YP Business profile: BDB, a financial advice firm that focuses on life rather than money

“What’s money? A man is a success if he wakes up in the morning and goes to bed at night and in between he does the things he really wants to do.”

A quote from singer-songwriter Bob Dylan is hardly how one expects the bosses of a wealth management business to sum up their approach to their business. But then again BDB pride themselves on doing things differently.

Based at Hornbeam Park, Harrogate, BDB is the brainchild of businessmen and friends Tim Brear and Andrew Brook-Dobson.

The pair have both had successful careers in financial services over a number of years independently of each other but crossed paths when they worked at Pantheon Financial in Leeds.

A chance conversation during an afternoon at York Races revealed that both were not only looking to leave but that they had very similar ideas about what they were going to do next.

Wealth management is, by its traditional definition, a service in which experts advise on how best to invest and maximise one’s money.

However, this is not how Mr Brear and Mr Brook-Dobson approach working with their clients.

“We don’t believe that money is interesting or important,” says Mr Brook-Dobson.

“However much you do or don’t have, it is an enabler for us to do interesting things in our lives. That doesn’t resonate with a lot of wealth managers. It doesn’t resonate with society’s general view of what success looks like, because a lot of success is talked about and measured in how much money you have got.”

Mr Brook-Dobson and Mr Brear both say they “fell into” wealth management. The former has a background in the sector having worked in Cambridge for years before moving to Harrogate to be near his wife’s family, whereupon he ended up with Pantheon. Meanwhile, Guiseley-born Mr Brear went to Newcastle University, sponsored by the army.

Following Sandhurst he joined what was then the Duke of Wellington regiment on a short service commission which he extended to five years before a career in the City and in Manchester, before returning to Yorkshire and a role at Pantheon.

Mr Brook-Dobson explains how they decided to approach the sector differently.

“What has shaped a lot of our attitudes is having worked with people with lots of money not leading happy, fulfilled balanced lives. We wanted to help people lead truly successful lives rather than materially.

“Our mission at BDB is finding out what that life looks like, what steps they need to take on a practical daily basis and help them understand where they stand financially. We have quite a good track record and history of delivering exactly that. Sometimes that is giving a load of money away. If you are paid based on the money being invested it means you are going to earn less money.

“That’s why it doesn’t resonate with the typical business model of a wealth manager.”

When asked what it is they do when they meet with prospective clients they both reply with one word: “listen”.

Mr Brook-Dobson said: “We listen to understand what is interesting in people’s lives. We perfectly accept that what we believe doesn’t resonate with everyone. If we had Alan Sugar in the room and I said to him ‘money isn’t important’ he would probably tell me I was fired. That’s fine, for some people that’s how they want to measure themselves and live, and good for them. But there’s an awful lot who don’t.”

The pair insist upon speaking to the client’s partner as well as the person who has approached them. A board game of sorts has been developed by the pair that allows them to establish what it is that is important.

“It helps in re-framing the conversation,” said Mr Brook-Dobson. “It helps encourage couples to shift the conversation at the outset on to what the money might need to do in their lives.”

Mr Brear admits that on occasion the role they play is akin to relationship counselling in some degree.

“Clients do say it feels a bit like marriage counselling. We set discussion up so that one person is quiet while the other one speaks and they listen.”

“In society these days there is a paucity of listening,” agrees Mr Brook-Dobson.

“But people are not coming to us for marriage guidance, we are just listeners. That’s the first hat that we wear. That’s how we find out what is truly interesting and important to people. The next hat is the financial planning hat, the strategic one. We need to get an idea of what your number is and have you got enough. The third thing is what IFA tactical hat. What do you do with pension pots, taxes, all of that stuff.

“We are really good at that, some of the most highly qualified people in the UK, but without the other stuff we do first its worthless. It’s like you are running really fast in the wrong direction. There’s no point.”

Mr Brear said the BDB typical client falls into two distinct groups.

“It is usually the owners and managers of SMEs, probably within five years of an exit of some sort The others are execs in large PLCs typically who go on to portfolio management teams of PE houses.”

Mr Brear tells me the story of how a woman breaking down in tears of joy after being told her husband could spend more time at home, as she was so keen to have the family closer together. With a palpable passion and drive to do things differently, you can see how focusing on happiness rather than numbers has proven a success.

After all, you don’t need a weatherman to know which way the wind blows.

Life outside of work:

TIM BREAR

Favourite book: Running with the Kenyans by Adharanand Finn

Favourite film: The Blues Brothers

Favourite musician: Elvis Costello

Favourite holiday destination: Africa.

Favourite thing to do out of work: Run, walk the dog, outdoor things

ANDREW BROOK-DOBSON

Favourite book: Survival of the Fittest by Mike Stroud

Favourite film: Les Liaisons dangereuses

Favourite musician: Walk Off the Earth

Favourite holiday destination: The Alps

Favourite thing: Being active in the mountains, skiing and mountaineering.