Micro Business of the Year: Wealth Design Sponsored by City of Wolverhampton Council

In the first award announced during the evening, Wealth Design was narrowly pipped for the title of Young Business of the Year.

Mr Philips said: "We were feeling a bit flat after that, so when we were named as Micro Business we were obviously very happy. Elated in fact.

"We are one of only two businesses that have been nominated in two categories - the other was HomeServe. We are very proud to have made the the finals."

Mr Bennett added: "We are a small team, just 10 of us in total, and we are all here tonight bar one. This award will have pride of place."

Judges praised the company, saying: "An outstanding commitment to customer service was just one of the striking aspects at Wealth Design.

"It was obvious the whole company was committed to ensuring the happiness of their clients by offering the best financial advice possible."

Dynamic leadership has been key to the rapid growth of Cannock business Wealth Design since its formation in September 2014.

The company based in the Lagonda Suite, Virage Point, Green Lane, reached turnover of £475,000 for its last financial year.

Wealth Design, which employs four, provides tailored independent financial advice covering pensions, investments, trust funds, tax and inheritance tax planning and protection.

The past year has demonstrated the leadership ability of founders David Philips and Steve Bennett to spearhead an acquisition and manage a growing team and client base whilst continuing to deliver excellent customer service

Mr Philips has worked in financial services since 1987, specialising in pensions advice, and Mr Bennett worked in banking from 1989 to 2012, including providing independent advice for high net worth clients.

An expert in business planning, Mr Bennett has re-shaped the vision for the business in light of the acquisition and Mr Philips' corporate experience has led to efficiencies through economies of scale.

Wealth Design has grown its monthly turnover tenfold from £4,500 in January 2015 to £45,000 in January 2016 and in January this year it was approaching £60,000.

In January last year the business had £50 million assets under management and a client base of 170. A year later it had grown to £65m and 210 clients

Wealth Design Group was founded in June 2016, based at the trading address in Cannock, and acquired like-minded Hunter & Co, thus expanding their geographical reach into Sutton Coldfield.

The Group currently has six team members with a new adviser joining in March and another in April.

One new adviser is a Court of Protection specialist which will encourage growth of the business's professional connections base. The other is already referring clients and will expand the organisation’s activities further afield into Wales.

Wealth Design has managed external factors, such as poor market performance, recognising that quality of service becomes even more critical when clients no longer secure the same returns as previously. Pension reforms have created massive interest in retirement planning advice/

Wealth Design receives a significant proportion of business through referrals with approximately 70 per cent of new clients refering other business to them.

It has a 12-month marketing activity plan with priorities tailored client communications, the development of professional connections and investment into the client experience, supported by a clearly understood brand proposition.

Clients receive comprehensive quarterly newsletters which are developed and distributed by Wealth Design rather than buying in generic contents. Systems are in place to rebalance client portfolios according to their requirements and agreed levels.

Wealth Design also works with discretionary fund managers' dedicated investment managers, allowing a highly proactive service for those clients with significant funds to invest who recognise the benefit of this service excellence.