Sometimes entrepreneurs are born when they’re thrown in at the deep end and it’s a case of sink or swim. That was certainly the case with Robert Little, who found himself keeping the family business afloat at the tender age of 23 following the sudden death of his father Bob from gall bladder cancer in 2011.
Bob had launched the financial planning and wealth management business, Bob Little & Co, in 1985 and had built the firm into a £650,000 operation with ten staff. And Robert, who is one of Britain’s youngest chartered financial advisors, has continued the good work by growing annual turnover to £800,000 and the client base to around 3,500 - including 900 active customers seeking advice on savings, pensions, retirement planning, mortgages and a range of other financial investments.
He’s thankful he inherited the calm pragmatism that was part of his father’s make-up, a personality trait that has enabled him to steer the firm through choppy post-recession waters.
“Even in those early days I was quite laid back and never got stressed or worked up,” says Robert. “My dad was like this; he didn’t fret or panic. His view was that a problem was a challenge, something to be solved.”
Robert faced challenges of his own, not least keeping the business on course while he got himself up to speed with the fast-paced financial services industry. He worked around the clock to gain nationally recognised qualifications - an Advanced Diploma in Financial Planning, a Certificate in Mortgage Advice, as well as the prestigious chartered financial planner status awarded by the Chartered Insurance Institute.
These accreditations, allied with his ten years of industry experience, has enabled Robert to provide detailed commentaries on all manner of issues, from when to draw down a pension to the parlous state of the Eurozone economy.
“People forget the power of compound interest”, he says. “It can increase your savings dramatically.
“Some people only really start thinking about saving when they’re a few years from retirement - and that’s far too late, especially with people living longer.
“The Government has tried to encourage people to put their money away by increasing the ISA [individual savings account] limits and making pensions more flexible.”
But it seems the message isn’t getting through to everybody. In the North-east one in five people who planned to retire last year had made no personal pension provision, according to research by life insurer Prudential. Stubbornly low interest rates have led to paltry returns from ISAs and fixed rate bonds, while risk-averse investors remain wary of the volatility of stocks and shares.
Robert describes himself as a “saver” rather than an extravagant spender, although he appreciates that most people his age would rather have fun with friends than put money aside for a rainy day.
Born and raised in Redcar, he learned the value of thriftiness while studying for a financial economics degree at Dundee University. After graduating with first class honours, he swapped Tayside for Teesside and returned home to work in the family business, although it wasn’t new territory for him.
“I used to work there on an ad-hoc basis, doing different jobs and performing a variety of functions. I got to learn a lot about business generally, the importance of chasing up invoices and keeping customers happy. I got on well with dad and we never fell out with each other.”
When Bob passed away, Robert became “the man of the family” and took it upon himself to look after his mum Sharon and his younger siblings, Jordanna, Freyah and Ellis. Perhaps it’s that maturity which has enabled him to take on role of company MD without any apparent difficulty.
“It was always dad’s plan to pass on the business to his children, so it was something I was preparing for,” he says. “I just didn’t think it would happen so quickly.”
Who has inspired you most (could be real-life or public figure)?
My dad. He taught me the ropes and gave me a really good grounding in business.
Biggest achievement (personal or professional)?
Taking over the running of the business and qualifying as a chartered financial planner, which took many hours of hard work.
What car do you drive?
A Mitsubishi Atlanta.
What’s your favourite restaurant?
The King’s Grill in Saltburn and the Lemongrass Thai in Redcar.
Favourite food?
Asian cuisine, especially Thai and Chinese food.
And your tipple?
I let others drink alcohol - I don’t touch it!
Favourite music?
Led Zeppelin and a range of classical music.
Who or what makes you laugh?
Topical humour. I like programmes such as Have I Got News For You? but I’m not into slapstick comedy.
What’s your ideal job, other than the one you’ve got?
I’d probably be an accountant because I like tax and planning issues.
What’s your greatest fear?
The deep blue ocean! I’d hate to go snorkelling or deep sea diving.
What’s the best piece of business advice you have ever received?
Look after your customers. It sounds so simple but some companies don’t do it well.
And the worst?
The opposite of the previous answer!
What’s your business mantra?
To carry on my dad’s ethic of building trust and providing a great customer service.
How much was your first pay packet and what was it for?
I earned £13 a week as a paper boy when I was 13.
What’s your biggest extravagance?
I don’t really have one - I’m a saver rather than a spender!
How do you relax and unwind?
Spending time with my girlfriend Nicole and looking after my three dogs.
Where is your favourite Teesside place?
Roseberry Topping.
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