Taking the mystery out of finance
With a growing family themselves, Matt and Jo Chapman know all about educating kids.
“I have four to look after,” laughs Jo. “Five if you include Matt!”
It’s typical of the banter between a couple who have not only been together for over twenty years but have worked alongside each other for much of that time. And are still alive to tell the tale.
It’s a tale that has seen them go full circle. They met working in the property and finance sector in and around the Birmingham and Solihull area, and both had market-leading names such as Lloyds TSB and Britannic Assurance on their CVs before a ten-year hiatus in Spain, which saw them combine offering a range of financial services to expatriates with running their own beauty products franchise. On returning to the UK (primarily due to schooling choices), the couple set up Knowle-based Plus Financial in 2017.
“The easiest way to explain what we do,” says Matt, “is that we are a broker, not a lender.” But with three divisions to the company – Plus Mortgages, Plus Healthcare, and Plus Protect – there’s a lot more to the operation than that.
“Some people switch off whenever you mention anything to do with money,” admits Matt.
“They’re often scared, puzzled or in denial. It’s one of the reasons we do our best to try to de-mystify finance. Keep it as simple as possible. Cut out the jargon. And talk to customers in plain English.”
Backbone
In plain English, what they are not, is financial advisors.
“For instance, we don’t get involved in stocks and shares, or pensions,” says Matt. “We would describe ourselves more as financial protectors. In other words, we cover aspects such as life and medical insurance, critical illness cover, income protection and business protection, working not only with individuals but also companies – especially SMEs, which form the backbone of the economy.”
As Jo goes on to explain, the pandemic proved to be a major turning point, not just for Plus Financial but for the country as a whole. “For many people, it was possibly the first time they were really forced to come to terms with the phrase ‘circumstances beyond their control.’ Thinking about the future can be terrifying, of course, but for many, they only consider insurance or other forms of protection when it relates to illness or death. What they also need to consider is financial resilience. Getting them through bad times, from a cash-flow crisis to losing key contracts or employees. But also, on a positive note, getting financial help for growth and expansion.”
“The economy has gone through a tough time,” says Matt, “and we’re certainly not out of the woods yet. Everybody seems focused on the cost-of-living crisis, but it’s important to remember that we are also facing a cost-of-business crisis.
That’s why it’s crucial that companies not only hold on to their leading clients but also their top employees. Working conditions, hours, salaries and incentives are all of course vital: but so is putting the emphasis on staff benefits such as accident, sickness and loss-of-earnings cover, and private medical insurance.
And it’s a win-win situation, as elements of these additional ‘costs’ to a company can often be offset against tax.”
Relaxed
Of course, the pandemic changed another important element of working life: face-to-face meetings. “Pre-Covid, everybody wanted to meet you in person,” says Matt. “That’s perfectly understandable. It’s part of the trust factor. Now, however, we’ve all become accustomed to online meetings on Zoom or Teams. But the principle is pretty much the same. It just means we’ve both been able to cut down on some of the travelling, which has not only helped with the day-to-day running of the business but has given us some of our life back outside of work. It’s not changed the way I dress, however. I’ve never worn a suit and tie in the business environment. Finance can be stuffy enough without the added formality!”
Family life is obviously important to both of them and to their children: Harry (23), Kiera (18), Lucia (17) and Ethan (14). So far only Harry, who is training to be an IFA, shows any signs of following Mum and Dad into the financial sector, if not perhaps the family business.
But one of Matt’s current on-the-go projects is certainly aimed at the younger generation: in conjunction with one of his technology contacts, he’s helping to develop a financial education app. “It will be particularly targeted at the school/student market,” he explains, “although we’re hoping that everybody, regardless of your age, can learn something from it. The range of teaching modules will be designed to make learning about money fun and engaging. I’d probably best describe it as a financial version of Duolingo.”
It’s clear to see Matt is passionate on the subject, and fuelled by his frustration at how badly money and finance are taught in schools. “Or not at all, to be more precise,” he adds. “I could talk all day about that.”
Jo smiles knowingly. “Don’t get him started…”
Paul Rouse