In our recent podcast episode Florence Paul was joined by Frankie Smith, founder of Frankie’s network for entrepreneurs and professionals. In the episode Frankie shares her journey into finance, why she started Frankie’s and her newest business FSWM, an independent financial advice firm.
Q: Can you tell us about your journey into finance?
A: My journey into finance is quite unconventional. I fell into finance after a chance meeting with my previous CEO at a horse racing function at Ascot. He introduced me to financial planning, a field I hadn’t considered before. He mentioned there weren’t enough ‘people-people’ in the industry and that he thought it’d be an interesting career, or at the very least something I should explore. Seven years later, I now run my own wealth management business.
Q: Did you study finance at university?
A: No, I didn’t study anything to do with finance. That proved challenging in the beginning as I suddenly had to do my diploma in financial planning and was learning lots of skills that I hadn’t necessarily used for a long time, because I hadn’t done any maths really, since GCSE.
Q: How would you describe the typical finance adviser?
A: So stereotypically the typical finance adviser is often middle-aged, male, and white. When I attended my first conference, I was struck by the lack of young people in particular. This inspired me to create a space for young people in the finance industry. Currently there are only 6% of advisors in the UK that are under the age of 30. In fact, I was reading in the FT that there are more advisors over 70 in the UK, than there are under 30.
Q: Can you tell us about Frankie’s?
A: Frankie’s is a network for professionals and founders, particularly women. It’s a space where they can connect, collaborate, and engage with finance. It’s about bringing all these amazing women together, giving them a place where they can network, connect, and learn, and we feel that we give our members the basics of financial knowledge. This means that when they are ready, they’ll have a safe place where they can come for financial advice.
Q. And you’ve also recently set up a company, what are you looking to achieve with that?
A. Yes, I have recently set up a company, FSWM, an independent financial advice firm. Our aim is to leverage the amazing community we have built with Frankies and bring our assets in-house rather than placing them with another firm.
In September last year, I recognised this potential and embarked on a fundraising journey. By the end of the year, we had secured £250,000 worth of investment. This allowed us to establish FSWM in February this year.
We pride ourselves on being female-led, although not female-only. Our current base is a balanced mix of men and women, with every male member of FSWM having been introduced to me by a woman.
Now, four to five months in, it’s been an incredible journey.
Q. How have you found the transition from working for someone else to working for yourself?
Transitioning from working for someone else to working for myself has been a journey of self-discovery and growth. I’ve always had a lot of energy and a desire to push boundaries, which was nurtured at my previous firm. However, the corporate environment sometimes limited my ability to bring my ideas to fruition, which was challenging. This led me to realise my desire to do something for myself. The transition was eased by running my business, Frankie’s, alongside my job, before taking the full leap. The biggest change has been the responsibility of generating my own income, which has been an interesting experience.
Then the next biggest challenge for me has been employing people. The team is so important, and I’ve got an amazing advisory board that I built around me, who’ve supported me and helped me both with getting the funding but also interviewing and using their expertise.
Q: What advice would you give to a young female founder looking to put together a business?
A: So, I think that you’ve got to know what your business is, quiet the noise around you and just choose your lane and keep going. Once you have your vision and your team, take that leap and try things. Also, the best thing I did was put together an advisory board of people who have been successful in their field and really supported me from a business perspective. I also ensured that the advisory board I put together were able to support in raising the money we required.
Q: What do you think the finance industry can do to change the inequality between men and women?
A: The finance industry can play a significant role in addressing gender inequality. Many firms are already supporting individuals, particularly women, through qualifications and exams, which is commendable. However, we need to go a step further and encourage people to consider financial planning as a viable career option from an earlier stage.
Often, financial planning is seen as a second career, with individuals first exploring other fields before transitioning. We need to catch a more diverse range of people earlier, especially those considering roles in investment banking, finance, or accountancy, and highlight the benefits of a career in financial planning.
Financial planning doesn’t always get the spotlight it deserves. It involves planning, structuring, and getting to know clients on a personal level. As a financial planner, you become the conductor of the orchestra, bringing together investment management teams, accountancy firms, and legal partners.
The content of this article is for general information only. It is not, and should not be taken as, legal advice. If you require any further information in relation to this article please contact the author in the first instance. Law covered as at August 2024.