After a knee injury forced Michael Reed out of a job as a semi-professional cricket player he was on the hunt for a new career and found the advice profession.
A chance suggestion from a client of his wife put him on the path of financial services.
He spent five years with St James’s Place before setting up his own directly authorised firm.
Michael Reed Wealth Management now employs four people and has 100 households on its client books.
But he thinks the profession needs more promotion to encourage more young people into the industry.
How did you start out in financial services?
While Reed was still studying maths at university he was offered a contract with Glamorgan County Cricket Club, which he joined after completing his degree.
“Within three years I retired because of a knee injury,” said Reed.
“I had a year left on my contract knowing I wouldn’t be able to carry on with cricket.
“I looked at banking and had some work experience on a trading desk but for me I wanted more of that human element.”
It was a chance suggestion that put Reed on his route into advice.
“My wife is in marketing and one of her clients heard I was looking for a career change and suggested I should apply to the SJP Academy.
“I wouldn’t have been aware of it otherwise and I think it is probably still the same.
"You could be a competent graduate with a good degree and not know where to turn in the same way you would if it was for an accountancy grad scheme.
“I don’t think it is as visible to young people.”
What made you want to set up your own firm?
“Getting all my level four qualifications at a FTSE 100 company was great but I realised I didn’t want to be part of a big corporate organisation,” said Reed.
“It was mostly being in front of clients face-to-face and to get good experience in the pensions and retirement planning market but realised I wanted to be independent.”
After more than five years with SJP, Reed left to set up his own firm, which now has an office between Loughborough and Nottingham.
“With Covid on the horizon I left SJP. Looking back, the timing was great actually because that lack of face-to-face contact meant I could beaver away on the business.”
And Reed said he was ready for a change of environment after working at SJP.
He added: “Initially I had a positive experience at SJP with the ongoing support but I felt as if you had the downsides of being self-employed without the upsides.
“They were there to tell you what to do so you still very much felt like an employee.
“There was also the suit and tie expectation which for me is not the way clients relate to you.”
What did you want to do differently when you set up your business?
Reed said he is working on engaging with more younger clients.
He said: “As an industry we need to do more with younger people at an earlier stage.
