Home Business Services Teesside Financial Planning business reports record-breaking quarter to start the year

Teesside Financial Planning business reports record-breaking quarter to start the year

Joslin Rhodes

Joslin Rhodes – an award-winning pensions and retirement planning firm in Stockton-on-Tees – has closed Q1 2024 with record results, up 109% from Q4 2023 and up 54% year-on-year.

This can largely be attributed to an increasing number of Teesside women taking charge of their financial future and engaging Joslin Rhodes for professional financial planning services.

At the end of last year, Joslin Rhodes reported a huge 60% year-on-year uplift in online enquiries across all its Lifestyle Financial Planning Services and Retirement Services with more Teessiders actively making plans for their future. Data for Q1 2024 indicates that this trend has continued.

According to latest Census data, Stockton-on-Tees has an ageing population, with a 30.7% increase in residents aged 65-74 in the 10-year Census period, highlighting just how important it is for people in the area to think about their financial planning.

Commenting on the results, Neil Parker, CEO and Founder of Joslin Rhodes said:

“When I founded Joslin Rhodes back in 2001, I did so with the ambition of creating a business that would help Teessiders take the steps necessary to retire to their best life, and often do so much sooner than they thought possible.

“Posting a record quarter, driven by an increase in new clients, shows that we’re doing just that and is a clear sign we’re reaching more local people than ever, and doing so with happier customers than ever before too!”

Women are focused on the future

Looking into the figures in more detail reveals that there are particular customer groups that have kicked off 2024 with a keener focus on their finances. Although there has been an increase in enquiries and new clients across the board, women engaged directly with Joslin Rhodes in growing numbers. For Q1 2024, 52% of all enquiries for pension and retirement planning and estate planning services were initiated by women.

Neil continues: “Women live longer and, in many cases, will be solely responsible for their family’s finances at some point in the future. Data is also showing that an increasing number of them are working beyond retirement, so it’s great to see them taking charge of their finances sooner rather than later.”

According to data from Schroders, 80% of women will be solely responsible for their finances at some point in their lives, shining a light on the importance of creating a relationship with a trusted adviser earlier on in their lives.

Single and ready to save

With a growing number of unmarried, divorced or widowed people in Teesside, they are needing to plan ahead. According to the latest Census for Stockton-on-Tees, under half (45.6%) were married or in a registered civil partnership. Reassuringly though, Joslin Rhodes data shows a significant uptick in single people taking a more active role in planning their finances and retirement: for Q1 2024, there was a 125% YoY increase in the number of single Teessiders becoming Joslin Rhodes clients.

Commenting on this trend, Neil said: “As living costs continue to rise and the extra considerations that single people need to factor in, it’s no surprise that they are becoming more focussed on their expenses and planning for their retirement. Getting a professional involved early on can really improve their financial situation and can mean that single retirees are able to build the nest egg to support themselves comfortably, so I’m pleased to see them turning to us for advice.”

Younger generations are prioritising retirement and pensions needs more than ever before

The data also highlighted a shift in younger generations prioritising their retirement and pension needs, with the average age of people enquiring about Joslin Rhodes’ services in 2023 decreasing to 57 years of age, down from 60 in 2022. The youngest enquiry for retirement planning was from someone just 37 years of age.

Plans for 2024

Looking ahead, Joslin Rhodes continues to expect an increased focus on estate planning, particularly as pension changes come into effect this month and in the run-up to a general election and potential change of government.