International Women in Wealth five minute interview: Liz Taylor, Private Client Director, RBC Wealth Management

Date: 05 Dec 2011

Citywealth

What signature taxation, laws, trusts or investments do you think really work for uhnw clients and why?

Being compliant is very much at the top of our clients’ priority list and this approach is particularly important for UNHW clients who are looking for security and stability, whilst still legitimately requiring anonymity in regards to their investments.

What size of client do you generally work with and how many do you have?

I have between 30 and 40 relationships that I manage and on average deal with assets of over £10m.

What lessons have you learned that you could share with those starting out in the industry?

Communication is absolutely vital to succeed in our business. I would advise anyone starting out in private client work to spend as much time as they can listening and learning from the professionals around them. By developing those listening skills they will be in a good position when meeting clients to listen to their needs and priorities.

What initiatives do you have or do you think there should be for women?

I appreciate Citywealth’s Women in Wealth initiative, which is a great way to network and share insights with others in the industry. I would say that there is a far greater recognition in the industry and amongst clients today to the added dimension that women can bring to banking and trust relationships.

If you had to win a wealthy new client where would you take them to impress them?

Clients from the Middle East tend to like to be taken to traditional British events. If they are visiting the UK for example I might take them to tea at the Ritz or to one of the “Summer Season” events like Wimbledon or Ascot. This year RBC is once again sponsoring a garden at the Chelsea Flower Show, which is really popular with existing or potential clients too.

What is the best thing that has ever been said about you?

I’m not sure whether it’s necessarily the most flattering thing that’s ever been said about me, but a new client recently compared me to Margaret Thatcher! I think the point that he was trying to make was that I was someone that got things done – someone that, in the words of Gorbachev, “he could do business with”.

What is your individual focus in terms of countries and uhnw clients?

I manage a Jersey-based team of fiduciary professionals who administer a number of structures for high value clients, many of whom are Middle Eastern families with substantial UK interests. Our clients are mainly from Saudi Arabia, Kuwait, UAE and Bahrain and include UHNW and HNW clients.

How much do you travel on business and where do you tend to go?

On average I travel to the Middle East four or five times a year, to meet clients, intermediaries and prospects. I also visit our London and Toronto offices regularly but sadly, as a Leeds girl I only get two valid business reasons a year to go back to Yorkshire.

What is the next big thing in private wealth management?

Dealing with the fallout of the eurozone crisis is clearly going to dominate the landscape for the foreseeable future.