Book review
1 Sep 09
In for a Penny by Peter Hargreaves (Harriman House, £9.99)
Hargreaves Lansdown is one of the UK’s most successful firms of financial advisers. In this book, co-founder Peter Hargreaves tells the story of how he and Stephen Lansdown set the business up in 1981 at the height of the recession, based on the conviction that unit trusts were going to be the investment success story of the decade, and how they took it through to a successful flotation in 2007.
A chartered accountant, Hargreaves is quite upfront about the many examples he encountered in the 1970s of how not to do business. An outspoken Lancastrian, Hargreaves lays into a host of his pet hates including meetings, recruitment firms and complicated paperwork.
His own profession comes in for some stick too. He recalls how one of his contacts in life insurance was laboriously explaining the details of a guaranteed income bond. “For Christ’s sake,” Hargreaves exclaimed, “I’m a chartered accountant. Please cut to the point!”
“I’m sorry,” the life man replied, “I didn’t realise you were a chartered accountant. I’ll speak a little slower.”