The Purposeful Wealth Podcast

In this episode, Jonathan Gibson speaks with James Baker about the realities of long-term investing and the philosophy behind systematic portfolio management.

James shares insights from working with over 75 financial planning firms and explains why evidence-based investing continues to outperform emotional, prediction-driven decision making over time.

The conversation covers:

•  The origins and philosophy of Albion Strategic Consulting
•  Systematic vs active (judgmental) investing 
•  Why markets are difficult to consistently outperform 
•  The importance of diversification and risk management 
•  The role of small companies, value investing, and profitability factors 
•  Why investor behaviour is often the biggest risk 
•  The importance of sticking to a long-term financial plan 

This episode is ideal for investors, financial planners, and anyone seeking a calmer, evidence-led approach to building wealth.

“Investing is simple, but not easy.”

“Diversification is your best friend in investing.”

“You haven’t lost anything until you sell.”

“Markets work pretty well — and that makes them incredibly difficult to outguess.”

“The best firms focus on the evidence and put clients at the centre of every decision.”

“Stick to the plan. Tune out the noise.”

“Time in the market matters more than timing the market.”

“Capitalism creates wealth — investing is simply participating in that growth.”

RISK WARNING

“Albion is not authorised by the Financial Conduct Authority to provide advice or to make arrangements in investments, or to carry out any other regulated activity. The views shared in this recording reflect general observations only and should not be interpreted as guidance for end investors or financial advice in any capacity. Any investment decisions should be made solely in consultation with a qualified and regulated financial adviser.”

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And why not visit us at: https://www.wellsgibson.uk/

And get a copy of the book, Purposeful Wealth here: https://amzn.eu/d/0i7wWgJy

In this episode, Jonathan Gibson is joined by Jacqueline “Jackie” Lockie, a highly respected figure who has helped shape the financial planning profession in the UK over several decades. 

Together, they explore how financial planning has evolved—from the introduction of the Retail Distribution Review (RDR) and fee transparency, to the rise of cashflow modelling and behavioural finance. Jackie shares how these changes have transformed the client experience, helping people better understand their finances and make more informed decisions. 

The conversation dives deep into what truly defines great financial planning. It’s not about products—it’s about people. Jackie highlights the importance of understanding clients’ life stories, beliefs about money, and long-term goals, showing how meaningful advice goes far beyond numbers. 

They also discuss:

•  The difference between good and truly great financial planners 
•  Why client behaviour and engagement matter more than market performance 
•  Common mistakes people make with money—and how to avoid them 
•  How to choose the right financial planner and what questions to ask 
•  The importance of professional standards and qualifications 

As Jackie approaches retirement herself, she offers thoughtful reflections on what a “good retirement” really looks like—emphasizing identity, purpose, and giving yourself time to adjust, rather than rushing to fill every moment. 

Key Quotes from this episode:
“You can’t put a price on financial peace of mind.”
“A truly great financial planner starts with your life, not your money.”
“We don’t know what we don’t know—and that’s why good advice matters.”
“The clients who get the best outcomes are the ones who engage.”
“Don’t let anyone else define what retirement looks like for you.”

Find all our useful links on our LinkTree - https://linktr.ee/jonathangibson

And why not visit us at: https://www.wellsgibson.uk/

And get a copy of the book, Purposeful Wealth here: https://amzn.eu/d/0i7wWgJy

Estate planning is about far more than passing on wealth — it’s about protecting your family, preserving your legacy, and ensuring your wishes are carried out with clarity and certainty.

In this episode of the Purposeful Wealth Podcast, Jonathan Gibson is joined by Chris Gardiner of Thorntons Solicitors, a specialist in estate planning for UK families, entrepreneurs, and business owners.

Together, they explore the key pillars of effective estate planning, including how to reduce inheritance tax, why wills and powers of attorney are essential, and how families can successfully pass wealth to the next generation.

They also discuss the real-world challenges families face — from changes in UK tax rules to rising asset values and later-life care — and explain why early planning and open family communication are critical.

Whether you’ve already built significant wealth or are just starting to think about your legacy, this episode offers practical insights to help you take control of your future.

What we cover in this episode:

•  Why estate planning is about more than just tax — it’s about control, clarity, and protecting your family 
•  The risks of not having a will or power of attorney in place 
•  How inheritance tax works in the UK and why more families are being affected 
•  The impact of frozen tax thresholds and rising asset values 
•  How gifting and the “7-year rule” can reduce inheritance tax 
•  The role of trusts and family investment companies in long-term planning 
•  Why business owners need to think carefully about succession and tax exposure 
•  What happens if you lose mental capacity without a plan in place 
•  The realities of funding long-term care and common misconceptions 
•  How intestacy rules can create unintended outcomes for families 
•  When and why you should review your will 
•  The importance of family communication and preparing the next generation 
•  How tools like family charters and prenuptial agreements can help protect wealth 

Key Takeaways:

•  Estate planning should start with the basics: a will and a power of attorney
•  Planning early creates more opportunities to reduce tax and protect assets 
•  Without a plan, your estate is distributed according to outdated legal rules 
•  Open communication between generations is essential for successful wealth transfer 
•  Good planning provides peace of mind — not just financially, but emotionally for families 

Who this episode is for:

•  Business owners and entrepreneurs 
•  Families with growing or significant assets 
•  Anyone concerned about inheritance tax or passing wealth efficiently 
•  Individuals who haven’t yet created a will or power of attorney

Find all our useful links on our LinkTree - https://linktr.ee/jonathangibson

And why not visit us at: https://www.wellsgibson.uk/

And get a copy of the book, Purposeful Wealth here: https://amzn.eu/d/0i7wWgJy

Important Notice

This episode of the Purposeful Wealth Podcast is for educational purposes only and is not financial advice or a recommendation to invest in Bitcoin or any cryptocurrency.

Bitcoin and cryptoassets are high-risk, volatile and not suitable for most retail investors. 

Bitcoin and cryptoassets are not protected by the Financial Services Compensation Scheme (FSCS) or the Financial Ombudsman Service (FOS).

Wells Gibson has chosen not to include Bitcoin and crypto as an asset class within its range of portfolio.

Wells Gibson Limited is authorised and regulated by the Financial Conduct Authority.

In this episode of the Purposeful Wealth Podcast, host Jonathan Gibson is joined by Daniel Parkinson, often known as The Bitcoin IFA, for a thoughtful, non-promotional discussion on Bitcoin.

Rather than encouraging listeners to invest, the conversation focuses on why Bitcoin exists, what problem it was designed to solve, and what investors and financial planners should understand, even if they ultimately decide Bitcoin has no place in their financial plans.

Dan shares how his experience living through hyperinflation in Lebanon reshaped his understanding of money and led him down the “Bitcoin rabbit hole.” From there, the episode explores Bitcoin’s role as money, a payment system, and a store of value — and why it is fundamentally different from other crypto assets.

Key themes include:

• The difference between money and currency
• Bitcoin as digital gold versus other cryptocurrencies
• Inflation, currency debasement, and government borrowing
• Volatility, risk, and long-term time horizons
• Custody choices: ETFs vs self-sovereign cold storage
• Who Bitcoin may — and may not — be suitable for
• Why education matters more than hype or fear of missing out

The episode closes with a balanced reflection: ignoring Bitcoin because it feels unfamiliar isn’t good planning, but neither is embracing it without understanding the risks. The goal is clarity, not conviction.

This episode isn’t about predicting prices or promoting Bitcoin. It’s about understanding — understanding money, risk, scarcity, and how Bitcoin fits (or doesn’t fit) into a broader financial plan.

Whether you’re skeptical, curious, or somewhere in between, this conversation encourages listeners to slow down, get educated, and make deliberate decisions — not emotional ones.

As always, investment decisions should be made in the context of your wider financial plan and personal circumstances.

If you would like to discuss your own position, please seek regulated financial advice.

Find all our useful links on our LinkTree - https://linktr.ee/jonathangibson

And why not visit us at: https://www.wellsgibson.uk/

And get a copy of the book, Purposeful Wealth here: https://amzn.eu/d/0i7wWgJy

Justin King, a Registered Life Planner® and coach, is one of the UK’s most qualified independent financial advisers. Motivated by helping people find fulfilment, he supports others to take control of their lives and thrive in retirement. Justin King is the author of  'The Retirement Café Handbook: 9 Accelerators for a Successful Retirement' and host of his retirement planning YouTube channel plus The Retirement Café Podcast.

Join Jonathan, in discussion with Justin about making your retirement a fulfilling and purposeful one.

Find all our useful links on our LinkTree - https://linktr.ee/jonathangibson

And why not visit us at: https://www.wellsgibson.uk/

And get a copy of the book, Purposeful Wealth here: https://amzn.eu/d/0i7wWgJy

In this episode of the Purposeful Wealth podcast, Jonathan Gibson, Managing Director of Wells Gibson, delves into the relevance of emerging markets in today’s investment landscape. He discusses the concept of the emerging market pendulum, highlighting the importance of maintaining a diversified portfolio that includes these markets despite their recent underperformance compared to developed markets. Jonathan explains the potential long-term benefits of investing in emerging markets, including higher expected returns and exposure to rapidly growing economies. Tune in to understand why staying invested and diversified is crucial for achieving financial peace of mind.

Find all our useful links on our LinkTree - https://linktr.ee/jonathangibson

And why not visit us at: https://www.wellsgibson.uk/

And get a copy of the book, Purposeful Wealth here: https://amzn.eu/d/0i7wWgJy

In this episode, Jonathan Gibson, managing director of Wells Gibson, delves into the intriguing world of cryptocurrency. With Bitcoin back in the spotlight, Jonathan discusses the excitement surrounding technological innovations in the crypto space while emphasising the importance of a purposeful investment strategy. He argues that for most investors, altering portfolios to gain exposure to this volatile market may not be necessary. Tune in as he provides insights on the role of Bitcoin, the risks involved, and why complexity shouldn't dictate your investment choices.

Find all our useful links on our LinkTree - https://linktr.ee/jonathangibson

And why not visit us at: https://www.wellsgibson.uk/

And get a copy of the book, Purposeful Wealth here: https://amzn.eu/d/0i7wWgJy

In this episode, we delve into the intriguing world of investing, focusing on the allure and potential pitfalls of chasing the latest trends, particularly in artificial intelligence. Join Jonathan Gibson as he breaks down the difference between growth and value shares, exploring the hidden costs of overvaluing innovation. Discover how a disciplined, evidence-based approach to investing can help you secure everything you value while navigating the complexities of the market.

Find all our useful links on our LinkTree - https://linktr.ee/jonathangibson

And why not visit us at: https://www.wellsgibson.uk/

And get a copy of the book, Purposeful Wealth here: https://amzn.eu/d/0i7wWgJy

In this episode of the Purposeful Wealth Podcast, Jonathan Gibson, managing director of Wells Gibson, addresses the recent fluctuations in the US dollar. He offers insights into why these changes shouldn't cause alarm for investors. With a historical perspective, he explains that currency movements are common and often unpredictable, influenced by a myriad of factors including interest rates and geopolitical events. Jonathan emphasises the importance of sticking to a well-diversified investment plan rather than reacting to market noise. Tune in to gain clarity and confidence in your investment strategy!

Find all our useful links on our LinkTree - https://linktr.ee/jonathangibson

And why not visit us at: https://www.wellsgibson.uk/

And get a copy of the book, Purposeful Wealth here: https://amzn.eu/d/0i7wWgJy

As systematic investors, we seek to continually challenge the process in order to maintain a solution which we feel gives us the best ability to meet our lifestyle and financial goals.  We understand that trying to predict the time and direction of market movements over shorter time periods is a fool’s pursuit. Any change in portfolio structure or investment approach, therefore, must be guided by a change in the evidence or our investment goals.

The interest rates set by central banks have been rising around much of the world in recent times. One will have done well to avoid such headlines in the news. 
In the UK, the base rate set by the Bank of England was just 0.1% three years ago and now sits at 5.25%, at time of writing. 
This considerable increase, much of which happened in 2022, led to historically low returns on bonds, as bonds fell in price in order to align with rising market yields. 
Despite rates not having been at such levels for some time, it is not uncharted territory. 
In fact, since 1975 rates have been above current levels more than half of the time.
For investors with medium to longer term liabilities, i.e. 5 to 10 years and beyond), these rate rises, and corresponding price falls, have significant benefits. 

Given the structure of portfolios, the - now higher yielding – bonds should get through the price falls experienced and thereafter be enjoying a higher return. It also opens up other options for savers – annuity rates and fixed term instruments now become more viable, in some circumstances. However, when it comes to the expected returns on portfolios, the evidence remains the same. We can look at historical figures to give an insight into whether there is a relationship between current rates on cash and subsequent portfolio returns.

Historical data reveals at a given level of starting interest rate, the proportion of times in the subsequent year, that the investment portfolio outperformed this starting cash rate. In essence, this is seeking to answer the question: ‘if I lock up my cash today for the next twelve months I am guaranteed x%, so why take on the additional risk of investing in a portfolio?’. 

Well, our research reveals that between January 1970 and June 2023, the proportion of periods that a 60% equity portfolio outperformed cash in the subsequent year were higher than 50%.  There is no clear relationship between the level of cash rates and subsequent outcome of portfolio returns relative to cash. Over all 1-year periods in our sample, the 60% equity portfolio outperformed locked up cash in 2/3rds of observations. The average excess return of the portfolio over cash in the 1-year periods was 4%. As we extend the holding period of our portfolio to 5- and 10-years the proportion of outperforming periods rises to over 80%. Other practical implications are worth considering. 

Locking up cash reduces liquidity, and may only be withdrawable outside of the agreed period with a significant penalty. 

Also, savers with larger sums of cash need to be wise and spread cash across banking groups to remain under FSCS protection limits. Bank failures in the US this year offer a cautious reminder to savers not to naively ignore protection limits.
In closing, risk and return remain inextricably linked.  The baseline has increased for all asset classes so please stick with the program. 

Find all our useful links on our LinkTree - https://linktr.ee/jonathangibson

And why not visit us at: https://www.wellsgibson.uk/

And get a copy of the book, Purposeful Wealth here: https://amzn.eu/d/0i7wWgJy