Finance Focus - Carrick Wealth

C A R R I C K W E A LT H

CARRICK WEALTH

Expanding into

International Property PRODUCTION: David Napier

To maintain success during these unprecedented times, businesses must maintain momentum. That is exactly what the team at Carrick Wealth is doing by welcoming new people and lunching new product categories to make its clients feel secure.

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INDUSTRY FOCUS: FINANCE

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In November 2018, things couldn’t be more exciting for all involved at Carrick Wealth. An industry leading wealth management business, based out of Cape Town (with offices in Johannesburg, Durban, Mauritius, Zimbabwe and Malawi), with $400 million under management, the company was started by industry veteran Craig Featherby – an elite member of the International Adviser Top 100 most influential people in the global financial advisory space.

Interviewed by Enterprise Africa at the end of 2018, things were looking good for the relatively young

business, still looking to make its mark on the local industry after just four years of trading. For Featherby, the measure of success was watching clients achieve their goals. “We like to think we change the lives of families and no just individuals,” he said. “I’d rather talk about having 100,000 clients over having so many million under management,” he added.

His vision was to build a business that put the needs of the clients first – even before those of the company. The industry had developed something of a bad rep with many commission driven wealth managers pushing products that didn’t always solve

Craig Featherby – Founder & Group Chief Executive at Carrick Wealth

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// FOR US IT IS CONFIRMATION THAT OUR HOLISTIC, CLIENTCENTRIC APPROACH TO INTEGRATED WEALTH MANAGEMENT IS THE CORRECT ONE // client’s problems. Reports suggested that a very small percentage of the South African working population employed the services of a financial adviser and few had a real financial plan. With the South African economy performing poorly for much of the past decade, Featherby was also disappointed that so few had the option to invest offshore.

Carrick Wealth instilled a ‘customer first’ approach throughout the organisation. Featherby and the management team threw open the doors to those who had not worked with advisors before and operated meticulously for larger clients, ensuring positive results. Expansion in Africa helped grow the company’s reputation, and the offshore offering helped Carrick to really boom.

Now, in 2020, the South African economy remains fragile, the global pandemic has wreaked havoc in financial markets, unemployment and business failure is on the rise around the world, but Carrick Wealth continues unphased. This is a wealth management business built for the long-term, with sustainability at its core.

BULLET PROOFING BUSINESS The key for ensuring ongoing business success, suggest Featherby, is momentum.

“When things are going well, we tend to take our foot off the accelerator. Slowly and without noticing, we lose momentum. We assume that less effort is required in the upswing but that’s exactly when we have to focus all our attention

CARRICK WEALTH

on what it takes to future proof a business,” he wrote.

“The secret at Carrick is that we believe bullet proofing our business is everyone’s responsibility. Not just senior management, but every single member of the Carrick team has to get on the bus and want to be there.

The old cliché, ‘just work hard’, won’t future proof your business.

“So possibly, it’s momentum that can help future proof your business and secure your future survival in some way. Every goal we set requires momentum, whether it’s a new exercise programme, a diet, or kicking a bad habit. The hard part then is ensuring that every member of your team maintains the momentum, every second of every day.”

Momentum is not as easy to achieve as it may seem. There is not always a single activity that can begin a wave, and it’s not always easy to ride the wave – especially in times of extreme uncertainty. But one proven builder of momentum is the addition of new, highly skilled people who come with fresh ideas

// THE SECRET AT CARRICK IS THAT WE BELIEVE BULLET PROOFING OUR BUSINESS IS EVERYONE’S RESPONSIBILITY //

and diverse connections. Carrick Wealth is a believe in nurturing the potential of people and this has been set out in the company’s culture.

“At Carrick we champion respect, integrity, professionalism, mentorship and character development. And we seek out those who display the qualities we admire. Our aim is to create a company of leaders who will eventually grow to lead the capital and wealth management industry,” the company states.

PEOPLE PUSH In August, two important hires were made as the country continued through the easing of lockdown levels.

August 3 saw the arrival of Scott Bell as the Regional Manager for Gauteng.

The vastly experienced financial expert has previously held posts with Alexander Forbes, Liberty Life, Sage Life, Momentum, Fedsure and Southern Life.

“We are delighted that Scott will be joining our dynamic team in Johannesburg for the benefit of our entire group. With his managerial and leadership skills coupled to his extensive experience in the industry, he will add much value to the Carrick brand,” said Featherby.

“I will continue to build on Carrick’s approach of delivering a truly holistic and client-centric experience,” says Bell. “In this regard I bring with me extensive experience, particularly of local solutions, that the team can draw on to build their practices. In the same way, I look forward to learning from them. A key factor to a wellorganised high-performance team is ongoing training and learning, which is critical to me.”

In Cape Town, Jessica Carroll was onboarded on August 13 as Operations Manager. Carroll returns to Cape Town after working in

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// THE ECONOMIC CLIMATE AND THE MANY UNCERTAINTIES AFFECTING US ALL, AGAIN UNDERLINED THE ABSOLUTE NEED FOR DIVERSIFYING ONE’S INVESTMENT PORTFOLIO, ESPECIALLY WITHIN THE OFFSHORE CONTEXT // Poland for State Street Corporation – a US financial services and bank holding company. Her experience of international business and fund offshoring makes her the perfect

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leader for the Carrick team.

“I believe Jessica will add tremendous value to the Carrick Operations team as we expand our footprint via our Africa expansion and vertical integration strategies. I strongly believe her extensive experience, particularly focused on client servicing, will bode well for Carrick in establishing a truly euphoric client experience across all jurisdictions and product offerings,” says Rashay Makan, Operations Director.

In March, perhaps one of the most exciting moves in recent times came at Carrick Wealth when the company launched its international property division, Carrick Property.

The idea behind this exciting move is that local investors need a method to diversify their portfolios by investing in international property. Carrick view this as the perfect method to hedge against risk while markets remain unpredictable. Postcodes in

Germany, Portugal and the UK are all now accessible to Carrick Property investors and Featherby is sure that now is the right time.

“The economic climate and the many uncertainties affecting us all, again underlined the absolute need for diversifying one’s investment portfolio, especially within the offshore context. I believe the perfect solution lies in the many excellent opportunities presented within the international property sphere,” he says.

Carrick Property will offer clients a turn-key solution when it comes to investment in offshore property, and will only focus on secure, high-growth and developed property jurisdictions.

In July, Carrick also welcomed Bradd Bendall who joined as Group Sales Director. His history in the property industry, working as General Manager: Operations at Pam Golding Properties positions him perfectly to assist with the new offering.

CARRICK WEALTH

“He has significant experience in what it takes to build and manage big teams, combined with a people-focused leadership style.

We are extremely excited to see Bradd get to work seeking out new opportunities and capitalising on those for the ultimate good of the business,” says Featherby.

“The fact that Carrick has managed to efficiently and effectively trade its way through this extremely difficult period speaks volumes about the business, its agility and the solid foundation on which it has been built,” Bendall says.

All of these positive moves have helped Carrick Wealth to build and drive its momentum. Proof of this came in July when the company was named as South Africa’s leading Archetype Category: Wealthy Executive in the annual Intellidex Top Private Banks & Wealth Managers survey. The company was also ranked

as the fourth best in the category of Top Wealth Manager: Boutiques – up against very strong competition from organisations with much longer history than that of Carrick.

Featherby was understandably proud. “Our rankings in the Intellidex survey follow similar rankings in previous years and add to the string of international best practice awards Carrick has won since its inception six years ago. But as always, we won’t be resting there, but will continue striving to improve our service and product offering even more and expanding our range of services.

“For us it is confirmation that our holistic, client-centric approach to integrated wealth management is the correct one.”

Carrick Wealth is a modern business that has, to date, done everything right. Six years into its exciting journey, the business has gained many clients, added

significant figures to its money under management, has built a team of experts with shared values, but – most importantly – it has earned the trust of its clients. Its innovative approach to business – creating new opportunities for investors to safeguard their funds – while all the time nurturing a carefully planned culture has resulted in big success for the business.

“Trustworthiness is written into our ethos as a company,” the company states. And for this reason, we can expect Carrick Wealth to continue growing, even through the current challenges.

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THE BUSINESS MAGAZINE FOR FINANCE LEADERS

FINANCEFOCUS Issue 23

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Carrick Wealth: Expanding into International Property ALSO IN THIS ISSUE:

Hello Group / Grayswan Investments / Sureswipe / Standard Bank

AS FEAT UR ED IN

FINANCE FOCUS O CTO BER 2020