When Finn Houlihan was setting up his advice firm, consumer duty regulations were introduced, but rather than being a hindrance, he said it was helpful to know the lay of the land from the start.
Houlihan launched AAF Financial in September 2023 after becoming directly authorised by the Financial Conduct Authority.
He describes his business as a tax-led firm which specialises in working with Brits returning to the UK after working abroad.
Houlihan sat down with FT Adviser’s Coffee Corner to speak about his experience of setting up on his own.
Where did you start in financial services?
In the early 2000s Houlihan started his career as an analyst for Reuters before working for Lloyds and RBS.
After some time in private banking he spent five years at The Fry Group, which was brought by Progeny in 2022.
Here he got experience working with international clients, often expats working in Europe and the Middle East.
“Private banking was my introduction to dealing with high net worth clients,” he said.
“Then, The Fry Group was my experience of high net worths and expats, who were ultimately planning on returning to the UK.”
Before setting up AAF Financial Planning, Houlihan had co-founded wealth management group Arlo Group with a friend.
What was it like setting up on your own this time?
Houlihan said: “I left The Fry Group to start up financial planning group Arlo with a friend.
“I did my job there and it is now fully sustainable and on its merry way.
“I wanted to do it again on my own. When you set up a firm you are doing everything, spinning all the plates.”
Despite the year-long process Houlihan thinks direct authorisation is the way to go.
“I considered everything, including buying a regulated entity.
“But going directly authorised you have that piece of mind from day one that there are no skeletons in the closet and it is a clean start.
“With a new business I don't have to worry about historic stuff.”
During his application to the FCA, consumer duty came into force so new questions were introduced to the process.
“Consumer duty being introduced while I was setting up bizarrely became an advantage,” he said.
“It meant you could genuinely know your business and where it sits regarding the regulation. Starting from scratch means you can concentrate on what you want to do and serving good client outcomes.”
Is there anything that makes AAF Financial different to other firms?
“Our business model is totally tax-led,” said Houlihan.
He explained that this means his clients are referred from a tax adviser or accountant.
“A client will have a tax health check from a tax specialist, and all the financial planning aspects are raised at this point,” said Houlihan.
“It is a softer approach. They have already come through a tax adviser or an accountant so are clearer on what advice they need.
“Also it builds trust when they are coming through another professional and it makes advice focused because it is coming form two professionals.”
The firm specialises in working with people returning to the UK after working abroad, including pilots and seafarers.
