UNIQ Family Wealth, a four-office Financial Planning firm based in Cardiff, is moving its staff to a four day working week to “protect” productivity and boost the mental health and wellbeing of staff.

The firm will close its offices on Fridays from January to give staff a three day weekend.

UNIQ says it is not extending the length of working days from Monday - Thursday, or cutting pay. People will simply work 20% less across the week.

UNIQ Family Wealth founder and managing director Ms Outrim said the move follows consultation with staff and was driven by a desire to give employees additional time to spend with their families.

The firm wants to give staff extra time to “refresh and re-energise” so that they can be more efficient during their working hours, it says. 

The firm’s offices in Cardiff, Abergavenny, London and Bristol will close on Fridays, in addition to the weekend, with the business introducing new systems and processes to ensure clients will not be affected by the shorter working week.  

UNIQ Family Wealth was founded in 2013 by former IFP President Ms Outrim. It is focused on what it calls helping clients to plan and achieve a “life well lived.” 

Ms Outrim, who has 30 years experience in the profession, was an early adopter of Financial Planning and cashflow modelling and has been an advocate for Financial Planning for many years. She has also written a book titled Cascading Wealth, due to be published this month, which gives insight into how to pass family wealth through the generations. 

She said: “There were multiple motivations behind the introduction of a four-day week at UNIQ, but primarily it was about protecting the mental health and wellbeing of our team. I believe that even working a shorter week the team will be just as productive and effective, and as ever we will always strive to provide the best service for our clients. 

“The financial services industry can be fast-paced and challenging, so it’s important that we take time out to look after ourselves and each other. When we consulted our staff about how best to achieve that balance this shift in our working pattern seemed obvious.” 

She said the firm’s research had found the four-day working week model was already popular in parts of Europe, including Iceland and France, with not-for-profit community 4 Day Week Global claiming that 78% of employees with four-day weeks are happier and less stressed. The organisation also says that 63% of businesses found it easier to attract and retain talent with a four-day week. 

Ms Outrim added: “The introduction of a four-day working week for the team is one of many employee benefits that we have embraced over the years, including our 12-week wellbeing programme provided by ‘Fresh Air Fridays’ which includes outdoor walks, mindfulness and mediation. 

“All of these benefits help us attract, and more importantly, retain, the most talented people from across the financial services community.” 

Despite the shorter working week, and a hybrid working model allowing people to work from the office or elsewhere, Ms Outrim says the business has no intention of moving to a fully remote working structure. 

She said: “Being together as a team on a regular basis is a very important part of how we work. It means we can check in, motivate each other and share best practice. That said, if there is one thing the pandemic has taught us is that we can and should challenge ourselves to think and work differently. I wholeheartedly trust my team to put the best interests of our clients at the heart of all that they do. How, when and where they do that is down to them.”

• Editor's Note: Updated 24.11.21 to add more details about working day.