It seems the winds of change are blowing across our shores, the Government messaging is turning away from “Stay Home, Stay Safe” and instead they are preparing us to return to work with a new message that Covid19 is harmless to the vast majority of people. It seems that now the recession is causing greater concern than the illness and there is an urgent need to get the economy moving again.
At the same time, the Government is currently pursuing new trade deals with the US and other major economies as part of their “Global Britain” agenda that aims to secure the future of our economy as we emerge out of the Brexit and Covid fog. Talks over a post-Brexit trade deal between the EU and the UK have begun again ahead of the summit in June, while it has also been reported that a new free trade deal with Japan is on the cards that is expected to bring an estimated £1.5bn to the UK’s economy annually.
Think Global for a More Resilient Future
Whilst these new trade deals are still very much in negotiation, and the forecast could change at any moment, we are already seeing the positive impact that opening up our global trade agreements could have on the wealth management industry.
Since Covid hit and the UK economy went into lockdown along with the rest of us, we have begun to focus our attention on growing our recruitment consultancy overseas. The freedom from the daily commute has freed up valuable hours when professionals across the pond are still at their desks which means neither party needs to keep unsociable hours to negotiate a new deal.
From a recruitment perspective, we have seen a significant increase in the number of US firms searching for international talent to fulfil their requirements. This is particularly beneficial for family offices who are all too aware that the very specific personality traits of an ideal family office candidate mean that it helps to cast as wide a net as possible, in order to secure the perfect catch. In his book ‘How to Work for a Billionnaire’, Mark Somers explores the profile of an ideal family office candidate in detail and it is this careful selection process that ensures the longevity of family offices and their resilience to external influences like Covid and Brexit.
Since lockdown began we have been retained by family offices in California, London and the Bahamas and are in discussions with other family offices in Dallas, Singapore and London. Family offices are bucking the trend and adapting quickly to the new reality and like these clients, we are thinking internationally too. Mark Somers is currently taking a course with his fellow alumni of the Goldman Sachs 10,000 small businesses program, which is run in partnership with the SaÏd Business School of the University of Oxford and focusses on adapting your business in response to external influences. We are utilising the lessons learned from this course to help our clients make the most of the current recruitment opportunities.
Don’t Wait for the Storm to Pass
There will inevitably be winners and losers in the wealth management industry, but for agile firms, the post-Brexit and post-Covid landscape will be rife with opportunities for expansion and we are already seeing the smaller, forward-thinking boutique firms preparing to scoop up Rainmaker talent that falls from the heavy clouds that the big investment banks are likely to be burdened with for some time.
Our advice? If your firm can weather the current storm then we suggest you leave your umbrella at home and prepare to open the floodgates to a wave of international talent and opportunities that is forecast to hit once Covid and Brexit have blown over. Prepare early and get in touch for a confidential discussion about your plans.