Strategic Report
Governance Report
Financial Statements
Other Information
Performance against FY24 non-financial objectives (40% of overall opportunity)
Performance assessment against objective CEO: Satisfactory CFO: Strong
Strategic objective
Objective(s)
Performance in FY24
Strategy
Effective implementation of the identified strategic model, continued delivery of organic growth, and the successful and cost-effective, identification, acquisition and integration of high- quality in-organic growth targets Focus on investment performance against peers (ARC wealth management benchmarks) and development of the client service proposition to better understand client needs and deliver outstanding client outcomes.
• Effective identification and adoption of the new strategic model demonstrated by the migration to a client-centric organisational structure and onboarding of key strategic leaders. • Highly effective cost reduction exercise delivered. • Continued activity and progress in the identification and acquisition of in-organic growth targets. • Robust stewardship and oversight in the strategic review of Brooks Macdonald International. • Balanced performance delivered against organic growth objective. • FY24 full year investment performance assessed by ARC at 30 June 2024 as being in the first quartile and top of the second quartile for each of their wealth management benchmarks, delivering above benchmark investment outcomes for clients. • Successful implementation of new client technology systems including Salesforce and BM website relaunch, improving BM’s understanding of client needs and product suitability, leading to better service levels, engagement and outcomes. • Roll-out of market-leading vulnerable client tools, materials and resources, as part of other Consumer Duty initiatives, to safeguard vulnerable client outcomes. • Increased participation in client and distributor surveys and feedback tools, including VouchedFor by Elevation, with returned views and feedback incorporated into evolving product and propositions. • In FY24 BM exceeded its Women in Finance Charter % of women in leadership roles target a year early (35% achieved against a target of 32%). • Identification of DE&I strategic initiatives developed and presented to the Board. Development of ethnicity reporting capability foundations and engagement and with external providers to redevelop a commercially focussed best in class DE&I strategy. • Effective management of employee engagement demonstrated as measured by BM’s ‘Speak Up’ survey in view of cost challenges, a material redundancy initiative and the strategic review of Brooks Macdonald International. • The successful redevelopment and roll-out of employee performance management with stronger alignment to, and accountability for, the delivery of identified commercial and transformation priorities. • Strong year to year improvement in the Group’s overall Conduct Risk Score factor, a measure that tracks ‘whole workforce’ risk performance in the areas of portfolio composition vs mandate, service review completion, complaints, breaches, policy attestations and other conduct risk factors. • Evidenced operational enhancements to the Group’s Risk Management Framework. • Areas of improvement around CASS processes, identified, prioritised and resourced, and addressed at pace.
Client
CEO: Strong CFO: Strong
People
CEO: Good CFO: Strong
Focus on developing DE&I ambitions (% of women in leadership roles, development of DE&I reporting capability), management of people engagement and development of performance management aligned to the Group’s strategic priorities.
Risk
CEO: Satisfactory CFO: Strong
Ongoing evolution and embedding of risk management framework and supporting culture and mitigating risk appropriately. Maintain a positive and proactive relationship with regulators and high standards in managing regulatory matters.
Brooks Macdonald Group plc Annual Report and Accounts 2024
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