Finance firm announces joint venture with spinal cord injuries charity
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Frenkel Topping, the Salford-based financial services firm, today (June 15) announced a joint venture with specialist spinal cord injury charity, Aspire, to be known as Aspire+ Wealth Management Limited.
The firm, through Aspire+, will become the preferred partner to provide Aspire’s service user base with post settlement investment advice, an often-essential service after a life-changing event.
Every four hours someone in the UK is paralysed by spinal cord injury and a large majority are permanent wheelchair users for the rest of their lives.
Aspire estimated that in 2019, 16% of people who suffered spinal injuries received compensation with amounts ranging from £500,000 to £5m.
The average age of a person paralysed by spinal cord injury is currently 55, meaning receiving sound financial advice to ensure people have sufficient funds to provide for their care and can lead fulfilling lives is paramount.
Frenkel Topping will receive 40% of profits and 60% will go back to Aspire, in order to help people with spinal injuries, particularly those who have received little or no compensation.
This support includes temporary accessible housing, housing advice, welfare benefits, independent living advisors and peer support, patient education and assistive technology.
Mark Holt, managing director of Frenkel Topping Ltd, said: “Innovation has always been at the core of Frenkel Topping.
“We look for opportunities to improve outcomes for our clients and for the wider community of people who are living with life-changing injuries.
“Our partnership with Aspire allows us to do that in a number of ways. We share the same values and look forward to bringing our services together to reach more people in an impactful way.”
Brian Carlin, Aspire chief executive, said: “We welcome Frenkel Topping as our preferred IFA partner.
“At Aspire, we strive to improve the lives of people who have been paralysed by spinal cord injuries.
“As part of this, we want to provide sound financial planning advice to our users, an important element in ensuring people can lead independent and financially secure lives.
“Unfortunately, some people are injured at the very beginning of their adult lives which means financial planning is key.
“Frenkel Topping has an outstanding track record in this space and, importantly, we agree on a fundamental principal: In placing the service-user and their best interest first. We look forward to working with them as they provide an essential service to our company.”
Richard Fraser, Frenkel Topping chief executive, said: “It means a great deal to be working with Aspire and we believe our partnership is the first of its kind in providing investment advice to the users of a national spinal cord injury charity.
“This is a subject very close to my heart; my brother was paralysed at age 18 and has been a wheelchair user for over 30 years.
“I understand first-hand that spinal injuries are often life-changing and, as such, receiving the right awards and knowing how to plan financially for the future is essential to helping people regain a level of independence.
“We are the market leaders in providing financial advice to vulnerable clients and, as such, are strongly placed to advise people who have suffered catastrophic injuries to ensure their money works hard for them and lasts a lifetime.
“We expect our partnership with Aspire will increase new client referrals, leading to future AUM growth.”