Hawksford's Global Head of Private Client Services, Darren Kelland, recently spoke with luxury property magazine Abode2 on the fundamentals of wealth management.
The biggest question to ask yourself is ‘How much am I willing to risk?’ Say for example, you have a net worth of £100 million; 50% of that might need to remain completely secure (assets such as property) and the rest might be more flexible. Once you understand what you want to bank and what you have flexibility with, we can gain a better understanding of what you want to achieve.
Diversity is key to capital preservation. The term ‘eggs in one basket’ springs to mind here. It‘s very unlikely that all of your investments will drop at once, so ensuring that you have a spread of investments is crucial. The more diverse you can afford to be, the more successful you can be.
By building long term relationships and having the global expertise to fully understand our client’s individual needs. We work hard to ensure that we fully understand what clients wish to achieve, and by doing so, we can create a customised service based on their requirements, ensuring that we meet their objectives every step of the way; our clients trust us to deliver.
Discretion is something that becomes more and more difficult as the requirements for reporting and transparency become increasingly expected and requested over time. But, discretion is at the heart of what we do. We protect the privacy of our clients whilst ensuring the utmost adherence to regulatory and legal requirements.
The changes that FACTA and CRS have brought about have been an interesting development. It has meant that we are having to report more and more on our activity, which means that there is no place to hide for ‘crooks’ in the industry anymore. Of course, this is a great thing and it enables people to have more trust in the financial sector.
It’s key to be well-read and well connected. Create a network of peers with access to different industry insights to ensure a well-rounded and informative environment. This is key to providing excellent client service - you need to be able to think ahead and prepare for every eventuality.
I’d say the biggest mistakes people often make are:
Try to avoid these things and it will put you in a much better position for success.
Align yourself with the best people in the industry; choose wisely, make sure that you know what you want to achieve and that the people around you can help you to get there.
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