I believe you will play a critical role in bringing the mainstream investing community to social impact investment ensuring it reaches its potential.

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1 I will communicate how social impact investment is an engaging and profitable way to differentiate your value proposition creating organic growth and client retention beyond this generation of clients. I will use data from Behavioural Finance analysis to evidence this outcome. I just want to start by saying the CFPs I know are courageous individuals open to the idea of doing things that are catalytic if in their clients interest. You show a leading edge in the financial planning end of the financial advice sector 1

2 I have spent almost my entire career working with financial planners although the role the CFP fulfils for a client now has developed considerably since I started engaging with IFAs 25years ago. I believe that the true professional financial planner develops meaningful relationships with their clients. I believe in the potential of the UK CFP community to help transform society and deliver a stronger economic recovery. I founded Worthstone to help bring social impact investment to maturity amongst you the wealth advice community because I believe in what you do and the relationships you have with our clients I believe you will play a critical role in bringing the mainstream investing community to social impact investment ensuring it reaches its potential. The three main points I will cover are: 1. I want to offer you a definition of social impact investment and help you position this new way of investing 2. The opportunity to the CFP professional 3. I will talk about implementation and the resources we can offer you to help you facilitate this area of advice within your value proposition 2

3 Worthstone is a social purpose business which means the directors are ultimately responsible for delivering specific stated social objectives as well as financial sustainability. This has led to the business being developed in two phases: 1. Firstly, we entered into a period of research funded by various charities and social sector organisations. We needed to understand how this new way of investing would fit into the financial planning process and had to overcome certain barriers and raise awareness of the importance of the financial planning profession within government departments to ensure certain key objectives to establish a good foundation for the development of this market amongst your profession. 2. Secondly, We are developing a mechanism that fits the financial planners business model to help match opportunities to client needs exclusively in social impact investment. 3

4 Almost a year ago today Nick Cann was with us in London at the launch of the green report, the IFP had supported this initiative and I am thankful for this practical support which is invaluable. The report was the result of research supported by the IFP with over 250 financial planning professionals, so thank you if you participated in our surveys as this made a difference and without the responses the following would not have been possible. The outcome was that this provided the data required to convince the House of Lords that an amendment was required to the Financial Services Bill to ensure the FCA would take into account that your clients may have goals other than financial e.g. social goals The next piece of research required was to look at the appetite for tax reliefs in this area and present a case to Treasury which we did in January and in the Budget the Chancellor announced a new tax relief the first new tax relief introduced by this Government to be detailed in the Autumn to come into effect in April I have been part of a group consulting on the shape and design of the tax relief pre consultation. The consultation will start any day now and close at the end of the summer. Also we have been establishing a consistent methodology to research and review the social impact products available. 4

5 We are now developing a mechanism that fits the financial planners business model to help match opportunities to client needs exclusively in social impact investment. The aim is to provide a hub of information on social impact investment market bespoke to the financial planners requirements which provides: 1. All the information that you might require in one place 2. Regular communications from one source 3. Materials produced in the particular format required by you the assessor We hope this will deliver value by saving you time whilst equipping and enabling you with all you need to develop this area of advice within your practice for your clients (incl. professional connection). 5

6 So my first main point is what is social impact investment. In order to understand what social impact investment is we need to understand where it is different. Let s start by looking at the connection a client has with their traditional investment portfolio. 6

7 Here is a model of traditional investment. 7

8 The wealth advisers and wealthy investors I have spoken to believe the main connection in the traditional model of investment tis with the financial i return received. 8

9 Having spent the last two years focusing on the development of this market, speaking to wealth advisers, one area over which they often require clarification is: How does this new way of investing called social impact investment differ from ethical investment or SRI, with which you are all familiar? 9

10 This is a really important clarification and it will come up again later when we look at identifying client goals in this area in a few minutes. So here s a model of ethical investment... 10

11 In this model the model for ethical investment 11

12 Here, if whilst still focusing on the financial return the investor has also taken an interest particularly in identifying areas with which they do not want a connection. 12

13 The investors connection has moved on slightly away from JUST the financial return. 13

14 With social impact investment 14

15 The primary connection with the investment opportunity moves away from the financial return as the primary focus. 15

16 The main consideration is the actual entity (social enterprise, charity, fund, financial instrument) and the specific social need that the fund or company is targeting. 16

17 So the primary connection is the focus on the intentional social impact and the potential positive outcome for individuals, communities and society. 17

18 Here s a real example of a social enterprise that may be a recipient of an investment directly or through a fund Devine Chocolate, which can be purchased in Waitrose or Tesco Costa Coffee amongst other high street outlets. It s a product and the quality should be at least as good as any other, but what makes it a social investment? Devine Chocolate has led the way in Fairtrade Chocolate in the UK, however what makes it a social investment is it has set the bar higher by being co owned by the cocoa farmers co operative in Ghana, West Africa. These smallholders receive about 49% of the profits which is money injected into their communities helping to enable and equip families to feed themselves, dismantling poverty and reliance on aid as well as providing the people themselves with hope, opportunity and dignity 18

19 This is a social enterprise that hasn t done as well financially and is currently under reconstruction. However it has trained over 500 previously homeless young people the majority whom have gone on to full time employment in the hospitality sector. So from a financial perspective this has not been a remarkable success however from a client perspective targeting a positive social impact with this investment there may be seen to be some success in the outcome as a very positive social outcome has been achieved in helping to transform the futures for the best of some 500 young people. So it is important to establish from the outset with a client what for this type of investment what is their definition of success. 19

20 A social impact investment has unique investment risk (as with a conventional investment). 20

21 A social investment will target a financial return which could be a spectrum of at least a return of the investors capital to above market returns. 21

22 What makes it a distinctly different use of capital is the third dimension of the return. 22

23 Positive social impact, a specifc, measurable and defined impact. This investment wouldn t be the same without the impact. 23

24 Because this is still an investment the need for a financial return remains. So the aim of a social impact investment product is that as the social need is addressed a resulting financial return is delivered. Typically investors in these products are looking for at least a return of capital with the potential of possibly more. 24

25 In 2011 Ipsos MORI and Nesta carried out research of over 500 individuals with amounts to invest ranging from 50,000 to several millions. They found that almost 40% of the population sample were actively interested in social impact investment, which means they were all significantly more likely to find all the features of a social investment appealing. This shows the result of a very clever statistical technique which clusters the population according to attributes they share and these are the key motivations that were common to all the active interest group and focuses specifically on the individuals with in excess of 100k to invest (excl. pension, property, business assets). As you can see the most important trigger for this group is the connection with the social enterprise or charity. This has many implications for the investments and the way they are presented and report on performance but also in identifying these motivations with clients that you deal with currently. The interest in the financial return is ranked third. So it is still important, but it is not the primary connection. For this market to reach it s potential it needs to deliver both the positive social impact and the financial return. 25

26 It has recently been forcast by the Boston Consulting Group that within the next five years in the UK alone the market will have reached a size of 1bn (sterling) 26

27 JP Morgan has forcast a global market size of $1 trillion dollars by 2020! This is a growth market and a global market. 27

28 Iknow clients are central to your business and that their motivations are key in the advice process and we can see there is the potential for a significant proportion of individuals to have these motivations within your client base. To assist you in the process we have devised a discovery questionaire to help identify interested clients and which connections they have to specific causes. This is an important point as was highlighted by the research in the previous slide it is a priority for those interested in this type of investing and critical to the planner to document this process appropriately from a regulatory perspective. From the behavioural finance research into the HNWIs (mentioned previously) we have constructed an example of some questions and statements to help you think this process through with your clients. Our research shows that currently only 38% of financial advisers include social and/or philanthropic goals in planning, which is a great concern. Please don t omit this conversation with your clients otherwise you may risk missing important goals and motivations which will result in the client not receiving advice to deploy some of their assets in the appropriate vehicles. 28

29 Focusing further on the behavioural finance aspects how do clients respond when introduced to the idea of social investment? Previous research with HNWI with in excess of 1m to invest was conducted in this area. How many of your clients when thinking about wealth think in terms of pots? Most wealthy people I have come into contact with think in that way. This is what the research found also. When you introduce the idea of social investment as I have just now people can go through a period of confusion and I have seen this on numerous occasions. 29

30 The research shows us that initially wealthy individuals first consider if this social investment will sit in their traditional investment pot but soon realise that it will not readily produce an optimised return in the conventional way. 30

31 The investor will then think about it as a form of philanthropy, charity or giving, however it doesn t sit neatly in that pot either as it doesn t have the attributes of a gift which would result in an IRR of 100%. 31

32 So after some consideration the investor identifies a third pot called the social impact investment pot which has a targeted social outcome with the potential for a financial return and the ability to recycle capital to use again so that more social impact can be achieved with the same capital repeatedly. So the key point is there are different forms of wealth deployment : with distinctive characteristics and outcomes based on different goals and motivations But all to be considered potentially as part of the financial plan A really important point to make is that more and more people I am speaking to are discovering the social impact investment pot with or without their financial planner. The financial planners I have spoken to that discover this pot with their client have all spoken of the step up in the level of relationship and quality of engagement they have with that client. 32

33 Some wealthy investors and wealth advisers comments Enthuse a wealthy person about the project; people invest in these things because they re excited about what it s doing. Better to have a direct relationship between investor and the scheme rather than through some fund where it gets diluted is most attractive. I go on how I react: if someone came to me with something that was going to increase adoption rates or improve situation of homeless people and I was convinced they knew what they were doing and I was going to earn equivalent of 7% gross by lending them some money, it s a pretty simple decision. It s out of a completely different pot from money I use from donations; expecting to get most of this money back and then I can recycle it and use it again Once this social impact investment pot is identified a client will take the next step to consider how much of their wealth they can deploy in this area and with what connections they have a particular interest. 33

34 Opportunity to differentiate: Offering this advice is one way to differentiate your advice and relationship evidences you do actually care about more than just the clients money but other motivations connected with wealth deployment Legacy transfer of wealth from generation to generation some financial adviser firms calling themselves multiple family offices Legacy of wealth thinking more about what your childen and grandchildren might think. We are entering a time of the most significant transfer of wealth ever over the next twenty years. All research indicates Baby Boomers buying decisions are significantly influenced of the Boomer Babies. Important point to note is that research has expressly pointed out that Boomer babies choose to invest in products that give something back e.g Toms So what are you doing to engage the children of your clients create a succession plan to retain the wealth of the family as it passes from your current relationship to the next generation. Creating Shared Value (Prof. Michael Porter) HavardBusiness School 34

35 The Worthstone website is being designed with the financial planner in mind: 1. We know financial planning comes first and is the mechanism used by you to deliver solutions to meet your clients aspirations and goals 2. Due diligence with a consistent process and demonstrable methodology is crucial 3. Any outsourced service should offer value in time and resource effectiveness We have a value proposition we would welcome the opportunity to discuss with you which includes product reviews on all the social investment products available and a database to search, select and compare. This will be offered to community of planners who subscribe to the service. 35

36 One of the findings from our research published in a report with Nesta (a national charity) Financial Planners as Catalysts for Social Investment, was that wealth advisers would value support in understanding this new market. There is new language, terminology and definitions, as well as unique risks and opportunities? This was the inspiration for the Social Investment Academy. With this new opportunity comes unique challenges which we are well aware of. We have designed the Social Investment Academy with the intention of meeting the needs of advisers who wish to offer advice to their clients on social investment. The inaugural event at Guildhall in the City of London was just the start, we will be holding at least two a year and Masterclass s in between on specific topics. If you would like to be kept up to date please let me know 36

37 The social impact investment market isn t going to work unless the planning community share in our commitment to this important area of advice. We need to maintain independence from the product manufacturers to ensure we are completely objective in our opinions of the products available to remove any potential influence of bias. To provide truly objective advice we have to be funded by the advice side we cannot be funded by product providers. Therefore, without you this can only go so far. 37

38 The noise about values in the market place is significant everyone tells me they really care about understanding their clients goals and aspirations and how important the client is wholistically not just their portfolio. However it is clear the public need to develop a greater level of trust for the wealth advice community. For all the wonderful websites and social media something is not getting through for this segment of the wealth advice market. However I believe it s not what you say that a client or potential client/professional connection will hear but what you do that will speak louder than words. I hope in your eyes I have achieved my objective and you are able to decide that social impact investment is an engaging and profitable way to differentiate your value proposition which will help you create organic growth and client retention now and beyond this generation of clients. 38

39 Thank you. 39

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