Leaders List interview: 60 seconds with Lucy Ritchie, LGT Wealth Management

Date: 26 Oct 2022

Silvia Ricciardi

Lucy Ritchie, LGT Wealth Management

Citywealth speaks to Lucy Ritchie, member of Citywealth’s Leaders List (click here to check Lucy Ritchie’s Leaders List profile), Partner and Wealth Manager at LGT Wealth Management, who specialises in investment management for private clients.

Tell Citywealth’s readers about your role.

I am a Partner and Wealth Manager at LGT Wealth Management specialising in investment management for private clients and their families. I work with my clients to understand and articulate their wealth ambitions, develop a plan to pursue these goals and manage this through the implementation of a bespoke investment strategy. Throughout, it is vital that I take care to ensure the advice is accessible as well as flexible as over time, needs and wishes will more than likely evolve.

My role is dynamic, intuitive and harnesses expertise across the business to ensure I deliver my client the very best of advice. It is such a privilege.

What are the most pressing issues you are dealing with in your role at the moment? 

The global economy is in a state of flux. We have transitioned from a high growth, low inflation world into one where asset valuations are stressed indiscriminately. In response, central bank and fiscal policies have impacted many people with varying degrees. As a result, many current client conversations are about protecting capital first and foremost.

Current issues I am speaking to clients about are capital and drawdown requirements and how best to achieve them without impairing capital; leveraged positions whilst real returns are under stress; finding balance returning into return profiles (yield vs capital); currency in its power to enhance or hinder real returns and ways to mitigate and exploit; and global economics. In cyclical matters, being halfway through the tax year presents a good moment to check in with a client’s tax planning.

How would your clients describe you? 

I would hope that by the time my clients have come on board, we have a mutual trust and respect for each other and the task at hand. Where this underpins our communication, my clients will see that I care deeply about their results and their experience with us as a wealth management firm.

What are the most important skills and personal qualities to succeed in your role? 

For an enduring and fulfilling career in wealth management, I would suggest having a genuine curiosity about people and markets is an excellent starting point. Being honest with yourself, your colleagues, and your clients, will create a powerful sense of alignment and belonging that must surely make us better at what we do. It certainly makes it more fulfilling.

Best and worst parts of your job. 

I am passionate about empowering my clients and their next generations and this means being accessible to varying degrees of experience amongst clients. I do not care to generalise that I specialise in a certain ‘type’ of client as this tends to rely on a commonality or set of assumptions that suggests similarities that may not actually exist. Instead, my clients are individuals and one of the best parts of the role is to understand them, on their terms. I have such a great team with sharp minds, a voracious appetite to challenge and think and so our strategic ability to meet clients’ needs is extremely high quality.

All of this comes with a big investment of time and effort which can also cause disappointment when we do face conditions that renders even the best laid plans on pause until conditions recover. It can be frustrating at times, but markets move, bend and flex and so remembering we tend to often reframe these moments once they have passed as ‘great opportunities’ eases some of the (current) discomfort. Albeit without the complacency that hindsight might be suggestive of.

What is the most valuable piece of advice you have been given?

Say yes more. Say no more.

This advice was actually intended in a different context however it traverses time and situation. By opening oneself to more but being more disciplined about rejecting time wastage, we do more and do it better. It’s a great life skill in maximisation without suffering from burnout.

Click here to check Lucy Ritchie’s Leaders List profile

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