first ever curry (yes, you read that correctly), as the Ganges Restaurant in Towcester. And it was amazing! Lots of great food. I then treated Chris and Louise for a beer afterwards as thank you.

What did you learn?

A lot.

Ranging from developing a deeper understating of capital markets; communicating with clients; a better knowledge of British tax law; getting to see vital software used in this field; how to effectively run a business; and above all, how to properly financial plan for future outcomes.

Financial Planning – what is it?

Listening to Chris explain why they do what they do at Longhurst, then seeing it in action, was an eye opener. They care about their clients, want to help them succeed, and the clients respond to that in their friendship with Chris and the team.

I expected cold calls and selling.

I experienced warmth, a focus on helping people (and not on selling products – as I learned), and a lot of laughter. I think this is what financial planning is or should be.

I explained to Chris after the first client meeting that I can see why he wanted to help them – because they were nice people, and why wouldn’t you want to help nice people 🙂

Favourite part of the week?

I can’t thank Chris enough for his time. Not only did we spend most working hours together, I also stayed at this home with Louise and Bear.

I’ve learned a lot from Chris and the team. My time with Chris has been invaluable; he’s even created my own ‘financial plan’, showing me how I can save between now (age 20) and age 65, and if I do, how I could potentially build a future retirement pot of £1m … !

If I had to choose a favourite part of the week, I’d have to say = Meeting with clients who were all in different stages of their financial life, then understanding their aims and how they will be able to meet them. This also enabled me to get to see some of the essential software used in the finance world.

Chris also gave me a leaving pack, consisting of the 3 books they give to new clients as they on-board; my very own and first business card; and a new idea they’re trailing – branded towels which they plan to give to clients ahead of their annual holiday/adventures.

Would you consider Financial Planning as a future career?

Your answer = Definitely, this sort of career combines my interest in capital markets and economics, along with providing a service that genuinely helps people.