TWO YOUNG ABERDONIANS MAKE A CAREER IN FINANCIAL ADVICE

Martin Welsh and Kieran Taylor are now the proud owners of Aberdeen-based Welsh & Taylor Wealth, a partner practice of St. James’s Place, with several of their former colleagues from the oil and gas industry among their most loyal clients.

Both are alumni of the St. James’s Place Financial Adviser Academy and are proving how people from a diversity of backgrounds are now thriving entrepreneurs in the financial advice market.

Martin and Kieran have ambitions for the future, being 31 and 29; they believe that their youth can be an advantage and differentiator.  

Martin Welsh was an engineer in Aberdeen’s oil and gas industry, often referred to as the “Oil Capital of Europe”. The number of jobs created by the energy industry in and around Aberdeen has been estimated at half a million. Martin worked on-shore for the projects and design side of the business. 

After eight years in the business, he was made redundant in 2016, following a crash in oil prices. Martin enjoyed his years in Oil & Gas, however, seeing the industry go through some tough times he realised he would never be in complete control of his future and was keen to look for something that would provide stability, and over which he would have more control. 

Kieran Taylor worked in the same industry as Martin locally but he was becoming increasingly frustrated with his job.  

Kieran said: “Working in oil and gas, you are at the mercy of a boom-and-bust cycle, which plays out time and again. Business would be good, only to crash a few years later. I asked myself, did I want to link my whole future to the price of a commodity?  I wanted to get back some control.”

Kieran and Martin came from similar backgrounds but had never met before they joined the St. James’s Place Financial Adviser Academy. Martin joined the Academy aged 23 in 2016 and commenced a six-month course in Edinburgh. Kieran joined the next intake, again studying for six-months to qualify to give others financial advice.  

Kieran commented: “Many of the candidates on my course were from a financial advice background so I was very much the odd one out in that respect.

The move from working to studying again took a bit of adjustment, particularly around taking exams but I had a reasonable amount of business acumen, I am quite commercially minded and this was a huge advantage. I had also developed some good problem-solving skills in my days working in oil and gas and this is one of the fundamental requirements for an adviser – it’s what you do with clients every day.”

Martin added: “My previous experience was very much from the design side. So, the need to analyse and interpret information was something I was very comfortable with. I was also good at taking technical information and communicating it in a way that people would understand.  This would later become crucial when dealing with clients.”

Martin and Kieran agree that emotional intelligence was also an important attribute.

Kieran said: “It’s about listening and knowing how to deal with people. You need to read the room and adjust your style to put your client at ease. After all, you are asking them to disclose personal information about their finances. People will not do that with someone they don’t feel comfortable with.” 

Martin and Kieran met after graduating from the St James’s Place Academy. They had both joined an existing practice, where they ‘cut their teeth’. But with so much in common and a desire to take control of their future, they decided to set up on their own. 

It was important for Kieran and Martin that they build credibility. Having both started without a book of clients the early days were tough but with determination and hard work they started to successfully build their client base. 

As it transpired, they needn’t have worried. Having a practice backed by a FTSE100 brand meant they could offer clients peace of mind and security. At first, they began advising friends, family and colleagues.

Kieran and Martin remained in Aberdeen and their knowledge of local industry gave them a huge advantage. They came from the same area, had good contacts and understood the challenges and pitfalls of working in oil and gas.

Welsh & Taylor Wealth has been trading for two and a half years. Martin and Kieran now employ four support staff and have recently taken on another adviser, who incidentally also trained with the St James’s Place Academy.