The founder of an IFA practice in North London has been applauded by Secretary of State Theresa Villiers for the campaigning efforts of a “three-times” qualified Chartered Financial Planner in supporting multiculturalism, whose father was a Monte Cassino veteran in Italy during World War II. These comments by the current Chipping Barnet MP came at the opening of the new office location of Barnet-based Slipaczek Chartered Financial Planners (www.slipaczek.com) late this October, a family practice which was founded by Filip Slipaczek and run with his two sons, Alex and Max.
With one of the highest ratings and number of recommendations of any UK adviser on the VouchedFor website, the firm that was recently featured in The Saturday Times, now has the highest number of recommendations of any adviser in the London area.
Taking time out of her schedule between Brexit debates and ahead of a UK general election this December, the Secretary of State for Environment, Food and Rural Affairs dubbed the firm’s founder, Mr Slipaczek, a “real hero” in her constituency for bringing different faiths together.
Speaking at the ribbon cutting ceremony to mark the firm’s official opening at expanded offices in Lytton Road, New Barnet, the MP said: “It’s great to be supporting Polish business endeavour here. I am also a great admirer of not only his professional work, but the work he does in terms of supporting multi-culturalism - particularly among Polish and Jewish communities. And, he’s a real hero in my constituency.”
She added: “I know that the firm has many loyal clients and I’m sure the business will go from strength to strength in this new location.” To date, the practice has some 400 clients and manages over £50 million (c.$65m/€60m) of assets. As well as clients and friends of the practice being present at the event, Anna Senkara, a reporter from Good Morning TVN Poland, was also in attendance.
Mr Slipaczek, who grew up on a council estate in Winchester and is a second generation immigrant with an Irish mother and Polish father (a veteran of Monte Cassino), has lived in London since the late 1980s. He is also noticeable for being something of clothes horse and was once a model back in the day. Indeed, his wardrobe would conservatively cost “£25,000 to replace”, it is claimed.
“It’s certainly been an interesting journey,” remarked the financial adviser, who now regards himself a Londoner. “From being told as a youngster in Winchester ‘I didn’t belong here’- to having a Cabinet Minister opening my business premises at the age of 61.” He is a patron of the leading inter-faith organisation Faith Matters, a trustee of the UK committee for the Preservation of the Mount of Olives cemetery in Jerusalem, and media officer of the Institute of Polish-Jewish Studies, whose president is Vivian Wineman and a former president of the Board of Deputies.
The City, Brexit & MiFID
A decade ago Slipaczek uttered the immortal line that ethical and socially responsible investing is “no longer within the domain of the lentil-chewing sandal-wearing lefties of the 1960s”. And, he is not short of few pithy and judicious comments. But don’t say the ‘B’ word - Brexit. That said, he briefly pointed out his differing stance over this to Villiers over this.
Voters in the Borough of Barnet voted by a majority to remain in the European Union in the referendum in 2016. Today commenting in relation to the extended requirements of the Markets In Financial Instruments Directive (MiFID II) for City firms over the Directive's first iteration (MiFID I), Slipaczek said: “As a three-times Chartered Financial Planner advising retail clients it has made no difference in my view.”
He added: “Clearly, there are still large national IFA’s charging 5% initial charges and 1.25% in ongoing charges - excluding the cost of the platform, model portfolio or discretionary fund managers.”
Citing recent widely reported examples in the press, Mr Slipaczek referred to “inducements” by wealth manager St James’s Place to its sales force of “cuff links and cruises that bears out my point.”
As to the whether the UK after Brexit should still adhere to the MIFID rules, the advisor said “Yes” in a word. “Whilst there are similarities in banking and corporate financial services, the UK was a different retail market that needed to be supervised by Chartered Professional Bodies,” noted Mr Slipaczek. “As such a not a one size fits all the Prudential Regulation Authority (PRA)/FCA standards and rules.”
Having graduated from The University of Lancaster back in 1980, Filip Slipaczek had an extensive career in the world of retail management, capital Markets prior to embarking on a path in financial services on setting up his current business 1996. He qualified as one of the UK’s first ever Chartered Financial Planners in 2005.
Whilst also holding Chartered qualifications in both banking and insurance, he is uniquely “3 times Chartered” at level 6, and is also a Fellow of The PFS. He is assessed annually by the ISO 22222 standard, which he has held since 2011 with “no room for improvement.” His son Alex, who is from the “new breed” of Financial Planners, has been featured in the New Model Adviser’s 'Top 35 Next Generation Advisors' (2018), while other son Max uniquely holds the Advanced Mortgage Qualification.
About the author: Roger Aitken is a freelance writer for various financial and other publications and has contributed to Forbes (www.forbes.com/sites/rogeraitken). For a number of years he worked at the FT as a staff writer in London. He was awarded a State Street Institutional (UK) press prize in 2015 for covering regulatory issues in financial markets and in 2019 was shortlisted (top 3) in the same awards for 'Business Market Commentary'. Earlier in his career he worked as an RNS editor at the London Stock Exchange.