Financial adviser Frenkel Topping has set up a joint wealth management venture with Aspire, a charity that helps people who have been paralysed by spinal cord injury. 

Frenkel chief executive Richard Fraser said the venture meant a lot to him personally as his brother was paralysed at 18 and has been a wheelchair user for 30 years.

The joint venture between will be called Aspire+ Wealth Management and will help victims with post-settlement investment management and financial advice.

As part of the deal, Frenkel Topping will be the preferred partner to Aspire+. 

The IFA firm says that every four hours someone in the UK is paralysed by spinal cord injury and a large majority are permanent wheelchair users for the rest of their lives.

Aspire estimated that in 2019 16% of people who suffered spinal injuries received compensation from £500,000 to £5m. 

The average age of a person paralysed by spinal cord injury is currently 55 and many need financial advice to help their money last through retirement.

Frenkel Topping will receive 40% of profits and 60% will go back to Aspire to help people with spinal injuries, particularly those who have received little or no compensation. 

This support includes temporary accessible housing, Housing Advice, Welfare Benefits, Independent Living Advisors and Peer Support, Patient Education and Assistive Technology.

Frenkel Topping has signed a number of similar JV deals recently including one with personal injury specialists Express Solicitors.

Frenkel Topping’s financial advisers include a number of Chartered and Certified Financial Planners and some are members of the Society of Later Life Advisers (Solla). The group includes Ascencia Investment Management and Obiter Wealth Management.

Brian Carlin, chief executive of Aspire, said: “At Aspire, we strive to improve the lives of people who have been paralysed by spinal cord injuries.  As part of this, we want to provide sound Financial Planning advice to our users, an important element in ensuring people can lead independent and financially secure lives.  Unfortunately, some people are injured at the very beginning of their adult lives which means Financial Planning is key.”

Richard Fraser, chief executive of Frenkel Topping, said:  “It means a great deal to be working with Aspire and we believe our partnership is the first of its kind in providing investment advice to the users of a national spinal cord injury charity.

“This is a subject very close to my heart; my brother was paralysed at age 18 and has been a wheelchair user for over 30 years. I understand first-hand that spinal injuries are often life-changing and, as such, receiving the right awards and knowing how to plan financially for the future is essential to helping people regain a level of independence.”