As regular readers of my Note will know, the ultra-high net worth community is little understood and is one of the few minority groups where prejudice flourishes. Just open any newspaper and observe countless scurrilous stories about the rich and powerful. But the stories are no longer today’s news and tomorrow’s chip paper. There is a sinister side to what is written.
All news is now collated and added to your profile on websites such as Wealth Check, owned by Reuters. If a financial institution needs to check you out to satisfy its anti-money laundering obligations, it will study your profile to see if it wants you as a client. With too many scurrilous stories - whether true or not, you will be unable to open a bank account – anywhere in the world, instruct a lawyer to assist or an accountant to do your returns. It is now more important than ever to keep your name out of the press, social media websites or any other form of publication.
Lord Howard Flight in the forward to my ‘Super Rich’ book says ‘I never thought I would feel sorry for the Super-Rich. Caroline Garnham has exposed ‘the other side of the coin’ in identifying the issues they face. This is a book which every self-made successful individual should read and digest – preferably before they cash in their fortunes.’
My other book ‘Uncovering Secrets’ is my challenge to the industry to review their existing ways of doing business. The private client industry, since 2008, has been fined $504 billion, not enough to put them out of business, but enough to stop them doing anything Governments don’t like – good or bad!
The private client industry simply cannot continue to absorb these fines, on top of the increasing costs of compliance. It urgently needs to rethink what and how it is doing business. The old model is broken. Each chapter in the book challenges the adviser to understand their clients, give them what they want, build trust and win new business.
But the book goes further than old fashioned ‘know your client’ strategies. It deals with the psychology of getting your message across and what is effective in winning business. But it also drills down to some specifics in the industry such as the stark fact that each adviser spends from one-third to one half of their time – on non-client matters which, at best is poor at delivering a return on investment and at worst, increases costs.
The book looks at ways of minimising time wastage and maximising returns on investment. For example, every adviser spends a considerable amount of time ‘networking’ and yet most advisers confess that they follow up only once or twice and do nothing further with the business cards so assiduously collected, other than to put them in a drawer. BConnect Club recognises these concerns and gives the industry what it needs to stay connected.
BConnect Club is an innovative, investment platform and information resource used as a tool by UHNW individuals, family offices and for the industries which serve them.
This hard to reach community wants to explore new ways to invest, manage their money and indulge themselves. It is joint venture between Bespoke Connections and Garnham Family Office Services. The aim is to provide a platform of investments, luxury products and relevant information which they may not otherwise find.
BConnect Club is the only online platform where industries which serve this community, can promote their products, investments and expertise direct to their target audience, while at the same time connect with their colleagues and network.
Digital technology is so often used to improve the ‘user experience’ but in a way which distances the client from their adviser. My challenge is to free up the time of advisers so they can spend more time with the clients. Digital technology is then used to stay in contact with colleagues and contacts.
Contact : svetlana@garnhamfos.com
020 3740 7423