If they want to do something more interesting it tends to be execution only, he adds.
He likes to ensure clients are not exposed to big swings in investment markets, which is why Kwasi Kwarteng's "mini"-Budget in 2022 kept him up at night.
"That really hit at the wrong end of the risk curve. You expect to be able to protect clients' assets and specifically those who are more risk averse, protect them even more, and that sort of thing causes some real dismay."
Yet, Oakham had already diversified into things like infrastructure projects and stable equities, having second-guessed the fixed income market would at some point have a "dislocation".
"Our investment ethos has always been to invest in what we call quality...as distinct from growth or value."
He explains: "Quality really is about firms that are stable, well managed, [have a] strong balance sheet, low debt, tend to be asset light businesses and, you know, they tend to have an economic moat, so they tend to have a competitive advantage.
"So those firms are pretty stable when it comes to almost anything you throw at them. Whereas growth and value tend to come in and out of style, quality tends to go through the middle.
"It's those sort of companies that we feel are the right companies for clients to hold for the long term."
Overhaul
Oakham is a B Corp, which means the business had to be optimised in terms of its ESG footprints.
This meant, for instance, changing its articles of association to reflect that it would consider all stakeholders, not just shareholders in its decision making.
It meant bringing in a consultant who looked at every aspect of the business and a restructure to give staff options if they want to buy shares.
As part of its B Corp status the firm also does pro bono work with charities, women and athletes, providing free financial guidance.
For Denley this process could only be a good thing, especially when it comes to succession.
"Whatever you want to do with the firm next, you should be viewed in a different light by the other entity...it shows that you've had a tooth comb go through your business and look for any gremlins and try and work them out and try and put everything on a positive foot rather than [just letting it evolve].
"It's a much more satisfying and much more easy life to do a good job and to know that your house is in order, than [just] making the money."
Financial advisers have in the past criticised DFMs for being too expensive and somewhat unnecessary, or at worst, out to steal their clients.
But Denley says "there's no way" he would try to steal clients. "It's much more likely, in our experience, that actually they would take a client from us because some IFAs have moved into the DFM world.
