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Executive Dynamics

The Company

Executive Dynamics is a knowledge-based Executive Search and Selection and Strategic Consulting business, located in Kenilworth, Warwickshire.

Recruitment forms the core part of our business, as expert human capital providers covering the specialist fields of Wealth Management, Financial and Professional Services, Industry and Commerce, and through our fast-growing Generalist practice.

Strategic HR, Coaching and Development Services also form a very important part of our ‘offering’, available both as stand-alone services to either Corporates or individuals or, in conjunction with our recruitment consulting activities.

Our offices, in the very heart of England, make for a pleasant place to work and are conveniently situated at the centre of the UK’s road and rail networks: We are only 20 minutes by car from Central Birmingham, the NEC and Birmingham International Airport, and are an hour by train from London. For both Client and Candidate accessibility, other major conurbations such as Bristol, Edinburgh, Glasgow, Leeds, Liverpool, Manchester and Newcastle can all be reached within very reasonable travelling time.


Our Key People

Robert Wilson

Managing Director
Founding Partner

As founder-shareholder and Managing Director of Executive Dynamics Ltd., Robert also leads the company’s Financial and Investment Services consulting practice.

Starting his business career in the City of London – progressing from graduate trainee with the French Investment Bank Credit Lyonnais to the European Institutional Equities division of Credit Suisse, Robert made the transition into Executive Search & Selection in 1992.

Working for a ‘top 10’ global executive recruitment organisation and as Practice Head – Banking and Financials for both the UK and Europe, Robert has enjoyed significant exposure to the Investment and Commercial Banking and Finance sectors, together with substantial ‘hands on’ recruitment experience for the Institutional and Private Client Asset and Fund Management disciplines.

Both leading up to and since the formation of Executive Dynamics, Robert has also accrued nearly 15 years’ specialist expertise and a reputation for successful recruitment in the UK ‘Wealth Management’ arena. He continues to enjoy a dominant industry position in relation to assignment activity undertaken - not only for London-based positions, but also through his extensive knowledge of the UK’s regional markets. This experience also embraces a particularly strong understanding of and exposure to the complex interplay between Client, Wealth Manager, Financial and Professional Adviser, incorporating both Legal and Accountancy professions.

Possessing a good command of the French language, basic Spanish and rusty Italian, Robert’s spare time is devoted to his young family, the occasional round of high handicap golf, long-standing membership of Round Table International and active support of the Birmingham Children’s Charity - NICE.

Eric Hogg

Director
Founding Partner

At the time of moving into the world of Consultancy in 1983, Eric had enjoyed a successful career in HR and was the HR Director of one of the major Groups within GEC. Having spent much of the 70’s involved in Trade Union issues and the early 80’s undertaking major restructuring of the business he came into consultancy with a broad, generalist experience of HR, including, of course, recruitment.

Initially he teamed up with a London based ‘Search’ consultancy to broaden the geographical coverage in the Midlands and North regions and develop the ‘Selection’ product as well as introducing other HR related products. In 1988 he founded, with a colleague, the Hogg Clarke Partnership, based in Royal Leamington Spa and focussed on providing recruitment and HR services to the manufacturing and engineering sector.

The retirement of his partner, David Clarke, in 2000 prompted a change and following a brief period with another consultancy practice he teamed up with Robert Wilson in 2002 to establish Executive Dynamics. Since then, although continuing to be involved in senior level recruitment, Eric has focussed on strategic HR work for a number of clients in both manufacturing and service related companies. Not surprisingly, given his background, the projects he has been involved in have included restructuring, plant closures, team and individual development, employee surveys and a number of recruitment assignments.

As Chair of Governors for a local High School with circa 1000 students, Eric is familiar with the challenges of change and managing people who are volunteers. A Fellow of the Chartered Management Institute, has served on the Birmingham Branch management team since 1985, which keeps him up to date on current management practice, and is currently serving a second term as Chair of the Branch.

Tobin Lambert

Head of Research

Tobin Lambert has over twelve years experience in international executive search, holds an M.A. in Human Resources and is a Graduate Member of the Chartered Institute of Personnel and Development (CIPD).

Prior to starting in executive search, Tobin's formative career was as an officer in the British Army. On leaving as a Captain, he entered executive search in early 1995 with an Energy & Financial Services boutique – Cripps Sears & Partners.

In 1997, after a year’s sabbatical studying for his MA, Tobin then joined Korn Ferry as an Associate in their Financial Services and the Energy sector practices. On leaving the company as a Senior Associate in 1999, Tobin joined Preng & Associates - a boutique executive search firm that operates exclusively in the Energy sector.

Tobin subsequently joined Norman Broadbent’s Energy team as an Account Manager for the Shell Oil Company Account and since 2005 has supported Robert and colleagues at Executive Dynamics with his research skills and expertise!

Why use us?

Customer focus – we pride ourselves on our customer focus and going the extra distance to provide you with the level of support you need.

One of our core values is that we do not promise what we can’t deliver and we deliver what we promise. Obviously we cannot control every element of every process but we do undertake to keep you informed at each stage of every assignment and where necessary, provide appropriate advice as early as possible if a change of plan or delay becomes inevitable.

Understanding your needs – we believe it is important to understand your business in a broader sense than taking a narrow brief relating to a particular assignment. Indeed, in some areas eg recruitment, we undertake assignments only in those sectors where we do have substantial and relevant business experience.

What you get is what you see – we provide a personal service on all assignments and the person you deal with will always be the person handling the project. Our business is successful because we build sound relationships with clients based on our personal integrity and delivery performance.

Transparency – we believe in honest and open dealings with clients even when the news may not be what the client wants to hear. This approach is also a key element in our pricing policy. We believe in fixed fees and no surprises. What we agree is what you pay; with no hidden extras.

Quality – as an owner-managed business with personal responsibility for delivery of assignments, we are aware of our need to maintain the highest professional and quality standards at all times.

Ethics – our reputation and hence future business, relies on an open, honest and ethical approach to doing business. We strive hard to adopt ‘best practice’ in our processes and constantly seek feedback from clients on all aspects of our business.

We are not perfect, but we do try hard to satisfy our clients’ needs. Perhaps the best illustration of our success is the high level of repeat business and referrals we receive from existing satisfied clients.

Recruitment

Recruiting Executives can be difficult and time consuming. Getting it wrong is, at worst, catastrophic and at best, costly and embarrassing. With so much at risk, and to optimise the use of time, it is not surprising that many organisations make use of professional help – they see it as essential, not merely optional.

How we add value to your recruitment process:

Our Team - every consultant has board level operational experience together with relevant sector and functional expertise. Together, these attributes give us a practical understanding of the issues clients face. We are committed to excellence in servicing the client and go that extra distance to exceed expectations and to deliver a positive result.

Targeted Research - this underpins our approach to Executive Search. It is no longer acceptable to operate on the basis of a personal network of contacts, no matter how extensive. Our researchers are experienced in the use of modern techniques. Thorough desk research is complemented by discreet contact with potential candidates who are tactfully screened for potential interest and suitability prior to introduction to the consultant.

Advertised positions (Executive Selection) - we pride ourselves on the quality and originality of our advertising copy. The art is to convey as much relevant information in the fewest words possible; using a format that will attract good quality applicants. We also advise on the most appropriate medium to reach the target audience.

Whatever method used, whether search, advertised or a combination, we present a shortlist of candidates who are ‘best fit’ against the specified requirements. The final decision is, of course, down to the client but the information we provide, including psychometric profiles and aptitude testing if required, is invaluable in making that final selection.

What you see is what you get; we believe in transparency and work in open partnership to achieve the best result. The consultant you brief will always be the one to lead the assignment using an agreed methodology tailored to your needs. Regular reviews and feedback ensure the client is fully informed of progress.

Our fee structure has no hidden extras. We agree the fee in advance and it remains fixed whatever the ultimate package paid to the successful candidate.

Typically, our assignments relate to salaried positions commanding remuneration packages of between £50,000 and £250,000 per annum.

Financial and Investment Services

  • At Executive Dynamics, the UK - and increasingly the International - Wealth Management industry forms a core part of our Recruitment offering.
  • This industry focus embraces Investment and Portfolio Management, Private Banking, Private Client Services, Client Relationship Management and, Business Development – whether through direct or intermediary distribution channels.
  • As acknowledged leaders in this market segment (evidenced through more than 14 years experience of providing bespoke recruitment and consulting solutions), our position is somewhat unique in that, whilst the London market continues to represent a very important part of our industry coverage, it is our Regionally-based Wealth Management assignment and consulting activities for which we are perhaps better known.
  • With over 50% of the UK’s wealth deemed to be held by individuals domiciled outside of the country’s capital, and many of the leading Global Securities, Investment, Private Banking and Wealth Management firms continuing to develop and expand their regional representation we are, simply put, best placed to support them.

Professional Services and Insurance

  • The ongoing development of our Professional Services and Insurance recruitment Practice has been a natural and perhaps obvious extension of our Financial and Investment Services consulting activities
  • By virtue of “The Client” being central to almost all activities within Legal, Accountancy and Insurance sectors and increasing overlap occurring between these and Financial and Investment Services providers (both internal and external), Executive Dynamics continues to work closely with a number of such firms
  • Recent examples of assignments successfully undertaken in these areas would include Head of Compliance and Regulatory Reporting, UK Employment Law Specialist, Regional Head of Wealth Management – Top 6 Accountancy Practice, Director - Treasury and Risk, Head of Pricing, National Sales Director – Insurance Products, Divisional Director - Claims Management & Loss Adjusting

Industrial & Commercial

  • Based in the West Midlands we are ideally located to serve this important (if shrinking) part of our economy.
  • Manufacturing has rarely enjoyed ‘fashionable’ status as a career choice and yet the demands of global competition require that companies recruit and develop top class people to meet the challenge and retain our ‘wealth creation’ base.
  • Our experience and knowledge of this important sector allows us to understand fully our clients’ requirements and seek out only the best candidates for their needs. Given the demands of the modern manufacturing environment, technical experience alone is not enough. Senior managers and Directors require a complex mix of competencies to enable them to contribute and motivate others within the work environment. We understand this intimately and our processes are designed to assess people in the round rather than on a single or few basic competencies.
  • We never underestimate the value of the contribution that can be made by people who are the right fit against the job and cultural requirements, or the cost of employing the wrong person. Our pre – selection processes ensure that clients only interview candidates who are a good fit against their needs, thereby saving time in the ultimate selection process.

Strategic HR

are you getting the best return on your human assets?

All organisations have ‘people issues’ that need to be addressed from time to time. Some do not have a full time HR Director, others are well resourced with HR expertise but sometimes need additional help and support. Whatever your situation, help is at hand through the support we can offer.

We have extensive experience of HR issues across a wide range of business sectors and organisations, which could prove valuable in identifying and addressing those you face. Our approach is based on understanding your needs and the issues you face. All our solutions are ‘bespoke, and tailored to your needs. We do not offer ‘off the shelf’ solutions and equally will not recommend elaborate solutions that are expensive to implement and maintain.

Drawing on our experience we can either propose a solution or, if the client has a preferred solution, assist in developing that solution and perhaps add some additional ideas. Alternatively we can provide valuable, additional, experienced resource for a project on an ‘as required’ basis.

A particular area of expertise is the development and implementation of major restructuring or closure programmes. Few management teams have in-depth experience of these and expensive mistakes can be made even when the intentions are well meant. Having a tried and tested strategy for dealing with the people issues can ease the pain of closure and remove some of the associated stress. We provide guidance on all aspects from planning, communications, implementation, dealing with the issues that inevitably arise, and practical support for all those involved or affected.

Other strategic projects where we have provided support and guidance include:-

  • Design and implementation of employee surveys
  • Remuneration and benefits packages
  • Senior team development
  • Organisational Audits
  • Flexible working arrangements
  • Assessment and personal development programmes
  • Communication strategies

Development & Coaching

Traditional approaches to ‘training’ have long been acknowledged to be flawed. Despite this companies continue to spend money on training that is ineffective. Our approach, whether it be for individual or teams, is to use a ‘development’ programme based on an analysis of need and the application of appropriate processes, including ‘performance coaching’.

Coaching can be an extremely effective way of helping individuals and groups to maximise their potential. In the world of Sport the value of using a Coach has been recognised for many years. More recently the Business world has also recognised the value of coaching. The process can help people to: –

  • Minimise mistakes in both business and personal life
  • Accomplish more, in less time
  • Prioritise issues and distinguish between the ‘Important’ and ‘Urgent’
  • Improve career prospects
  • Enhance personal development and applied learning
  • Become more effective and influential
  • Be more relaxed with others and win their trust and confidence

Being an executive can be lonely. Who do they speak to about their fears and aspirations? Who can they trust with their innermost thoughts? Who can help them deal with the self doubt and negative emotions we all experience at times. The confidential nature of the relationship with a Coach allows any issue, however sensitive to be shared and ideas bounced with someone who will give honest and constructive feedback.

Ultimately there to question and guide, the Coach is able to bring a fresh perspective and encourage a different approach. The actions however are always the responsibility of the individual who then has the opportunity to discuss and analyse the outcomes with the Coach, thereby reinforcing the learning process and leading to enhanced performance.

Wine

Best Buys from Bordeaux 2009 by by Gavin
9th July 2010
All over now bar the shouting.
Here, in my humble opinion, are the Best Buys - at the opening prices - of Bordeaux 2009, broken down as follows:

10 Expensive wines - but sound investments.

£400 to £1000 - 17 Fabulous quality, blue chip names.

£200 - £300 - This is where the values of 2009 lie: 20 cracking wines.

Under £200 - 12 lovely wines from the Left Bank.

Click here to read the full article
Top Bordeaux: Investment of the Decade by by Gavin
10th December 2009

 















Here's a sobering thought at this time of year, especially if you’ve been drinking your stock of old Lafite. A report in the Guardian, entitled ‘How alternative investments have fared since 2000’, showed that the top wines from Bordeaux have been the best investment since 2000, ‘earning returns that far outstripped equities, gold and property.’

In short, the ‘Big Eight’ - Lafite, Latour, Margaux, Mouton, and Haut-Brion (the five First Growths from the Left Bank) along with Petrus from Pomerol, and Cheval Blanc and Ausone from St-Emilion (all Right Bank), have all proved to be solid performers.

But there’s much more to this game than following names, scores and bankable vintages
 

 



















As for the biggest movers, it is no secret in the world of fine wine that the price of Chateau Lafite-Rothschild has gone through the roof of late, with buyers from China going mad for it. According to Liv-ex, the London Fine Wine Exchange, a case of the legendary 1982 would have set you back a not inconsiderable £2613 at the start of 2000, and it now sells for around £25,500 before taxes, a rise of 876%. This is obviously insane, especially when one reads recent reviews from the likes of Jamie Goode a highly respected UK wine writer. Even Robert Parker has downgraded his original 100 point rating for this wine to 97. I reckon it depends on the individual bottle and its provenance, storage and so on - not that I’ll be opening too many.

Hindsight and all that but when someone said ‘invest in Bordeaux’ just over a decade ago, we obviously got the wrong end of the stick. As for my sterling pension…
 





. 


 

 

2008 En Primeur: Surprise, Surprise by by Gavin
1st June 2009
We’ve recently had the week of trade tastings in Bordeaux, when the world of fine wine annually descends on the region to taste the wines from the previous vintage. A few surprises too: many 2008s are far better than most outsiders would have thought, after gloomy reports of a damp summer.

The real surprise though is that there seems to be a genuine desire to launch a quick ‘en primeur’ campaign, with the possibility of the First Growths - Latour, Lafite, Margaux (above), Mouton Rothschild and Haut-Brion - coming out with an opening offer in the next couple of weeks, before most of the lower ranks. And that would be big news here as it would turn the normal routine on its head.

What usually happens is that the trade and wine press come to the tastings, and there’s much chat about which estates did well and the disastrous state of the market, and then everyone goes home and waits for Robert Parker to release his scores at the end of April. (’I may be disappointed if Jancis Robinson doesn’t like my wine, but I don’t eat if Robert Parker gives me a bad score’, the owner of one top château in Pauillac told me.)

Parker will have liked a lot of what he’s tasted, especially in Saint Emilion and Pomerol (eg L’Evangile, left), and at some of the top estates on the Left Bank, but will not want to be too enthusiastic for fear of the Châteaux getting above themselves.

Merchants and potential customers around the world then have to wait for the château owners to release their prices for the wines, which are still in barrel. It’s potentially quite exciting, and with great vintages like 2000 and 2005 everyone wants to splash out on super wines for much less than they’ll be worth in the future. But in the two most recent campaigns, for the 2006s and especially the 2007s, the wines haven’t been wildly exciting and the top châteaux have taken an age to set their prices - and when they have, the prices have been too high.

So the standard timechart has been for the reviews to be published online by wine critics in April, the trade then waits fruitlessly for some juicy offers in May, and eventually many leading châteaux ‘come out’ in June - after guessing what their neighbours are up to - until finally the First Growths astound everyone with their monster prices at the end of June. That’s three months - and way too long.

For the First Growths to turn the form-book upside down in order to kick-start the 2008 campaign, in a very difficult market, is a bold move. Corinne Mentzelopoulos, owner of Château Margaux, told me that the Bordeaux négociants (the intermediaries between the chåteaux and importers worldwide) were pressing for a quick campaign, and lower prices of course, but that there was still time to reflect. My own view is that she’d have little to gain by waiting for Parker’s score.

Alain Vauthier, proprietor of Château Ausone and maker of Saint Emilion’s most expensive wine, said to me yesterday that he was ‘Sûr. Presque sûr’ that the First Growths would release their prices by the end of April at ‘un prix attractif’. ‘Le marché est mort’, he said. Not for your wine, Alain.

Will the First Growth owners have the courage to breath life into the upcoming campaign, when there is at least some momentum and enthusiasm for the wines?

We’ll see.
Darling Goes over the Top by by GQ
1st September 2008
Times are tough for the UK wine trade. The pound has slumped against the euro, the cost of wine at source and fuel prices have shot up, and consumers face the credit crunch. If that wasn't enough, the anti-alcohol lobby is winning the media battle, with middle-class binge-drinkers being portrayed as a drain on the nation’s resources. So the same government that brought in 24-hour drinking (for health reasons?) softened the way for the assault on responsible wine lovers.


Britain now boasts the highest rate of duty on wine in Europe. The Chancellor of the Exchequer slapped a record 14p on a bottle of wine in the Spring budget and pledged to increase duty above the rate of inflation over the next four years, Duty on a bottle of wine is now nearly £1.50, plus VAT on the duty as well as the wine, while there is no duty at all in Italy, Spain and Germany, while France fleeces its citoyens for all of 2p a bottle. And yet we manage to remain sober - well, most of the time.


Captain Darling even claimed that wine drinkers are better off under this Government: "In 1997, the average bottle of wine bought in a supermarket was £4.45 in today’s prices. If you go into a supermarket today, the average bottle of wine will cost about £4.00."


Perhaps, but what he didn’t say was that the government has trousered 37p more per bottle in duty in that time, before the new rate came into being. Producers have been forced to cut costs, and two thirds of wine sold in Britain today is on "special offer".


On a £4.20 bottle on sale in the UK, £2.10 goes on duty and VAT, then there’s shipping, storage and distribution, plus the agent and the retailer's margin. After the bottle, cork, capsule, label and packaging (we spend 50p on all these) that leaves rod all for the wine inside the bottle.


And duty doesn’t just affect retail prices. A wine merchant friend of ours buys a house wine with a nice label from a co-op for £1, adds 50p shipping and delivery costs, then £1.50 duty, and adds a perfectly reasonable 25% margin on top. So he sells it to restaurants for £4.00 ex-VAT, who need to make a 66% margin.


The wine’s therefore listed at £12 before VAT: £14 including VAT. Without the duty element, as on the continent, the bottle would cost half that - and the merchant and the restaurant would make the same percentage margin.

(Toot toot - it makes our £8 Chateau Bauduc Bordeaux Blanc Sec, sold direct, look even better value at Rick Stein’s for just £19 on the front page of his list at The Seafood Restaurant, or for £20 chez Gordon Ramsay. If you can get a table, that is).


Britain has a fine tradition of wine merchants offering choice and value, but the increasing cost of importing wine (£1000 in UK duty for a pallet of 56 cases, plus the VAT later) means it will be harder times ahead. One wine merchant who bought wine from us over a year ago has yet to pay the bill.


Yet with the low pound, there’s hope: the UK is now a great tourist destination. If only wine wasn’t so bloody expensive.

News

R U RDR READY?
9th July 2010
With much debate and discussion taking place with regard to the Financial Services industry’s Retail Distribution Review (and a number of our Clients and Candidates having to address new qualifications guidelines and requirements), we have compiled some information which we hope will assist.
The FSA’s latest RDR Consultation Paper is available to view at http://www.fsa.gov.uk/pubs/cp/cp10_14.pdf but it has also recently confirmed the qualifications that meet the requirements of the Retail Distribution Review. It has also named qualifications that meet the RDR in part but require gap-filling.  Here is the list in full:-
RDR-Ready
  • Diploma in Professional Financial Advice from the Calibrand/Scottish Qualifications Authority
  • Diploma in Investment Planning (existing advisers) from the Chartered Institute of Bankers in Scotland
  • Diploma in Investment Planning (new advisers) from the Chartered Institute of Bankers in Scotland
  • Diploma in Investment Planning (retail banking for new advisers) from the Chartered Institute of Bankers in Scotland
  • Diploma in Investment Planning (retail banking for existing advisers) from the Chartered Institute of Bankers in Scotland
  • Regulated Diploma in Financial Planning from the Chartered Insurance Institute
  • Diploma for Financial Advisers (revised for post-2010 standards) from the ifs School of Finance 

RDR-ready but require gap-filling
  • BA in Financial Services from Bournemouth University 1995 – 2001
  • MA in Financial Services from Bournemouth University 1995 – 2001
  • Post Graduate in Financial Services from Bournemouth University 1995 – 2001
  • Investment Advice Certificate from the Chartered Institute for Securities and Investment
  • Certificate in Private Client Investment Advice and Management (interview and presentation only) from the Chartered Institute for Securities and Investment
  • Certificate in Private Client Investment Advice and Management from the Chartered Institute for Securities and Investment
  • Diploma (where candidates hold three modules as recommended by the firm) from the Chartered Institute for Securities and Investment
  • Masters in Wealth Management from the Chartered Institute for Securities and Investment
  • Member of the Securities Institute (MSI Dip) (where candidates hold three modules as recommended by the firm) from the Chartered Institute for Securities and Investment.
  • Associate (March 1992 – July 1994 syllabus including top-up test) of the Chartered Institute of Bankers in Scotland
  • Associate (post August 1994 syllabus) of the Chartered Institute of Bankers in Scotland
  • Certificate in Investment Planning from the Chartered Institute of Bankers in Scotland
  • Chartered Banker (where candidates hold UK financial services and investment modules) from the Chartered Institute of Bankers in Scotland
  • Diploma in Investment Planning (current) from the Chartered Institute of Bankers in Scotland
  • Advanced Diploma in Financial Planning from the Chartered Insurance Institute
  • Advanced Financial Planning Certificate from the Chartered Insurance Institute
  • Associate (ACII) (where candidates hold appropriate life and pensions modules) from the Chartered Insurance Institute
  • Associate (ALIA Dip) from the Chartered Insurance Institute
  • Diploma in Financial Planning from the Chartered Insurance Institute
  • Fellow (FCII) (where candidates hold appropriate life and pensions modules) from the Chartered Insurance Institute
  • Fellow (FLIA Dip) from the Chartered Insurance Institute
  • Associate (where candidates have passed the investment module) of the ifs School of Finance
  • Diploma for Financial Advisers from the ifs School of Finance 
  • Professional Investment Certificate from the ifs School of Finance
  • Certified Financial Planner from the Institute of Financial Planning
  • Fellowship of the Institute of Financial Planning
  • BA in Financial Services from Sheffield Hallam University 1995 – 2001
  • MA in Financial Services from Sheffield Hallam University 1995 – 2001
  • Post Graduate in Financial Services from Sheffield Hallam University 1995 – 2001
  • BA in Financial Services from the University of the West of England 1995 – 2001
  • MA in Financial Services from the University of the West of England 1995 – 2001
  • Post Graduate in Financial Services from the University of the West of England 1995 – 2001

IFAs who advise on securities

Financial advisers or wealth managers who advise clients on securities or deal in them have a separate qualification list. Different qualifications rules apply for advisers who deal in derivatives or just advise on securities. Here is the list for them:
 

RDR-ready:
  • Investment Advice Diploma (where candidates hold technical modules as recommended by the firm) from the Chartered Institute for Securities and Investment

RDR-ready but require gap-filling
  • Investment Management Certificate (combined with level one of the CFA programme) from the CFA Society of UK
  • Associate of the CFA Society of UK
  • Management and Research Certificate in Private Client Investment Advice and Management from the Chartered Institute for Securities and Investment
  • Certificate in Private Client Investment Advice and Management from the Chartered Institute for Securities and Investment
  • Diploma (where candidates hold 3 modules as recommended by the firm) from the Chartered Institute for Securities and Investment
  • Registered Representative Full Membership Exams (where holders have all three papers or have both Stock Exchange Practice and Technique of Investment papers) from the London Stock Exchange
  • Member of the Securities Institute MSI DIP (where candidates hold three modules as recommended by the firm) from the Chartered Institute for Securities and Investment
  • Masters in Wealth Management from the Chartered Institute for Securities and Investment

RDR-ready when combined
  • Level One of the CFA Program plus the Investment Management Certificate (Level 4 version) from the CFA Society of UK
Additional added value for Clients
17th July 2009

Executive Dynamics are pleased to announce additional added value for clients.

As part of our continued search to offer clients more added value and relevant services, we are pleased to announce our association with the Search consultancy, A Steele Associates.   We believe there are considerable synergies between our respective businesses and, importantly, we also share the same values - to support the delivery of a quality service to clients through working with them on a partnership basis.

Whilst A Steele Associates work mainly, but not exclusively, in similar sectors to ourselves e.g. Banking and Professional Services, there is no overlap as regards the client base or the segments we support. We are therefore, able to offer in-depth experience across a broader, but related, business base. Geographically we believe we shall benefit from the London and South East presence of A Steele Associates and similarly, they will be able to extend their reach through the extensive contacts we have in other regions outside of the South East.

At this stage we envisage nothing more than a strategic alliance between the businesses that will provide mutual benefit based on the synergies, shared values and extended service to clients. We believe that in the longer term this alliance may lead to a more formal relationship becoming established but meanwhile we invite you to visit their website – www.asteeleassociates.com for further information. You can contact A Steele Associates either direct or through Executive Dynamics Ltd and we will be delighted to provide further details as to how we may be able to support you in your recruitment and HR needs.

A Timely Reminder That Integrity Is Vital In Wealth Management
17th June 2009
Few virtues are more important in wealth management than integrity and it is heartening and also necessary that an organisation such as the UK’s Securities & Investment Institute is doing its bit to stress how important this value is with a new training manual. The only question is whether firms have fully woken up to its lessons.

The SII has just issued a 94-page book, entitled Integrity At Work In Financial Services, which takes readers through a series of ethical dilemmas that any would-be private banker might be expected to face or at least know how to deal with in some form.

Here are some examples: “A recruitment consultant offers to reduce his commission below his usual rates, provided that you make a payment to charity in addition to his firm’s invoice"; "A client threatens to withdraw his business as a reaction against the standard wording on the foot of your firm’s emails, which he feels is detrimental to his business.” Another: “You discover that an executive who you recruited has helped your firm win business using material acquired from a competitor. The source of this material is no longer available, so do you need to take any further action?” And one more: “You have concerns about whether a potential valuable customer will prove to be an asset, or whether his uncertain history may cause problems in the future.”

What is interesting is that in each case, the issues are worked through and some kind of “best possible” outcome is arrived at, without necessarily claiming what the result must be in every case. This is important: the SII guidebook is not meant to be tightly prescriptive but it is meant to help private bankers, including experienced ones, work through some of the trickiest of ethical dilemmas that may come their way and ensure that their own reputation, and the welfare of their clients, are not put at risk. And this is not about detailed knowledge of investment products: it touches on the very human issues that arise when dealing with wealthy individuals who expect their banks to be utterly trustworthy, competent and safe.

This book is hitting the shelves at an opportune time: while the wealth management industry may have been unfairly maligned in some quarters, there have been some bruising episodes. The need for high standards of scrutiny, due diligence and honesty has been brutally highlighted by the scam of Ponzi fraudster Bernard Madoff in the US, for example. It would be grossly unfair to say that this saga has tarnished private banks per se, but the saga has led to litigation, which even if it does not prove costly, is a distraction such firms can surely do without. For example, a wealthy US investor has sued Union Bancaire Privee; UBP has offered to reimburse clients who lost money to Mr Madoff. The Swiss bank has said the complaint was without merit and will vigorously contest it. There are other cases: Standard Chartered is reportedly being sued in the US to repay fees on money that was channelled to Madoff, according to a report this week.

Meanwhile, the industry has seen disputes over the transfer of clients and bankers between firms: in the UK last year, for example, UBS won a legal case against UK start-up Vestra Wealth Management, which eventually settled a legal dispute with UBS over mass staff defections from the Swiss bank. Today, employment contracts almost invariably contain restrictive covenants, which tend to be more restrictive the more senior an individual tends to be. But given the uncertainties that can arise, these cases can still erupt, although most disputes rarely reach court.

None of these cases, of course, suggests that wealth management is any more or less prone to ethical issues than a retail bank, law firm, accountancy partnership or hedge fund. Contrary to what one might think from some of the criticisms of modern banking, the sector is hardly an unregulated jungle: the industry in fact faces a raft of regulations in the European Union, the US and elsewhere - such as various anti-money laundering provisions - and bankers are increasingly on their guard about litigation risk, or if they are not, they should be.

It is encouraging that the SII has issued such a book at the present time; the hope must be that the current, and future generation of private bankers realise that as the profile of wealth management has risen on the back of the global economic boom of the past decade, so is the potential risk of trouble from those who fail to act with the utmost integrity. Let’s hope that the sort of clear thinking that animates this book sets the tone for the wealth management business around the world for years to come. As a virtue, integrity is one that must be at the very top of people's minds.

Reproduced with kind permission of Wealthbriefing.com
Wealth Management Supplement Birmingham Post
1st August 2008
Wealth Managers Continue Their March into UK Regions
1st July 2008

Wealth management firms are continuing with their planned UK regional expansion despite the unfavourable economic and investment environment.

Credit Suisse last week opened an office in Birmingham, Kleinwort Benson announced the opening of a Leeds office recently and SG Hambros is also in the process of setting up a private banking office in the Leeds area.

Nick Gill from Coutts told WealthBriefing that whilst there is a perception that private banking is something that happens within the M25 orbital motorway around London, Coutts’s experience is that is not the case at all.

"We are finding that there is significant growth in the number of [financially] successful people all over the UK. Of course there are the big hubs: Birmingham, Manchester and so on where there is a definite growth in the amount of wealth," he said.

Around two years ago, SG Hambros commissioned research by Datamonitor, the research company, to look at the potential size of the regional market and identify wealth hotspots.

"The same type of names tend to arise: the main urban centres, but also places such as East Anglia and the south east of England," said Jonathan Norbury, director of private banking with responsibility for regional offices at SG Hambros. He anticipates faster growth in the regions than in London.

Credit Suisse’s December 2007 research into regional economies around the UK found that the Midlands and the North were closing the gap with London and the South East, becoming increasingly competitive, demonstrating strong business survival rates, an increase in female entrepreneurs and flourishing family businesses.

Levels of business start ups increased 8 per cent in the East Midlands and 12 per cent in the North in the last four years, more than double the rate of London and the South East, the research said.

Confirming the trend, Barclays Wealth 2007 research found that whilst there is a greater concentration of wealthy individuals in the South East, with London and Hampshire the top two in the list of counties with the highest proportion of wealthy individuals, the north of England also featured strongly with Yorkshire placed third and Lancashire sixth. The same research also revealed that business success is now more likely than inheritance to be the route to wealth.

Richard Algar, director and head of the UK regional team in Credit Suisse’s private banking division, said that despite approximately fifty per cent of the UK’s wealth being outside of London, the regions have historically been under-served and the share of the wealth management market dispersed.

"The fact that no one institution has a substantial market share represents an opportunity for a firm like Credit Suisse, which provides its clients with the services of a global integrated bank but delivered locally," he said.

Christian de Juniac, of The Boston Consulting Group, the research and consulting firm, believes the trend of private banks setting up regional offices is long overdue. Until three years ago, with one or two notable exceptions, there were few UK private banks with branches outside London. He said the industry is still very London centric:

"Wealth has become hugely diverse. It is important that relationship managers share interests with their clients and today that client is as likely to be a metal basher from Manchester as a hedge fund manager from London," he said. "Wealthy clients in Manchester and Birmingham don’t want some "toff" from London coming up on the train."

Mr de Juniac said UK clearing banks have failed to capture their natural market share of the UK private banking business. He makes comparisons with France, Germany and Spain where the major clearing banks are competing for private banking business in major cities and dominate the local private banking business.

Whilst Coutts has had a substantial regional presence in the UK for decades and opened its first regional office back in 1961, in Eton, Mr Gill says that the pace of expansion has accelerated in the last few years, and Coutts is currently opening about two to three offices a year.

But there is a degree of cynicism around wealth management operations opening locally as some firms opened and quickly pulled out in the aftermath of the 2000 stock market crash. Some would argue that the current economic environment is not conducive to regional expansion. So what is different now?

Credit Suisse said that regional expansion is part of its overall growth strategy in its private banking business and its plans have been in place for some time:

"It reflects Credit Suisse’s commitment to the UK business and to our regional strategy that we are going ahead with opening offices even when the economic conditions are tough," said Mr Algar.

Mr Gill said that Coutts’s philosophy is always to go to a region and stay there: “We would see this regional expansion as a long term game, you don't go planning to close down later on."

There are various models adopted by private banks in catering for regional wealth. SG Hambros has offices in centres including Cambridge - in the science park area of that city - and Southampton, for example. It has had private bankers operating in Yorkshire for more than six years who currently work from home.

Credit Suisse supports its regional offices in Manchester and Birmingham with a regional team of advisors who are based at home covering the South East, South West, North, the Thames Valley and East Anglia. Mr Algar said it is important to have private bankers who are involved in the local community, have contacts with local business, advisors and charities:

"In the past private bankers have travelled from London to service their clients resulting in clients having to fit into the schedule of the bankers. We believe it is vital to offer a service to our clients at their convenience and to have the ability to be flexible regarding location. It is also important that any business our relationship managers wish to refer to the professional community is referred locally," Mr Algar said.

This is echoed by Mr Norbury who recruits bankers that have been operating in the relevant regions and know their areas:

"They can get right under the skin of a community," he said.

Whilst recruiting bankers with local knowledge and connections is clearly desirable, finding suitable candidates to lead private banking teams in the regions is a particular challenge as the talent pool of experienced private bankers tends not to be particularly deep. "It is undoubtedly harder to recruit experienced bankers in the regions, but we won’t hire unless a candidate is high quality," said Mr Algar.

Anthony Hill from the Leeds office of recruitment firm Darwin Rhodes cites the loss of a team of wealth managers to a major investment management firm as an early indication that financial institutions in Leeds need to become "more proactive, even aggressive" in sourcing high calibre individuals and retaining them. He points to lateral hiring as one possible solution, which is something that Credit Suisse has used successfully employed, offering structured initial and ongoing training to recruits from outside the industry.

"The hire of a former corporate lawyer, for instance, has been a great success in Manchester and brought many transferable skills with him. Clients appreciate his business and legal experience particularly when they are in the process of selling their businesses. Another source of regional hires is bankers who are looking to make a lifestyle or family based move from London to the regions," he said.

However, Mr Hill says it is essential that companies moving to the region understand they are not in the City anymore: "Some firms have made the mistake of taking their top performers from London and placing them in regional roles. Local knowledge, local clients and a local approach is essential to success."

Article reproduced with kind permission of wealthbriefing.com

 

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