Mulberry Bow

Going from good to great: B-Compliant aids expansion of ambitious IFA practice, Mulberry Bow.

Laying the foundations for growth

After an introduction by a mutual contact, we met City of London-based Mulberry Bow in spring 2024. The firm had previously had an arm’s length relationship with a compliance consultancy, but due to growth in its team, more direct input was now needed.

Currently, 90% of Mulberry Bow’s clients are based in and around the capital, but as part of its expansion plans, the firm is considering opening new offices in the Midlands and the Bristol/Bath area. As strategic partners, we will be integral in the planning required to facilitate this expansion.

This will inevitably create more work for us, as a larger team of advisers mean more file reviews and an increase in training and competency requirements. However, the structures and processes we have implemented already will ensure the groundwork is in place to accommodate the firm’s growing team.

A systematic approach

Work began with a discovery day to assess the effectiveness of Mulberry Bow’s compliance. It quickly became apparent the firm’s training and competency scheme and delivery was an area that required work.

As a consequence, we wrote a path to competency for a newly qualified adviser and our consultants carried out monthly one-to-ones with him to monitor his progress. We also reviewed his files and provided pre-advice reviews, so nothing went to clients without being checked first. By the end of the year, he was in the final stages of this process and achieved competent adviser status (CAS) soon after. A second adviser was then started on the scheme in early 2025 and we carry out regular checks on the rest of the team, to ensure they are operating within their regulatory obligations.

We also encouraged Mulberry Bow to be more systematic in its file reviews. This was an initial challenge for advisers, but the firm is now operating as efficiently, if not more so, but with increased standards. This engenders confidence that problems will not be encountered down the line, if complaints are received and files can be readily understood if an adviser leaves.

Following the initial set-up period, a compliance monitoring plan was implemented and quarterly visits are arranged, complemented by monthly catch-up calls. Agreed actions are then either carried out directly by us or overseen by our consultants.

Simon Bullock, Mulberry Bow’s executive director, said: “Great people want to work for great firms and thanks to B-Compliant, we are well on the way to becoming a great firm, which will underpin our long-term sustainability. To replicate this level of compliance and risk quality in-house would cost us significantly more and we can dial up or down the support we receive, as required.”

For more information visit: https://www.mulberrybow.com/

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