Adrian Murphy joined Murphy Wealth in 2004 following completion of the financial services degree from Glasgow Caledonian University. Over the years since, his role within the business has evolved as he has gained experience. These days, he primarily works with a small number of HNW clients and business owners. He is also responsible for managing the firm’s introducer relationships and the firm’s communications and marketing too.

Before I became an adviser I studied a degree in financial services at Glasgow Caledonian university, which has stood me in good stead in the years that have followed.

A while after I joined Murphy Wealth, I went back to the university and told them I’d be keen to get involved with their work as a way of giving something back.

As a firm that’s been established for 41 years, it’s understandable that the typical age profile of our clients has tended to be those who are at or near retirement.

This is probably not that different to most advice firms. But when we looked at our client base in a bit more detail, we quickly realised it wasn’t sustainable. We wanted to make sure we brought through different types of client so that the business continued to grow, while still very much wanting to look after our existing clients.

I‘ve been in the business 13 years, and although it was always part of our general plan that I would succeed my father, we didn’t formalise the process until last December.

The plan took a while to get right. In reality we decided about three years ago to start the process, but the key thing was getting the right structure in place, waiting for changes in legislation pass and general timing.

I became an equity partner in April 2016. We have now moved to a limited company structure which will ultimately facilitate Brian’s exit.

There is a really interesting trend developing in the advice sector where good quality independent advice firms are selling up to consolidators or a couple of very large life companies that have decided to re-enter the advice market.

The key phrase is this is vertical integration. If the company can charge at each point i.e. advice, platform and investments, then they should be able to make it work for them.

The biggest business decision we have made to date was to up stick from our home of 36 years in the town of Ayr to move into Glasgow city centre.

There were a number of reasons for this. The main one was our long-term growth plans and the future of the business. Ayr like a lot of small towns had begun to struggle economically in recent years and while the town had served us well, it would not support our plans.

We wanted be closer to a much larger business community and in amongst some of our professional connections we had built up in Glasgow.

Adrian Murphy gives his three top tips on platform due diligence based on lessons he's learnt along the way.

We have worked on and improved our due diligence process over many years. We started out with fairly light due diligence but now we carry out an annual review of the platform market and aim to ask providers difficult but important questions.

Although we don’t think you need to change your platform every five minutes, we take it very seriously. Here are three lessons I’ve learnt along the way in improving our processes:

Adrian Murphy explains why adviser firms need to embed technology based on great customer relationship management software now.

As a business principle, one of my key priorities is how to communicate effectively and more easily with our clients using technology.

Yet the average adviser firm, ourselves included, uses various pieces of software to run the business, from a back office system here to a risk profiling tool over there, to email marketing software here to a client modeling tool there, but none of it is integrated or offers an automatic workflow.