The launch of Chase de Vere Medical is the latest stage in a long and successful relationship between Chase de Vere and the British Medical Association. As we look forward to many more years of working together, here’s the story so far.
Chase de Vere Medical is the new name for BMA Services. We’ll be offering BMA members the same high-quality, independent financial advice as they’ve received for the past 13 years – just with a different name. But how did we get where we are today?
When they need help or support, doctors very often turn to the British Medical Association. But in the early 1980s, the BMA found itself unable to offer much useful assistance to the increasing number of doctors coming to it with questions about their personal finances, savings and investments. So in 1983, the organisation decided to launch a new unit that would offer financial advice.
From the beginning, the BMA was clear on its requirements for such an operation. It would have to offer fully independent, high quality financial advice, provided by advisers who properly understood the complexities of doctors’ finances.
Lacking the expertise and experience to meet these requirements in-house, the BMA began looking for a partner with which it could work to create a reliable and reputable service. It selected Jardine Lloyd Thomson, a large multi-national financial services company with experience of providing independent financial advice to doctors, and together they launched BMA Services.
The relationship worked well, with BMA Services jointly owned by the BMA and Jardine. Then, in 2002, with reforms to financial services legislation looming, the BMA decided a change of direction was needed. First, it chose to buy Jardine out, taking full ownership of BMA Services. Then, having reflected that the business was a departure from its core mission – and potentially expensive to run given the pending regulatory changes – it put the whole unit up for sale. In 2002, the Wesleyan Group acquired all shares in BMA Services, as well as the right to continue using the name under license. It also took over ownership, and responsibility for all of the existing BMA Services clients.
One condition of the deal was that the BMA Services name would remain in place; in addition, BMA members were promised they would continue to be able to access fully independent financial advice through BMA Services. However, three years later, the Wesleyan Group decided to merge the unit with the Medical Sickness Society; that meant losing the BMA Services brand and a switch to “multi-tied” financial advice rather than a fully independent service. The BMA strongly believed doctors still needed the latter and decided to sever the relationship.
Enter AWD (which would subsequently become known as AWD Chase de Vere). In July 2005, it agreed a deal to offer independent financial advice to BMA members, with the new BMA Services up and running three months later. We’ve been running the organisation ever since, though AWD Chase de Vere is now known just as Chase de Vere. As independent financial advisers we provide truly impartial counsel to doctors on their finances, providing specialist advice as well as where appropriate, recommending products and services from across the whole marketplace, rather than with a bias to any one provider.
Today, we’re part of the broader Swiss Life Group of Companies. And with the support of the BMA, that means we are able to provide significant technical back-up and specialist services in areas such as pensions taxation and retirement planning; such high levels of expertise are rare in the marketplace.
So while the Chase de Vere Medical brand may represent a new venture for our relationship with the BMA, the same high standards apply. Chase de Vere is an established business with almost 50 years of trading experience behind it; employing more than 80 specialist advisers throughout the UK, we’ve won numerous awards for the services and quality of advice we provide. We look forward to helping doctors with their finances and financial planning for many years to come.
You can see our full service offering here, or browse upcoming Chase de Vere Medical events in your area.
Content correct at time of writing and is intended for general information only and should not be construed as advice.