women Archives - Financial Planning in Surrey

A Widow’s Ruin?

Dominic Thomas
Sept 2024 • 4 min read

A Widow’s Ruin?

The summer often produces plenty of occasions to open a bottle of bubbly as we celebrate various events or are simply enjoying ourselves. Perhaps this summer you have celebrated something, maybe a wedding, an anniversary, a big birthday or one of your family graduating. Champagne is invariably linked with celebration.

Living in the Surrey Hills, a short walk from Denbies, I have come to appreciate some of the English attempts to create Champagne – though of course we cannot call it such as it’s from Surrey not the Champagne region. I’m informed that the geology of the Champagne region of France is shared with Dorking (probably not news to the geologists amongst you). Anyway, perhaps you have your favourite – English, French, Spanish or Italian.

When it comes to naming things properly, I was intrigued by the story of Veuve Cliquot (in French meaning Widow Cliquot) which has now made the transition from a 2009 book by Mazzeo to a musical and now to film and is being retold at selected cinemas, so may be one to catch at home for most people.

The story is of the woman behind this now historic and luxurious brand. Business owners will relate to some of the struggles that she faced and conquered, not least of which were the weather, Napoleonic wars and general misogyny of the day. Women will relate, frankly because things have not moved on anything like as much as they should!

Quite how much is fact or fiction isn’t really that important; the messages of the film are there to be taken. Tenacity, optimism, acknowledgement of an inability to control the things you cannot, acceptance of the reality of things; stoic fortitude ushers in change by remaining true to principles and high standards. This is all beginning to sound a lot like the qualities that investors need to attain isn’t it.

I did not know the story and I was unaware of the meaning of ‘veuve’ – my O’ Level French has never been tested beyond very enjoyable trips to France. Whilst I am a regular consumer of wine, I wouldn’t regard myself as an expert; but I have come to enjoy Champagne over the years!

What I find generally inspiring are the stories behind many well-known companies. The original ‘Founder Story’ has been an often neglected element of most marketing, including our own. As Solomon’s celebrated our silver anniversary this summer, I was reminded that perhaps this is a little more than simply reminiscing. Of course there are many Founders and characters that are entirely unpleasant, which is often a subjective opinion, but sometimes … well not so much. Today, we are in a highly inter-connected world and we are all aware of particular billionaires or multimillionaires who are lacking any of the attributes that demonstrate much humanity.

I will never meet Barbe-Nicole Ponsardin who died in 1866 and I am highly unlikely to meet Mr Musk; but I have formed an opinion about both, based on the values that I hold. Yet this is perhaps the heart of the complexity of ethical, socially responsible or ESG investing. The world is complex, people are many things. To some, holding shares in an alcoholic beverage company is unethical, yet holding shares in Twitter (or whatever he wants to call it) invariably will not be screened out of portfolios. The focus is based on the product rather than those behind them.

How we use or minds, tools, resources, time and money are our unique choices and important to each of us being true to ourselves – however many selves we might each be, have or become. I can tell you that I shall be favouring (revealing my biases) the widow’s Champagne. A young woman who was widowed at 27, took on an embryonic vineyard, battled social norms and obstacles, fought for her own financial independence, eventually turning it into a legacy of quality, used in moments of joy and celebration. Now, that’s something that I think is worthwhile.

Here is a trailer for the new film produced by and starring Hayley Bennett, along with Tom Sturridge, Sam Riley and Ben Miles:

BACK TO ALL BLOGS

Representing Independence

So 2013 is drawing to a close and the Christmas cards are starting to arrive. Universities and schools are drawing the term to an end and we are all hoping that the winter break isn’t too cold and that our boilers don’t give up under the pressure of winter, just when there is a house full of guests. Sadly, one of the changes for 2014 is the representation of IFAs and investors by IFA Centre. It is the only obvious advocate for independent financial advice, which has had to scale back due to a lack of support from IFAs in Britain. This is a real shame as Gill Cardy who in 2011 formed (the not-for-profit membership organisation) and runs it has worked hard to promote the importance of independent advice and championed causes to help investors receive fair treatment when they have been royally fleeced. This is the sort of change that the financial services industry has been crying out for and sadly it will not continue in the way it was hoped. The IFA Centre, of which I am a member isn’t closing completely, but will now focus on providing resources, events and other benefits to firms like ours. This will still be of benefit, but I greatly appreciated the work that Gill was doing in making representation for IFAs. Sadly, this does not seem to be of sufficient interest to enough advisers. I’m hoping that this isn’t simply an appalling attitude of not being bothered by the majority of IFA firms, but rather a “not knowing what you’ve got until it’s gone” situation.

Gill said “After over 2 years of personal and financial commitment IFA Centre’s membership does not provide the financial resources for my full time commitment to protecting advisers’ interests, let alone the resources to provide research, policy development and a member events programme. Worse, irrespective of our funding, with so few firms prepared to stand together to improve how our businesses are regulated, I simply do not have enough members to provide the decisive mandate needed to provide the representation that Independent advisers so badly need.”

She added : “IFA Centre was only launched because so many IFAs were unhappy with existing representation and told me how important trade bodies with knowledgeable, experienced and passionate leadership are. However, many of these advisers have not joined and I am forced to review what services IFA Centre can continue to provide to IFAs”.

Public thank you to IFA Centre

Anyway I would like to thank Gill for all the hard work she has done to promote and further the benefits of impartial independent financial advice and attempts to restore some credibility and trust in a largely untrusted sector. Our clients benefit from independent advice and I wish everyone else’s did too… sadly they don’t.

Dominic Thomas: Solomons IFA