Fresh Faces: Dominic Lacey of John Lamb

We meet Dominic Lacey, associate at John Lamb.

When Dominic Lacey, associate at John Lamb, graduated from Birmingham University in 2007, he delayed entering the working world and set off travelling around South America. He was in for a shock on his return: ‘When I came back it was the summer of 2008 [at the height of the financial crisis] when everything seemed to be going down the drain very quickly.’

Lacey says it was then that he took the decision to return ‘reluctantly’ to South Wales to work as a paraplanner for his father, who was an adviser, at Alchemy Wealth Management and then a second firm run by his father, London-based Portland Financial Management.

When Dominic Lacey, associate at John Lamb, graduated from Birmingham University in 2007, he delayed entering the working world and set off travelling around South America. He was in for a shock on his return: ‘When I came back it was the summer of 2008 [at the height of the financial crisis] when everything seemed to be going down the drain very quickly.’

Lacey says it was then that he took the decision to return ‘reluctantly’ to South Wales to work as a paraplanner for his father, who was an adviser, at Alchemy Wealth Management and then a second firm run by his father, London-based Portland Financial Management.

Carving out a niche

Lacey has already carved out a niche as the in-house pension specialist at John Lamb and is well-versed in the complicated rules from the pre-A-Day era, despite being the most junior adviser at the firm.

Of the 500 active clients at John Lamb, Lacey has around 70 on his books, having taken on some of the firm’s smaller clients and one retiring adviser’s client book. He plans to build on this by generating new leads through professional networking and referrals from trusted partners.

Highlighting advice gap

Lacey worries about how the profession engages with his contemporaries. ‘I sometimes think if I wasn’t a financial adviser, could I afford my advice? The answer would be no,’ he says. ‘Many IFAs want the assets under management and younger people don’t have that. They might be income rich but asset poor.

‘It is also a case of educating people about the benefits. I think there is a definite advice gap for people my age and younger.’

Lacey is passionate about the benefits of advice for all. ‘I can’t extol enough the virtues of solid financial planning,’ he says. ‘It gives everyone the best chance of meeting their financial goals.’

CHARITY WORK

‘We have a big piggy bank in the centre of the office called Justin,’ says Lacey.

‘Personally, I’ve supported blood cancer charity Anthony Nolan and I ran the Royal Parks half-marathon in London last year, raising £1,000 for the charity.’

FIRST JOB

‘When I was 16 I worked at a small engineering firm in Herefordshire, which is where I’m from,’ says Lacey. ‘They made the small brackets for Ford Focuses. I had to punch a hole in each end, flatten them and bend them into a Z shape. I did that one job for six weeks. I was pretty bored.’

RETIREMENT PLANS

‘I love London as it’s so vibrant but I do love getting out to the countryside,’ says Lacey. ‘It would be nice to wind down, have a smaller book of clients that I look after somewhere not too far from the sea and with a good supply of wine; somewhere green with good walks.’

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