Luke's story: 

Opportunity knocks 

Before becoming a financial adviser, Luke Riordan built his career in management at a successful firm specialising in pension drawdowns. He was also well-connected to a mortgage business, owned by mortgage adviser Clare Stokes, that had been operating for 12 years. In 2022, Luke and Clare decided to launch a joint financial advice business, Coral Financial Planning, and the Practice has since gone from strength to strength. When reflecting on his decision to launch a new business, Luke explains: “In my previous role, we primarily focused on addressing specific client needs, which resulted in us providing more transactional advice. I can now support my clients comprehensively, and develop stronger, long-term relationships with them and their families too. In turn, this has resulted in more business opportunities.” 

Luke’s decision to make the move was also motivated by a desire to launch a business of his own. “My father is a business owner, and it was always something I wanted to do.” 

Help always at hand 

Despite having a strong understanding of how to market the business with ideas on branding, Luke was impressed by the expert support provided by the marketing team at St. James’s Place. “They really understood what we were trying to achieve. There was great synergy in our ideas, and they made the whole process of creating the brand so seamless. Coming up with a name, logo, website and so on proved to be very easy.” 

The support of Luke’s Academy Development Manager (ADM) has also been instrumental in his success. “The support is brilliant: my ADM isn’t all over me, but they made it clear that help is there if I need it. Whenever I’ve come up against a higher fence, they’ve been very accommodating, involving the right people to resolve issues quickly.” Everyone that joins the SJP Academy is supported 121 with an ADM. Luke soon recognised the need to build relationships with other SJP Partner Practices – a support network that has proven invaluable in helping him cope with peaks in business and maintain a smooth journey for his clients. Plans to grow his business are already underway, with his first recruit soon to go through the SJP Academy. 

Look at the bigger picture 

Maintaining his ties to Clare’s mortgage business means that Luke receives referrals, providing numerous opportunities to explore. “My clients feel so well-supported because we’re discussing areas they’ve probably never considered before. It gives us much greater credibility and I love being able to help them from a holistic point of view.” 

What would Luke advise anyone considering the same move? 

“It can be hard to put yourself in the vulnerable position of going down this route I did when you’re employed, as I was. But I’d say just explore the journey. For me, it was a case of being in the right place at the right time to have a conversation. SJP has delivered more than I expected. I’ve got no regrets.” 

We caught up with Clare Stokes, Luke’s business partner and Director of MAB Kent, a mortgage advice company to find out her experience of working with SJP. 

What was your background before launching Coral Financial Planning with Luke and SJP? 

I started as a mortgage adviser at Countrywide in 1997 at age 19; in 2003, I went to work with Robinson Michael and Jackson estate agents; in 2006, I became self-employed; and then, in 2008, I joined Mortgage Advice Bureau. We set up Mortgage Advice Bureau Kent in 2010 and Coral Financial Planning in 2022. I’ve now got over 27 years of mortgage experience. 

How does the relationship between Coral Financial Planning and your Mortgage Advice Bureau (MAB) Kent business work? 

This business is all about relationships. Coral Financial Planning and MAB Kent are no different; we act as one team, looking after our customers’ financial needs as if we were one, sharing similar passions and goals. Mortgages are very time-consuming and have various challenges; customers are all different, many have complex issues, and the landscape is constantly changing. We want to look after our customers all we can, which would be easier if you could help offer advice on all their financial needs. Being able to provide our clients access to more comprehensive advice is a route we are passionate about and comes at a relevant time with Consumer Duty. Our new offering provides our customers with a route of additional advice or services, which historically we were unable to facilitate and had to turn away. 

Why did you choose to align with St. James’s Place? 

The vision presented to us in the first few meetings led to our final decision. Alongside the passion we saw in the people who worked at SJP, the comprehensive range of services and solutions gave us confidence in the holistic options we can provide clients. 

While the commercial aspect was naturally discussed, the key focus points were how we work hard for our clients, how we expect our clients to be treated, and how SJP could support us in growing our business whilst delivering the best client outcomes. Ultimately, these discussions gave us the confidence that SJP had shared our values about what excellent service looks like to a client. 

How have your clients benefited? 

The key benefit for our clients is having the option to talk to someone outside the mortgage environment and receive help in areas we have not been able to help them with before. Now, we are able to get our clients’ help and advice with their retirement plans, discover lost pensions, arrange specialist protection, and help with savings and investments towards future goals, some including future house moves. 

Are you looking to diversify your business? Why not start a conversation? [email protected] | 020 8042 0042