It’s a family affair for Prema Financial Services as the firm looks to hand over the keys to the director’s son - all with the support of the Tenet Network.
Ravi Prema, defied all odds to become a Chartered Financial Adviser at just 23 years old, currently making him the youngest Chartered Financial Planner of the institution to achieve this designation. Today, he looks forward to taking over from his father, Dinesh Prema, and leading the business towards even greater success.
The financial advisory firm is a family-run business based in Hinckley. Dinesh Prema, Chartered Financial Planner, founded the business in 1996 with no clients. Instead, he built it from scratch with the help of the Berkeley Independent Adviser Network. After the Berkeley Network dissolved, Dinesh joined Tenet in 2007, and says the network provided Prema with “a lifeline”.
Fast forward 14 years and Dinesh now looks forward to passing the responsibility on to his son. “It was around 10 years ago that I asked Ravi to join the business. His initial response was, ‘no thank you!’. It’s great for us that he changed his mind.”
Ravi says: “I was always interested in working in the finance sector after studying Economics at A Level. I knew that going to university and looking for another role would be venturing into the unknown. My father has always said how much he enjoyed his work.”
Financial advice would continue to run in the family, as Ravi notes his younger sister is now planning to study Economics at university. But Ravi took something of an alternative career path from his father, who did not sit the advanced exams until his 40s. With the average age of CFA III candidates stacking up at 29.7, Ravi was an incredible six years younger.
Mark Hutchinson, Societies and Member Marketing Director at the Chartered Insurance Institute, said “It’s great to see the journey that Ravi has been on since starting his chartership. Becoming a Chartered Financial Planner at just 23 is no mean feat and it’s an achievement that requires real determination. It’s always heartening to see someone so young show such a passion and aptitude for our industry. This is especially true knowing that Prema Financial Services will be in his capable hands going forward, as the firm passes from one generation to the next. We wish him every future success in his new role.”
This is thanks to his dedication from the outset, with the help of his father and support from the Tenet Network. Ravi began his journey after joining a government apprenticeship scheme. He also enjoyed monthly coaching meetings to guide him through his Diploma in Regulated Financial Planning and RO exams.
“The goal was always to become chartered straight away,” says Ravi. “My dad and I agreed that the best approach would be for me to try and get my qualifications as soon as possible, whilst I was still in ‘study mode’ after school.”
The Tenet Network played a key role in Ravi’s professional development, from the abovementioned coaching to compliance checks with the Adviser Support Team.
“Tenet also helped me to keep track of my CPD. This included attending professional development meetings. There I would meet other advisers, watch presentations, and gain a general understanding of the market and the products available.”
Now is a poignant time to introduce a new generation to the business, particularly with the firm’s 25th birthday celebrations this year. Dinesh says: “I am now 60 but had started to take succession planning seriously around seven years ago. We have a wonderful client base, some of whom we’ve known for more than 10 years. We consider them friends more than clients.
“Over the years we have had tremendous support from the Tenet Network. There was a lot of personal help from particular individuals when we needed it most, especially in the T&C and Compliance departments. We’re so grateful to the Tenet Business Support team, who have helped to train Ravi to achieve and maintain high standards.”
Raul Robson, Head of Business Support at Tenet said “We’re really proud of Ravi’s achievement and glad that we could support him on his journey to Chartered as he takes Prema to the next phase in its history. We believe that education plays an important part in the provision of great financial advice, allowing clients to have financial peace of mind.”
Keeping business in the family is something close to both Dinesh and Ravis’ hearts. As a firm, their main focus is on looking after around 120 high net worth families who require ongoing services.
The family’s timing couldn’t be better, as more financial firms look to give trainees a platform to air their thoughts. Amanda Newman Smith, author at Money Marketing, says: “When young people have proven they can create engaging content on social media in the form of blogs, videos and podcasts, it’s a no-brainer for advice firms to make use of that.”
For now, Ravi will progressively take on more challenging work over the next 12 to 24 months, while Dinesh plans to stay on in the background for the next five years. Ravi says: “I need a further 45 credits to become a Fellow and I plan on sitting exams in the future to achieve this.”
Ravi even plans to take his textbooks with him on holiday - but he’s got a good incentive. His mother rewards every passed exam with a calzone pizza from his favourite restaurant. “She still owes me around four from lockdown, so I’m looking forward to cashing those in!”
Find out more about Tenet’s Network Services here.