In the latest episode of the NewIn podcast, Hannah is joined by Simon Fettroll (Co-Founder of Cesta Financial Planning) to explore the realities of going directly authorised and setting up an advice firm from scratch, and Cathi is joined by Maddie Delboy (Compliance Manager at Verve) to demystify FCA regulation and break down what "fair" fees really are.

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From Fraud Investigator to Financial Planner

Every financial adviser has an origin story, but Simon's is more colourful than most. Before entering financial planning, he cut his teeth in credit card fraud investigation at one of the UK's first internet banks - a role that taught him the value of rigour, but left him craving something more personal.

"I really liked dealing with people," Simon explains, "and I wanted to marry the two things together." That instinct led him to discover financial planning through a stock-broker job advert, kicking off years of training, self-employment, and employed roles that, while tough, gave him the deep industry experience he now draws on as a business owner.

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Choosing to go directly authorised

Simon co-founded Cesta Financial Planning with his long-time colleague Mark, having worked together for around a decade. The name itself carries meaning, Simon is half Czech, and Mark has Czech ancestry too, making it a deliberate nod to both their backgrounds.

Their decision to go DA rather than join a network was driven by one clear priority - the freedom to build exactly the kind of advice firm they believed in. "We were continuously talking about what we would like to change if we could, and what we did about the things we tried to change and couldn't. It formed a kind of subconscious business plan." That shared vision, including aligned ethics, complementary skill sets, and mutual respect, became the foundation of their partnership.

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Building a fair fee structure

One of the most significant changes Simon and Mark made when setting up Cesta Financial Planning was rethinking how they charge clients. Having seen different fee models across multiple firms, they were determined to build something genuinely fair for clients of all wealth levels and complexity.

"The biggest penny-drop was really the value that you provide in the work that you do," Simon says. "And trying to actually quantify that — it's one of the hardest things."

By combining transparent pricing with technology, Cesta has been able to run an efficient, profitable firm from its first year, while looking after a wide spectrum of clients without compromise.

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Lessons learned

When asked about his biggest career mistakes, Simon is refreshingly honest:

1. Partnering with firms without clear motivation: Early in his career, Simon joined forces with established advisers at a regional office on the promise of great things. When those promises didn't materialise, he was left managing the stress and fallout. He's learnt to go in with an open mind, but always plan for what could go wrong.
2. Going self-employed too early: In hindsight, Simon believes he would have benefited from spending longer in a good, employed role before striking out on his own. That said, the experience gave him resilience and practical knowledge beyond his years - and he's no longer begrudging it.

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Support from the Verve Foundation

Simon credits the Verve Foundation's incubator programme as a key part of shaping how Cesta Financial Planning was set up. From business planning and client journey refinement, to back-office decisions and building a professional network, the programme gave Simon and Mark a framework they could adapt and make their own. "I don't think I've ever known as many advisers in my life as I have in my career - and in a very good way." says Simon.

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Compliance doesn't have to be a dirty word

Cathi is then joined by Maddie to explore how advisers can frame their relationship with regulation - making it a creative opportunity rather than a burden.

They also covered Maddie's favourite piece of regulation - Consumer Duty. "I think Consumer Duty has honestly been one of the most brilliant pieces of regulation. Firms are now really testing their internal standards and processes, and changing them if they don't work."

The principle is straightforward: do good for the customer, do good for yourselves, and evidence it. It's hard to argue with!

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The FCA on fees

One of the most common questions advisers ask is: "what are we allowed to charge?".

Maddie is clear: "the FCA is not, and will never be, a price setter. But that doesn't mean anything goes.", outlining that charges should be based on what you actually deliver, not a blanket percentage applied regardless of client complexity or service. Calculate how long it genuinely takes to onboard and service a client and price accordinly, though clients shouldn't pay for your inefficiencies.

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The DA vs AR debate

Cathi and Maddie also cover the DA vs AR debate - a hot topic at the Verve Foundation's Ready? bootcamps which is a full-day event for advisers considering their regulatory options, exploring the pros and cons of going DA versus joining a network, and how to choose the right path.

A key takeaway from those sessions? The advisers who thrive as DA firms are those who fundamentally want to run a regulated business and are comfortable with the responsibility that brings.

Motivations for going DA are rarely just financial. More often, it's about being able to deliver the kind of service clients deserve - without compromise.

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Hear the full conversation on the NewIn Podcast - available on Spotify, Apple Podcasts, YouTube, and Amazon Music.

The NewIn podcast is brought to you with thanks to Royal London, Lead Sponsor of the Verve Foundation.