A focus on our WP Club and its members, talking about the role of networking in the current society, sharing common challenges and possible solutions for all advisors in the wealth management sector.
In addition to organising leading awards and events, managing the Leaders List, a directory promoting rising talents and leading companies, sharing interviews, insights and news about the wealth management industry, Citywealth is home to the best networking clubs in London.
Today we talk about our WP Club and its members, with a focus on the role of networking in the current society, sharing common challenges and possible solutions for all advisors in the wealth management sector.
Let’s learn more about (some of) Citywealth’s WP Club members…
Ken Maxwell, Director, John Lamb Hill Oldridge
John Lamb Hill Oldridge are a specialist life insurance broker advising HNW and UHNW clients on their protection needs, whether that be for Inheritance Tax cover, Family Protection or Business Protection such as Key Person or Shareholder Protection.
Our clients often have complex affairs or have had health issues in the past, which can make it a challenge in obtaining the best rates. As we are a whole of market broker and employ an in-house underwriter, we are able to ensure a more efficient, discreet and smother process for our clients, whilst being able to negotiate the best terms possible.
In my capacity as Director, I not only advise our clients on the most appropriate policy type to meet their needs, but I also manage a team of advisers ensuring they are up to speed on any market changes, whilst also keeping in touch with other professionals we work alongside with. Although we do not offer tax advice, it is very important that we know what is happening in the legal and tax environment. We expect to work as part of the advice team for clients, which is why our professional connections with lawyers, accountants and tax advisers are so important to us and reflect the standard of advice given.
Outside of this, my role is not only to continue strengthening my own network but also to help the younger members establish and grow theirs.
Darren Lees, Financial Planner, Carbon Financial Partners - Guest
I provide financial planning advice to private individuals. We get to know a client in great depth, build a financial plan for them incorporating their hopes, dreams, aspirations during their lifetime then help them live that life. We provide ongoing coaching, act as a soundboard and ensure that their plan is kept updated when new regulation, tax and personal circumstances change.
Andrew McIntyre, Associate, Wedlake Bell
As a private client solicitor, I assist clients in understanding and improving their position in relation to taxes, inheritances and trusts. Most of my clients have some international aspect to their affairs. Often a key part of the job is working with the client's other advisors, whether in the UK or abroad.
The importance of networking
In nowadays society networking has become crucial to establish long-term relationships which can lead to benefits for all parts involved and create business opportunities, enriching the single individual as well as the whole company.
As part of the senior management team, Ken confirms that networking is fundamental: “We feel very strongly that it is important that rising advisers learn the networking skills and make their business friends, which they will have for the rest of their working lives. Although we work with a number of firms, there are several more that we would like to meet and feel that we could assist their clients in the same way, adding value to the overall advice process. Life Insurance should be considered as part of the overall planning for clients, and we are always delighted to help and discuss how this might work when appropriate.”
Networking is key for several reasons: it enables the individual to be recognisable, to stand out from his or her competitors, exchanging ideas and concretely demonstrating skills and expertise. Thanks to continuous networking, solid connections can be created over time, which can easily lead to prolific business opportunities. “To provide our clients a service as rounded as possible, we aim to work with trustees, investment advisors, wealth planners, accountants, and other lawyers,” says Andrew.
“It is very important to create circles of quality advisers, from solicitors to accountants so that we can provide holistic advice to our clients and cover their every need; – states Darren, who adds – we can provide referrals to these companies so that our clients are looked after by companies and individuals that we trust.”
The benefits of Citywealth WP Club
Citywealth WP Club offers a networking group that will help its members develop key relationships with peers specialised in different advisory sectors in the private wealth industry, enabling them to meet the professional figures they would like to do business with.
“I have been a member of Citywealth WP Club for one year now and have thoroughly enjoyed the networking events,” comments Ken. “It has given me the opportunity to not only make new professional contacts which I otherwise might not have met, but also to catch up with existing connections in a relaxed and enjoyable environment. It is important that we enjoy what we do and have fun along the way, and the WP Club lends well to this approach.”
Like Ken, Andrew has been a member of Citywealth WP Club for a year and, when asked about the benefits of joining it, he has no doubt in replying that “the events provide exposure to a high number of potential professional collaborators in a relatively short space of time.”
Citywealth WP Club has welcomed and is open to all private wealth backgrounds, including lawyers, accountants, trustees, wealth managers... and financial planners, like Darren, who is interested in joining our club. When asked about what he is expecting from this networking opportunity, he says: “I would like to be connected to like-minded individuals and companies in complimentary sectors so that I can offer even more value to my clients.”
Exchanging ideas: what is one of the biggest challenges the wealth management sector is currently facing? And which solutions can be implemented? Our WP members think that…
… one of the biggest challenges we have always faced from a company perspective is recruiting talented advisers and expanding our advisory team. This is no doubt a challenge shared by many companies, but for us operating in such a niche market area this process is even more difficult. Having so few firms operating in this specialist marketplace makes almost impossible to find qualified advisers who have the background and understanding to place these types of complicated risk. We have therefore placed a lot of emphasis on training promising candidates from scratch in-house, over the last few years, which has generally gone very well and developed some very good talents. Whilst this has its benefits, it can also be time consuming and costly, which is just one of the accepted consequences of operating in such a specialist area. - Ken Maxwell
… a challenge for all advisors is the increasing breadth and complexity of legislation affecting our clients, particularly regarding tax and disclosure. The best way forward is to work closely with fellow professionals to ensure all aspects are covered and to avoid gaps in responsibilities. - Andrew McIntyre
… talking about markets, the bond market is the worst we have seen for a generation (maybe more) but our long term, diversified approach to investing means that our clients are well set up to deal with this. Our in-depth risk discussions and ensuring our clients have sufficient liquid cash means that they can accept the short term market volatility. We stress test our financial plans every time we review them with clients and this means that they have a very high success rate which gives our clients the peace of mind that this unusual market situation will not derail their plan. - Darren Lees
Citywealth WP Club will meet on 12th July 2022. To collect more information about the club and become a member, please visit our section dedicated to Citywealth WP Club.