If you ask Mohsin Bukhari, head of investments at Carrington Wealth Management about the secret to his firm’s rapid growth, he’ll likely tell you it’s down to a blend of good decision-making, keeping things in-house, and treating clients like family. Bukhari and his team at Carrington have reached £400 million in assets under management, all while sticking to what they do best: bespoke, relationship-driven wealth management.
‘We don’t work with IFAs or consolidate, our growth has been entirely organic,’ explained Bukhari (pictured above).
The numbers tell a powerful story, in just the last year, Carrington has added about £100 million and 25–30 clients to its books, with average assets per client sitting around £1 million.
‘We’re known in the industry, and we often attract clients from our peers,’ Bukhari said, outlining the fact that culture has had a profound effect on Carrington as it has doubled its adviser team to four and now has a solid team of 15 working in the office. The two new advisers joined the firm as fresh graduates nine years ago, and have worked their way up to being trusted advisers.
‘Our people and our clients are sticky,’ he laughed. ‘Whether you’ve been here a month or 14 years, everyone’s treated the same. We’ve created a fantastic culture, and we’re all in the office five days a week, so it keeps us close and makes collaboration second nature.’
Bukhari’s approach to investment stands out as he steers clear of outsourcing to third-party managed portfolio services.
‘Clients have direct access to the decision-makers relating to their investments, and that’s a powerful tool,’ he said.
With only two investment team members, he proudly notes that they’ve managed to outperform industry giants who have investment teams of up to 50 people.
‘It’s just myself and Lucas,’ he joked. ‘Two of us at the helm and I think being small and nimble gives us a huge advantage.’
Carrington’s ethos goes beyond investments. For Bukhari, the number one priority is life planning and cash flow modelling rather than market movements.
‘If you go into meetings stressed about the markets, only focusing on the investment side of things it’s a miss,’ he explained. ‘This planning-first approach, helps put clients at ease and once you have that foundation, then you talk about investments.’
Perhaps the most unique aspect of Carrington’s relationship with clients is their yearly publication, The Club. Full of stories, profiles, and insights, it’s as much a magazine as it is a glimpse into the Carrington family. ‘We’re quirky,’ Bukhari admitted, ‘and The Club lets us connect with our clients in a unique way.’
In a world where consolidation is rife, don’t expect Carrington to sell out to the highest bidder anytime soon.
‘We’ll never be bought by a private equity-funded consolidator,’ he insisted. ‘Their goal is profit, often at the cost of the client, and we’re never going to do that.’
Alongside this, he talks about his bold stance on bonds that encompasses a ‘throw the textbook out of the window approach’.
He said that 2022 was a wake-up call for many. Gilts, a staple in many portfolios, were ‘annihilated’ in what he views as a precursor to a new era.
‘I believe yields will substantially rise in the years ahead – I wouldn’t be surprised if we don’t hold any bonds in the future,’ he noted, pointing to a shift toward hedge fund opportunities as a potentially better source of diversification.