Financial advice is often seen from the outside as numbers, products and technical decisions. In reality, it is far more personal than that. In this edition of our Financial Journey insights, Oscar Hjalmas sits down with Steve Foster, Independent Financial Adviser at Baggette + Co. Wealth Management, to explore what a career in financial planning really looks like, and what it means to genuinely put clients first.
Steve’s journey spans over three decades in financial services, from starting as a cashier at 16, through bank assurance and mortgage advice, to building long-term client relationships as an independent adviser. This conversation goes beyond career milestones. It explores the shift away from sales-driven advice, the importance of independence, and the responsibility that comes with guiding clients through some of the most important financial decisions of their lives.
For anyone considering working with an Independent Financial Adviser in Dorset, Bournemouth or Poole, or those exploring a career in financial planning, this discussion highlights what good advice looks like in practice. It is not about selling products. It is about building trust, simplifying complexity, and helping people feel more comfortable with their money over the long term.
Whether you are reviewing your current financial planning arrangements, thinking about your future, or interested in how wealth management works behind the scenes, this conversation offers a clear and honest perspective on the profession.
Key Takeaways
- Independence allows advisers access to the whole market: recommendations are not restricted to specific providers.
- Financial planning is about relationships, not transactions: long-term trust is built through consistency and clear communication.
- Moving away from sales-driven advice improves client outcomes: advice becomes focused on solving problems rather than meeting targets.
- Personal experiences often shape advisers’ values: real-life examples can drive a stronger commitment to doing the right thing.
- Simplicity is powerful in financial advice: clear, understandable guidance helps clients feel confident in their decisions.
- Strong support teams improve the client experience: effective systems and processes allow advisers to focus on relationships.
- Client retention reflects trust: long-term relationships are often built over decades, not years.
- Face-to-face advice still matters: personal interaction remains a key part of effective Wealth Management.
- Retirement planning is one of the most rewarding areas: helping clients transition into retirement brings both financial and emotional value.
- Referrals are the strongest endorsement: good advice naturally leads to long-term growth through trust and recommendation.
Watch the video
Video Timestamps
00:00 – 00:20 – Introduction to Steve Foster and his financial planning journey
00:21 – 01:30 – Starting a career in financial services and early influences
01:31 – 02:05 – Why independence matters in financial planning and advice
02:06 – 03:17 – Moving away from sales-driven financial advice models
03:18 – 04:58 – Why joining Baggette + Co. Wealth Management was the right move
04:59 – 05:40 – Personal motivation: helping clients avoid poor financial advice
05:41 – 06:30 – Supporting clients through bereavement and life transitions
06:31 – 08:11 – The most rewarding part of financial planning
08:12 – 09:05 – Tailored financial planning with no one-size-fits-all approach
09:06 – 10:46 – The importance of strong support teams in wealth management
10:47 – 12:25 – Moving clients between firms and maintaining trust
12:26 – 13:05 – Transparent fees and consistency in financial advice
13:06 – 14:05 – Face-to-face advice and building personal relationships
14:06 – 15:42 – Proactive financial planning and putting clients first
15:43 – 17:00 – Helping clients retire and the emotional impact
17:01 – 18:39 – Clients vs relationships: a more personal approach
18:40 – 20:10 – Letting go of control and working as a team
20:11 – 21:33 – Advice for advisers considering independence
21:34 – 23:22 – Lessons learned and advice to a younger adviser
23:23 – 24:50 – The power of referrals and final thoughts
Full Transcript
Introduction to Steve Foster and his financial planning journey
Oscar Hjalmas (00:00): Hi Steve.
Steve Foster (00:01): Hi mate.
Oscar Hjalmas (00:02): Thank you so much for joining us today. As you know, we’re going to be going through some questions today. The first one for you is: what inspired you to join the profession, and could you tell us a little bit about your journey in Baggette?
Starting a career in financial services and early influences
Steve Foster (00:20): Yeah, so I started my career when I was 16. I worked for a building society as a cashier. Then I saw the guys doing mortgage interviews and I thought, “Yeah, that’s something I want to do.” I stayed in bank assurance for about 17 years and then became independent for the last 20 years.
Oscar Hjalmas (00:40): Wow. So how long were you a mortgage broker for—17 years?
Steve Foster (00:43): No, I was a combination of financial adviser, mortgage broker—jack of all trades really. I didn’t really build a client bank, to be fair. Then a good friend of mine set up his own business from IFA, and the rest is history. I joined it, and that was 20 years ago. I took a lot of clients with me, which was good, and built the business from there.
Oscar Hjalmas (01:04): Amazing. So, you started becoming a financial adviser. What was the most difficult thing in that transition?
Steve Foster (01:11): I don’t know really. It was something that I really enjoyed doing, I guess. I wanted to help people. Then I had a change of direction last year. The old firm I was working for were looking to join a network, and I decided that it wasn’t for my clients.
Why independence matters in financial planning and advice
Oscar Hjalmas (01:31): Yeah, we’ve had that conversation before. I personally came from a network as well when I joined the industry. Why did you feel like a network wasn’t right for you and your clients?
Steve Foster (01:43): I’d had a bad experience with a network back in 2008. I felt quite let down by a network. It had a lot of effect on my clients as well. I said to myself that I’d never join a network again. It’s that simple.
Oscar Hjalmas (01:58): Anything in particular? Why is independence so important to you?
Moving away from sales-driven financial advice models
Steve Foster (02:06): I think when you’re dealing with clients, they want the best that you can get. Having access to the whole market—every product, every provider—is key. When I was in bank assurance and a tied agent for 17 years, you had no option other than to sell the product that you had. Independence is something that I really enjoy.
Oscar Hjalmas (02:25): I think it’s interesting where you said you have to sell that product. Personally, I feel like when you’re independent, you move away from sales. I don’t have a good likeness for it. Someone once said a doctor doesn’t sell you drugs in the UK—they tell you what the problem is and give you a diagnosis. That’s how I feel an independent financial adviser is. If you come to me with an inheritance tax problem, I address that problem. I don’t try and sell you an endowment.
Steve Foster (03:01): Yeah. I think the other thing with the banking side is it’s heavily targeted. It was more like a conveyor belt—client in, client out. There was no specific relationship where you would see them the next year because you had targets to meet. That’s something I wanted to move away from.
Why joining Baggette + Co. Wealth Management was the right move
Oscar Hjalmas (03:18): What attracted you to us?
Steve Foster (03:21): As you know, Lisa worked for you for a couple of years. We were in Thailand together last year, just about the time my old firm were making a decision to join a network. We got talking and the rest is history. Lisa was really singing your praises, as well as Joe, the firm, its background, how big you are, and the fact that you will never go network because you are FCA directly authorised. That’s a big thing. That’s why I wanted to continue my journey—FCA authorised, Chartered as well, strong investment proposition, and good support. There are a lot of people behind this, which is good.
Oscar Hjalmas (04:11): And clearly, you and I had a discussion before you joined. Do you feel like you’ve been told what to do after joining us? Has there been any pressure?
Steve Foster (04:21): I can’t say there’s been any pressure at all. Even the distance—I’m three hours away—you haven’t put pressure on me to come down. As I’ve always said, if you need me, I’ll be there. In the early stages of getting onboarded properly, there was a lot to do, so my presence was more frequent.
Personal motivation: helping clients avoid poor financial advice
Oscar Hjalmas (04:59): What inspired you to become a financial adviser? Was there a specific moment?
Steve Foster (05:04): I think my dad, as a coalface miner, had a bad experience with advice on his pension. It was all in the newspapers. He was told to transfer that fund out, which we now know was incorrect advice. He lost a lot of money. I wanted to make sure I helped people and that what happened to my dad didn’t happen to others.
Oscar Hjalmas (05:28): That’s really nice to hear. When we talked about your clients before, you do have a lot of people you genuinely help. You’re in that position of trust.
Supporting clients through bereavement and life transitions
Steve Foster (05:41): Yeah, we are. And we all are. You always get people who say, “I’ll sign whatever you put in front of me,” because they trust you. They trust you with their life, and you look after them and take them on their journey.
Oscar Hjalmas (06:01): Any clients that stand out?
Steve Foster (06:03): I pride myself on helping two clients—one in Scotland, one in Dorset—who both lost their husbands, who dealt with all the finances. I always said wherever they go, I follow them. That’s why I fly to Edinburgh to see one of them. I’ll never let people down. I’m a man of my word.
The most rewarding part of financial planning
Oscar Hjalmas (06:31): It’s very rewarding, isn’t it? When you leave someone and think, “I’ve done a really good job there.”
Steve Foster (06:38): Yeah. I went to a leaving do last week for one of my clients. I look after a big factory, and there were 15 or 16 people there that I had retired. It’s a proud moment when you walk in and they all know who you are. That makes me smile.
Oscar Hjalmas (07:19): That’s wonderful. I always say our objective is to make people more comfortable with their money.
Steve Foster (07:45): It’s something I was trained in back in the late ’80s—keep it simple. Say it as it is. It’s something I’ll never forget.
Tailored financial planning with no one-size-fits-all approach
Oscar Hjalmas (08:12): There’s no one-size-fits-all approach. You tailor advice to what clients need.
Steve Foster (08:28): Exactly. You give people what they want, but you challenge them if what they want isn’t what they need.
Oscar Hjalmas (08:45): I’d like to dig a little bit deeper into the support network that you have at Baggette and how you feel that supports you.
The importance of strong support teams in wealth management
Steve Foster (08:52): From the first moment I met you and Jeff, I knew the support was going to be there. Within probably 10 days or so, we had done something like 300 letters of authority. You and I spent one evening until half past eight stuffing envelopes, which I’ll never forget. There were over 200 clients to move. The way it worked was streamlined. It was something I’d never seen before, to be honest, because Gerald had it so organised. All the letters were done, and we were sending them out to clients. They all came back. The important thing is that I had spoken to all clients before I made the decision to leave, so they were aware they were going to get letters.
The systems that were in place allowed that to happen without any complication at all. All 200-plus clients were onboarded mostly within six to eight weeks at the outside. That speaks volumes as to how much work went on in the background—not just Joe, but the rest of the team, and you played your part as well. It made the transition really smooth, which is important because I’d been at my previous firm over 12 years, and some of these clients had been with me for 20 years. If I make a change, I need to know that change is going to happen smoothly. It did, which was impressive.
Moving clients between firms and maintaining trust
Oscar Hjalmas (10:46): Although I’d love the firm to take credit for that, I think it’s also a credit to you. You took the time to call every single one of your clients. Letters of authority mean signing to move from one firm to another, but you communicated that clearly so it wasn’t a shock for anyone.
Something I’m very proud of is that attrition in financial services is usually about 20%. Out of your circa 200 clients, how many didn’t come across with you?
Steve Foster (11:36): I lost eight.
Oscar Hjalmas (11:37): Which is phenomenal.
Steve Foster (11:39): At the end of the day, it’s each person’s choice whether they join or not. There’s no pressure from me. You’re always going to get people who don’t want to change, and there’s nothing I can do about that.
Oscar Hjalmas (12:08): Having around 4% attrition speaks volumes about your relationships.
What about fees? That’s often a concern when moving firms.
Transparent fees and consistency in financial advice
Steve Foster (12:26): There were no changes to fees. That’s a big thing. If I’m moving someone, I want it to be like for like. That’s exactly what happened. Nobody really asked questions about charges, but I felt a duty of care to make it clear there was no change. I’m still their adviser. I’m just based further away from the office, which doesn’t affect them.
Oscar Hjalmas (13:00): Exactly—you’re not further away from them.
Face-to-face advice and building personal relationships
Steve Foster (13:03): No. Previously, only a handful of clients came to the office. My service is personal home visits. I see them face to face. I don’t do Zoom calls—it’s not my thing. It’s a personal service. Whether I’m with you or anywhere else in the country doesn’t affect them at all. They haven’t noticed any change other than the letterhead, which is exactly what you want.
Oscar Hjalmas (13:36): With that comes the support we give you, which you then pass on to your clients. How important has that been?
Steve Foster (13:57): It proves that my decision to join Baggette was the right move. It’s a proactive, forward-looking firm. It has the interests of its clients at heart. That’s the bottom line. We do our job, but we constantly look for ways to improve their experience, whether with us or their investments.
Proactive financial planning and putting clients first
Oscar Hjalmas (14:35): If you put the client first, the rest follows.
Steve Foster (14:52): Exactly. If you communicate clearly and do what you say you’re going to do, you can’t go far wrong. It took me about two days to phone everybody, then follow up to make sure letters were returned. The support from Joe and the team, with spreadsheets tracking everything, made it a phenomenal and successful exercise.
Oscar Hjalmas (15:36): What is the most rewarding thing for you as an adviser?
Helping clients retire and the emotional impact
Steve Foster (15:43): Retiring a client. Someone who has worked for 40 years—you see the change in their face, their attitude, everything about them once income starts coming in from their pension. That’s what makes me proud. You’re responsible for their life in many ways. It sounds like a cliché, but it’s true.
Oscar Hjalmas (16:31): Do you do anything to celebrate that moment?
Steve Foster (16:49): Not really. My wife knows a lot of the them. They know her, they know my family. They send Christmas cards and presents, and we do the same. My job is to look after them and making sure that if they need me, within reason, I can pop to see them at any time. That’s the beauty of living close to a lot of my people. I can just drop and see them if they need me. And that’s important to them because they know, other than when I’m on holiday, that I’m always available.
Clients vs relationships: a more personal approach
Oscar Hjalmas (17:30): You do realise you just called them “people”, not clients.
Steve Foster (17:37): Yes—people. Clients sounds transactional. My people know my family, and we have a much closer relationship.
Oscar Hjalmas (17:57): It becomes more than just money—it’s about relationships.
Steve Foster (18:17): Exactly. I’m not here for their money. I’m here to make their money work for them.
Oscar Hjalmas (18:40): What’s been the most challenging part?
Letting go of control and working as a team
Steve Foster (18:45): I’m a control freak. Letting go and handing work to others has been the hardest part. Not because it’s not done properly, but because I want it done my way.
Oscar Hjalmas (19:11): That trust builds over time.
Steve Foster (19:19): It does. I’m starting to let go more, and it gives me more time to spend with clients, which is what I’m best at.
Oscar Hjalmas (20:11): What advice would you give advisers considering a move?
Advice for advisers considering independence
Steve Foster (20:17): If you’re unhappy or your firm is changing direction, remember your clients know you. A large percentage will follow you if they trust you. Client satisfaction is everything. From the first moment I spoke to you and met you, I knew it was the right move.
Oscar Hjalmas (21:34): What advice would you give your younger self?
Lessons learned and advice to a younger adviser
Steve Foster (21:45): Make sure you have a strong client bank before going independent. Looking back, everything was sales targets. It wasn’t proper financial advice. I worked 60–70-hour weeks. I probably should have left earlier.
Oscar Hjalmas (22:47): Life circumstances often influence those decisions.
Steve Foster (22:55): Exactly. Family and stability matter. Now we’re set for life, and I wouldn’t look back.
The power of referrals and final thoughts
Oscar Hjalmas (23:23): Referrals play a big role as well.
Steve Foster (23:28): They do. Word of mouth is powerful. If you do a good job, people will recommend you. That’s the best compliment you can get.
Oscar Hjalmas (24:14): There’s no higher accolade than someone recommending you.
Steve Foster (24:22): Exactly. You can’t let people down because word spreads quickly. I don’t lose clients. If you do a good job, people stay with you.
Oscar Hjalmas (24:40): Thank you so much, Steve. I really appreciate you joining us.
Steve Foster (24:44): Thank you. Good.
Speak to an Independent Financial Adviser in Dorset About Your Financial Plan
At Baggette + Co. Wealth Management, we support individuals, families and business owners across Dorset, Bournemouth, Poole and Hampshire with independent financial planning that brings clarity and confidence to important decisions.
As a Chartered firm, we take a whole-of-market approach to wealth management, helping you bring your pensions, investments, ISAs and wider assets into one coherent financial plan that evolves as your life changes.
Whether you are reviewing your current arrangements, planning for retirement, or looking to feel more confident about your financial future, working with an Independent Financial Adviser can help you move forward with clarity rather than uncertainty.
If you would like a straightforward conversation about where you are today and what might need to happen next, speak to Oscar Hjalmas on 01202 676 983 or email [email protected]
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FAQs About Financial Planning and Working with an Independent Financial Adviser
An Independent Financial Adviser (IFA) provides advice across the whole market, helping you make informed decisions about pensions, investments, retirement planning and wider Wealth Management.
Independence ensures that recommendations are based on your needs rather than being restricted to certain providers or products.
No. Financial planning covers all stages of life, from building wealth and managing investments to retirement income and legacy planning.
Most IFAs charge transparent fees, either as an initial advice fee, an ongoing service fee, or a combination of both.
Look for FCA authorisation, relevant qualifications such as Chartered status, and a clear, client-focused approach to advice.
Yes. An IFA in Dorset or IFA in Bournemouth can support everything from pensions and investments to retirement and inheritance planning.
DISCLAIMER:
Baggette + Co. Wealth Management is authorised and regulated by the Financial Conduct Authority. The Financial Conduct Authority does not regulate tax planning, cashflow planning and estate planning. The above information is correct to the best of our understanding as at the date of publication. Nothing within this content is intended as, or can be relied upon as, financial advice. Capital is at risk. A pension is a long-term investment not normally accessible until age 55 (57 from April 2028 unless the plan has a protected pension age). The value of your investments (and any income from them) can go down as well as up which would have an impact on the level of pension benefits available. Your pension income could also be affected by the interest rates at the time you take your benefits. The tax implications of pension withdrawals will be based on your individual circumstances, tax legislation and regulation which are subject to change. You should seek advice to understand your options at retirement. Tax rules may change, and the value of tax reliefs depends on your individual circumstances. Your property could be repossessed if you do not keep up repayments on a mortgage, or any debt secured on it.