Aug 1993

Acquisition of Old Bank Chambers

Seven years into our journey, we moved to the picturesque village of Hurstpierpoint, taking over the Old Bank Building formerly owned by Barclays to facilitate our growth.

Our commitment to education and professional development remained steadfast, with a strong emphasis on guiding our advisers through their Advanced Financial Planning Certificate (AFPC) training. During this period, Ian Cooke and Partners expanded significantly, becoming the UK's largest network firm.

First API Links Established

Platforms like Cofunds and Transact, which drew considerable inspiration from advancements in Australia and New Zealand, became widely adopted in the mid-2000s. This technology was clearly set to transform how wealth managers functioned in the UK.

Keen to capitalise on this innovation, we didn't just integrate with Cofunds – one of the earliest real-world link-ups with a custody platform – but also launched into an 'integration fest'. 

We formed connections with nearly all the major retail platforms in the UK and expanded our scope to encompass legacy insurance providers, as well as some of the larger institutional models still used by ultra high net worth clients today. 

Best Practice: Membership Reaches 50

Best Practice, our compliance network, proudly welcomed its 50th wealth management firm in June 2010, having experienced no member attrition since its inception. IFA networks, often perceived negatively in the UK for substandard compliance, faced a challenge we were determined to address. Our goal was to drive meaningful change in the sector.

Despite being relatively unknown to the broader public, we were actively instigating change. In an effort to raise awareness of our endeavours, we entered Best Practice for its first award, 'Network of the Year'. Unfortunately, we finished as runners-up, although we were highly commended for our efforts. Undeterred, we committed to re-enter in 2011. 

SEI Partnership Initiated

After establishing connections with nearly every provider in the UK to integrate client valuations, we reached out to SEI, BNY Mellon, and FNZ as potential partners for our own platform, Fusion Wealth. Our choice landed on SEI, renowned for being a large global custodian, to safeguard clients' assets. 

This decision led us to dive into a profound integration with our technology. SEI's stature as one of the largest global players in custody and administration lent an added layer of assurance, offering our larger clients and those of the firms we powered, complete security of assets. 

This collaboration meant that their investments were not just in safe hands but on a rock-solid institutional platform, giving peace of mind to all involved. 

Best Practice Achieves Chartered Status

Best Practice IFA Group was at the forefront as one of the first major national firms to achieve Chartered Status in 2009, a feat now as common as tea at teatime in our industry. We were ardent champions of Chartered Status across the UK. Our quarterly CPD meetings at South Lodge in Horsham were not just a hub for professional discourse; they were also a culinary highlight.

The venue was so splendid, and the lunches so scrumptious, that members would journey from all corners of the UK – some even braved the trip from Scotland and Ireland. It seems the promise of a good lunch can work wonders!  

Celebrating Excellence in Investment Management

Winning 'Investment Manager of the Year' for the first time held significant importance for us as it validated our belief in a simpler approach to fund management. This accolade demonstrated that even at the highest levels, excessive complexity and ostentation can often lead to confusion. 

Our strategy has consistently relied on a sound quantitative approach, proving effective over the long term. We advocate against short-term trends, abrupt shifts in asset allocation, or frequent changes in fund managers, focusing instead on steady, well-founded investment principles. 

Benchmark Capital Established

As our diverse enterprises expanded, we opted to amalgamate them into a singular entity for regulatory reporting and governance purposes. Additionally, considering potential future sales, we wished to preserve the distinct identity of our original venture, Ian Cooke and Partners, along with our Family Office clientele, with whom we've cultivated enduring relationships over the past 20 years, as separate entities. 

We named this collective 'Benchmark Capital', symbolising the high standards each business within our portfolio had established, setting a 'benchmark' for others. This title reflects our immense pride in what we've accomplished over the last two decades. 

Engagement of PWC

In 2016, our business reached a pivotal crossroads, reminiscent of a bustling roundabout with nearly 300 staff members, each wondering about our next move. We were faced with a choice: to soar to new heights or chart a different course from 2020. Engulfed in deep thought and fortified by numerous cups of tea, we brought in PwC to guide us through a maze of options, leading us to a crucial decision between private equity investment and finding a trade buyer.

This decision felt as complex as playing Monopoly with real stakes. Our primary dealings were with mass-affluent IFA firms, and the idea of aligning with private equity was akin to a no-brakes downhill bike ride — exhilarating yet potentially perilous due to regulatory challenges. Private equity is notorious for its desire to accelerate business growth to breakneck speeds.

It was Ian Cooke, our 'visionary helmsman', who pointed us towards the trade route. Our target was the high-end asset management firms, those who would value our solid stance on compliance and our philosophy of gradual, sustained progress, in contrast to the pursuit of quick wins.

Our search for the perfect partner was thorough, involving the evaluation of no fewer than 20 possibilities, all amidst the backdrop of train strikes. Picture us as business leaders turned train-hopping adventurers, spending more time on platforms than in conference rooms. Throughout this adventure, we clung to the essence of our 23-year-old business, determined to find a partner who would not only join us but would be ready to take over and carry forward our legacy from 2020. 

Family Capital Established

24 years after the establishment of Ian Cooke and Partners Ltd, we pioneered a groundbreaking approach, integrating the traditional family office ethos with a fully digital framework. This advancement led to the launch of Family Capital, crafted to specifically address the needs of our Ultra High Net Worth clients and their families, who have been instrumental in our journey. Acknowledging the complex financial requirements of these families, their trusts, companies, and private family investments, Family Capital was established as a distinct entity, separate from Benchmark. It represents a more specialised and customised approach to holistic financial advice, designed to meet the intricate needs of our affluent clientele and their families.

Crucially, our digital approach significantly enhances risk management and reduces duplication for sensitive data and applications. Family Capital, whilst distinct from Benchmark, continues to uphold the rigorous standards of security and compliance our clients expect. We have maintained our longstanding trust in the secure custody services of SEI and the efficient tax wrapper operations we've developed over the past two decades. This ensures that Family Capital, though focused on providing a higher level of personalised advice, remains aligned with the core principles of security, compliance, and cutting-edge digital efficiency that have been the bedrock of our service to clients. 

Perpetual Sells Final Stake to Schroders

Five years on from Schroder's initial acquisition of a stake in Benchmark Capital, we've now bid farewell to our final portion of the stake. It's been a compelling journey, not always straightforward, as integrating with a FTSE 100 company posed its unique challenges, yet it was a fulfilling experience. Schroders successfully merged the subsidiary firms under a unified brand, seamlessly integrating them into their primary operations. Ian continued as a board director, offering valuable insights and challenges to the business. We still utilise their products and services, where Schroders is seemingly at the forefront of sustainable investment.

Family Capital, operating independently from Benchmark, remains steadfast in upholding the stringent standards of security and compliance our clients expect. Our enduring confidence in SEI's secure custody services and the proficient tax wrapper operations we've honed over the last twenty years is unwavering. This ensures that Family Capital, whilst concentrating on delivering bespoke advice, stays true to the fundamental values of security and compliance, which have been paramount in our service to clients. 

Introducing the 'Industry Peers' Programme

We're thrilled to introduce the 'Industry Peers' Programme, an initiative that originates from a term fondly used within our community and has now developed into a comprehensive service for our fellow financial experts. This encompasses planners, fund managers, and advisers, who might find it particularly useful during periods of change, such as when selling their businesses.

Our interactions with industry peers have always been marked by straightforwardness and efficiency, emphasising sensible discussion without unsolicited advice and proficient trade execution. The standout feature of this programme is the exclusive access it provides to our advanced systems, and complete access to the Family Wealth Portal where you can manage your own affairs with guidance upon request. Tailored for the self-reliant professional, our service simplifies the experience, navigating through the complexity of stringent regulation.

The introduction of 'Consumer Duty' encouraged us to officially define this offering. 'Industry Peers' is not merely a token of professional goodwill; it's a comprehensive package that includes secure custody, discretionary fund management, and pragmatic advice. This strategy has already demonstrated significant appeal, showing that even the most experienced advisers value expert support occasionally.