There is no doubt we are in a period of market and geopolitical volatility. This makes specialist navigation all the more important. We live in a continually unpredictable and complex world. Global trade has softened, manufacturing activity has slowed, and political uncertainty has elevated.
Disappointing economic data is likely to keep coming over the next few months, writes Jeremy Hill, senior private banker at the Newbury office of Kleinwort Hambros.
There are reasons to be positive and there is a basis for optimism despite the ‘noise’ – we still think a deal between the US and China is likely and the Fed’s dovish tone should help.
Our clients, on the other hand, especially those actively creating wealth in the prime of their careers, want to focus on their business.
When they first come into wealth, most clients have never considered what their financial objectives are and, most importantly, the role that financial advice and management can play in supporting their life and career goals. Many clients simply do not have the time.
Bringing the component parts of a full-service private bank offering to such clients demands experience and expertise, but above all empathy and an understanding that each client is different, bringing with them a unique set of circumstances that require a unique approach.
It is this foundational wealth plan that sets the direction: only when a client is truly understood can he or she establish a fruitful relationship with expert advisers.
When working with a new client we would, for example, look to establish cashflow and immediate liquidity, then assessments of risk beyond cash and possibly from investment in property. Wider family requirements are crucial – savings may need to be established, often through trusts for protection; in which case, we would explore the most suitable investment solution to us that seek to preserve wealth and how this can be held in the optimal structure for the long-term.
Vincent Gardner as managing director of Finch Group, one of the country’s leading commercial insurance brokers, is such a client. Gardner said: “I naturally want to dedicate time to keeping the business growing, but it can be difficult to find the time and resources to achieve this, and really make the most of my money. Back in 2016/17, I was going through a capital event that meant my investment choices were crucial. Having interviewed a number of private banks, Kleinwort Hambros stood as out providing a broad range of banking, planning and investment services, supported by an enviable track record. They offered a comprehensive, single portal for all my financial requirements – executed by some of the best people in the industry.
“Being proactive with money is important to me and Kleinwort Hambros’ reputation for discretionary investment management services therefore stood out. I was particularly impressed by the lengths to which they went to tailor the risk of my portfolio to suit the specific investment objectives I had in mind.
“It is not just my investments that they look after –the Kleinwort Hambros team understand my family’s long-term goals, setting up ISAs for my children, too. This holistic understanding of my needs is what sets them apart; for example, our need to access deposits at varying times meant that we had three or four different notice accounts and our mid-long-term investments were accordingly aligned via bonds, pensions and investments.
“As Finch Group continues to recruit, expand its client base and acquire local brokers, having full confidence in my family’s finances gives me invaluable peace-of-mind.”