A personal financial planning business which has advised households for more than 20 years is looking ahead to future growth, following a £100,000 investment from the British Business Bank-backed Investment Fund for Wales. FW Capital is one of the fund’s three delivery partners, with this being the first investment made by FW Capital into a business based in Mid Wales.
Knighton-based Personal Asset Management Wealth was set up in 1999 by director Mike Evans and has since gone on to help hundreds of clients across Mid Wales, by providing advice on mortgages, investments, pensions and tax liabilities.
The British Business Bank backed Investment Fund for Wales launched in 2023 and operates across the whole of Wales. The fund includes a range of finance options with loans from £25,000 to £2 million and equity investments up to £5 million to help small and medium-sized businesses start up, scale up or stay ahead. FW Capital is responsible for larger loans of £100,000 to £2 million.
The Investment Fund for Wales helps increase the supply and diversity of early-stage finance by providing options to smaller businesses that might otherwise not receive investment. Funding is designed to help businesses with activities including expansion, product or service innovation, new processes, skills development, and capital equipment.
This latest funding has enabled Personal Asset Management Wealth to begin planning for the recruitment of two additional financial advisers. The firm has more than 550 clients manages nearly £60 million in funds under management. It currently employs two full-time Regulated Financial Advisers plus two part-time support staff and a Full time Office Manager.
Director Ian Cadwallader is one of two Financial Advisers at the business and has served as part of the team since 2001.
Ian Cadwallader said: “The support we’ve had via the Investment Fund for Wales has given us the scope to look ahead at hiring new advisers, which will help us grow our business and maintain our regulatory commitments.
“As a local, family-oriented business which has really got to know our clients over the last few years, it was important to us that we were able to maintain those long term, face-to-face relationships within communities and households in Mid Wales.
“With 550 clients, we couldn’t keep up reviews with just two advisers – this loan will allow us to hire two more in the next year, meaning we can continue to build on the service we’ve provided locally for decades.”
Rhodri Evans, Fund Manager at FW Capital, said: “Personal Asset Management Wealth are trusted advisers, with a customer base built up over decades of strong relationships with local households and communities. We’re very pleased that they are the first investment we’ve made into this part of Wales, and the targeted support provided by the Fund will help them to grow and widen their work to an even larger customer base in future.”
Bethan Bannister, Senior Investment Manager, Nations and Regions Investment Funds at the British Business Bank, said: “The £130m Investment Fund for Wales was launched by the British Business Bank to support successful businesses with growth ambitions. It’s wonderful to be able to support Personal Asset Management Wealth in their continued plans for expansion.
“It’s great to see FW Capital deploying the Investment Fund for Wales in this region of Wales. Personal Asset Management Wealth’s expansion bolsters their longstanding reputation and we hope that this investment delivered through FW Capital contributes to their ongoing commercial success.”
