Diversification, discretion and key trends when managing wealth 

When looking to manage wealth and assets, where should people start?

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.

How important is a diverse portfolio?

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.

How does Hawksford offer a personal and tailored service to its private clients? 

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.

How important is discretion in wealth management?  

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.

How has the wealth management world changed over the past five years? 

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.

As the economy evolves, how do you keep on top of change? 

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.

What are three pitfalls to avoid when looking after your money and assets?

I’d say the biggest mistakes people often make are:

• Not paying attention to key trends and what has recently happened in the market
• Thinking you can beat the market
• Failing to diversify

Try to avoid these things and it will put you in a much better position for success.

One sage piece of advice you'd give to readers?

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.