ISSUE 20
? SIC AS
GUESS THE C L
GE! NEW QUIZ PA
N I JO US
TOP
TIPS
INTERNATIONAL PODS LAUNCHING IN MAY
David Bell, founding director 25 April in St Albans
Welcome to Number 20 AS THE IMPACT OF COVID-19
Our webinar program is now finding
CONTINUES TO TRANSCEND
its feet, and we are grateful to sponsors
BORDERS AND BOUNDARIES,
and members alike for your support so
FUNDAMENTALLY CHANGING THE
far. While we cannot quite direct you
WAY WE WORK, COMMUNICATE, LEARN AND LIVE, WE HAVE A MESSAGE OF REASSURANCE. AT PCD, WE THRIVE UNDER THE PRESSURE OF NEW CHALLENGES AND OUR MISSION REMAINS CLEAR; WE WILL RELENTLESSLY PURSUE THE
to a gallery of images
Our mission remains clear; we will relentlessly pursue the creation of value for sponsors and members as we journey through this new environment together.
following an event like we used to, you can access all previous webinars here. Of course, if you are feeling nostalgic then do pour yourself a glass and work your way through old photographs; better still, join us for a relaxed and enjoyable end to the week with The Friday Show.
CREATION OF VALUE FOR SPONSORS AND MEMBERS AS
Airing on the first Friday of every month,
WE JOURNEY THROUGH THIS NEW
the show will be a mix of discussion,
ENVIRONMENT TOGETHER.
polls and Q&A with an update on what’s been
PCD Club events have always been
happening and what’s
designed to aid networking and
coming up in the next
maximise business development
few weeks. It will be
opportunities in a relaxed and social
followed by an online
setting; an integral part of our ethos
networking “hangout” on
which we are not about to lose in spite
Zoom to allow our members to catch
of recent challenges.
up in an informal setting.
3
W E L CO M E F R O M DAV I D B E L L
You’ll also notice in this issue that our
home office living room, have a listen
monthly magazine continues to evolve
to this podcast hosted by Martin Hall of
and we are now looking to provide you,
Peregrine Corporate Services in which
as members, with further opportunities
I recently featured; maybe you can tell
to contribute. While we will continue to publish your thought leadership and advertisements, you’ll also spot some new additions to enrich content and provide some light-hearted relief, from anagrams and word wheels through to Letters to the Editor and a series of
me what you think in
Our monthly magazine continues to evolve and we are now looking to provide you, as members, with further opportunities to contribute.
your next letter! As always, the most up-to-date information can be accessed via our website; but if you have any questions then please do not hesitate to contact members@pcd. club.
lockdown challenges. If you are seeking something else to
Stay safe!
entertain during your commute to the
We would love to hear from you: Email members@pcd.club Book a call with me directly by clicking here (https://calendly.com/davidbell/)
4
A relaxed and enjoyable end to the week, the show will be a mix of discussion, polls and Q&A with an update on what's been happening and what's coming up in the next few weeks. It will be followed by an online networking "hangout" on Zoom to allow our members to catch up in an informal setting. Sign up: tickets@pcd.club
H T N O M Y R E V
Y E L N F O O S Y R E A B D I M E R F M T S R I F
INTERNATIONAL PODS
International Pods launching in May US & Canada
LATAM
6
INTERNATIONAL PODS
Continue to access quality contacts in new and existing markets across the globe. Sponsorship packages available via sponsors@pcd.club
Middle East
Greater China
India
West Africa East Africa South Africa 7
C A L L I N G A L L C R E ATO R S
Calling All Creators!
#NewContacts #NewIdeas #NewBusiness
We encourage all our
WE ARE EXCITED TO INVITE PCD MEMBERS TO SUBMIT THEIR
members to get involved - it
NEWS, VIEWS AND TRENDS FOR
is easy to do, you don’t need any
US TO SHARE WITH OUR WIDER
sophisticated equipment, just your
COMMUNITY.
phone or laptop webcam will produce a good result. If on a phone, we
The Private Wealth sector is a globally
recommed filming in landscape.
connected community and we are used to travelling on a regular basis meeting clients and our counterparts around the world. Here at PCD we have created a series of UK & International Pods, which reinforce our core purpose of creating new contacts, learning new ideas and generating new business. If you would like any guidance please
We are asking you to send us
do get in touch and we’d be happy to
short (5minutes max) videos
help.
telling us about the latest trends you
Once filmed, email us at
are seeing and what topics matter most in your professional space in your
members@pcd.club and we
locality.
will send you a link to submit your video. In your email, let us know
Submissions will be
where in the world you are filming and
reviewed and edited together
the main topic you have covered.
to be shared with the wider community - through our
Keep connected and stay safe!
International Pod series, LinkedIn, our digital magazine and our website.
8
MIAMI VIDEOS
PCD Miami Videos Cast your minds back pre-pandemic to the latter half of our 2019 events calendar when we launched the PCD concept in Miami on Thursday 24th October at East. The event was kindly sponsored by Gold sponsors Harneys and Silver sponsors Estera (now Ocorian). It hosted a panel discussion on the latest trends in advising UHNW private clients from the LATAM region and was a great success, with many new relationships forged between members. There, PCD spoke with:
Simon Gray, Head of Business Development and Marketing at BVI Finance Limited,
and MartĂn Litwak, Founder and CEO of Untitled Strategic Legal Consulting.
9
CO V I D -1 9 B U S I N E S S CO N T I N U I T Y S U R V E Y
COVID-19 Business Continuity Survey THE COVID-19 PANDEMIC HAS
Some of your insights:
RESULTED IN COMPANIES HAVING
"Communicate down and
TO MAKE QUICK AND EFFECTIVE
communicate up, regularly. Reassure
DECISIONS TO PROTECT THE
all parties. Don’t be afraid to
WELFARE OF THEIR STAFF, CLIENTS
update yesterday’s decision as new
AND BUSINESS.
information is received today"
With an international network
"Make sure you have good access to
of members, we wanted to
your IT/outsourced IT team, without
use our unique position to
this remote working can fall flat on
find out what is being done
its face"
so that we can work together to collate best practice ideas,
"All staff to work flexible hours as
share management information
they wish... the quality is much
and tips during these
better"
unprecedented times. This month, we are sharing statistics on your work-
"HR is keeping in touch with
from-home situation. If you still wish to
everyone and making sure they are
respond to the survey, click here.
coping"
94% of members are working from home
"Welfare group posting Monday update on tips to stay motivated, work out Wednesday, cooking tips on Friday. Lots of ideas for keeping kids entertained and for home schooling" "Two-stage authentication and strict procedures for data security. Separate area from family activities" 10
CO V I D -1 9 B U S I N E S S CO N T I N U I T Y S U R V E Y
100% are handling client relationships via email
If you still wish to respond to the survey, click here.
Some of your insights:
65% have turned to video conferencing to communicate with clients
"Emails to clients simply checking in to see how they are doing during the lockdown - not marketing, not looking for work and personal to each client" "Despite already deep long-term relationship this has brought about a different side to client relationships.
50% feel that business operation has been impacted by the inability to meet face-to-face with clients
Clients acknowledge that we too have families and have been understanding, flexible and caring." "Regular reassuring updates during market turmoil have been greatly appreciated"
54% are planning for the disruption to business to last for 6-12 months
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QUIZ
Quiz Cryptic Cartoon Can you guess the popular 80’s film title?
by Rob VonGlas
Word Wheel
Admissable Anagrams
Decode the 10 letter word
Answer in next month’s magazine
12
MEET OUR MEMBERS
Meet Our Members: Justine Howard complex residence and domicile issues, the taxation of trusts, HMRC investigations and enquiries and UK property taxation. I have also been a key member of our Corporate Social Responsibility team at KPMG for the last 5 years fundraising for a number of Isle of Man based charities. What do you love most about your role? First and foremost the people! We have the most incredible and friendly tax team at KPMG and this is further supported by our colleagues in the What do you do for KPMG?
UK, the Crown Dependencies and
I am a Senior Tax Manager at KPMG
globally. However, I also love my role
in the Isle of Man and I specialise in
because it is always changing and
UK private client tax advice from an
evolving. This keeps things interesting
offshore perspective. My aim is to
and means I’m constantly challenged
provide concise, useful and practical
and learning new things! I also love
advice to high net worth individuals,
the personal nature of my job – the
family offices and offshore trust and
advice I give directly helps real people
company service providers to ensure
and real families and I can give comfort
that they not only fully understand
and peace of mind in what is a highly
their UK tax obligations, but that they
technical area for the majority...
continue to manage their tax affairs and any existing offshore trust and/or
Read Interview Online
company structures in a tax efficient manner. My areas of expertise include 14
MEET OUR MEMBERS
Meet Our Members: Emma Furzer organise teams within the business to take part in charity events and various staff events throughout the year. What do you love most about your role? What makes my role so stimulating is that no two days are ever alike. Due to the nature of the client base, and the various types of structures that we administer, means that we are involved in purchases of fine art and jewellery, to development and renovation of prestigious property, actively involved in acquisition or sale of listed companies, What do you do for Highvern?
to setting up a Trust for future
I am a Trust Manager at Highvern
generations of philanthropy. I am
working within the Private Client
constantly learning by keeping up to
department. I manage a small
date with the ever changing legislation
experienced team and we work very
and at the same time building
closely together to provide a discreet
relationships with clients and their
and bespoke service of excellence, on
families that can span generations. You
a vast range of clients, who are based
become someone that the client places
throughout the world. Part of my role
their trust in and relies upon – and that
includes Business Development, so I
is what being a Trustee is all about.
am regularly over in London to attend networking events and seminars, as well as meeting with clients and
Read Interview Online
intermediaries alike. I am also on the Sports and Social Committee and help 15
TO P T I P S
Top Tips: LinkedIn On Wednesday 22 April, we partnered
to 20 InMails per month to people
with Graham Aikin, Founder & CEO of
you aren’t connected to (0 on the free
HNW Social Media Solutions Ltd, to
version). InMails allows you to send
host a free webinar focused on some of
much longer messages and attach
the most compelling paid features of
documents and presentations, and
LinkedIn for private client professionals.
(generally speaking) people are more
The webinar is available to view here.
likely to open and read these than a standard email
A question that Graham is asked more than any other in his workshops is
3. Advanced search filters: SN
whether, as a wealth manager, you
contains 44 different filters to search for
need to pay for such features. Here he
leads. In addition to the filters on the
has compiled a short list comparing
free version, there are filters such as job
the free version of LinkedIn with Sales
function, seniority level, postcode radius
Navigator (SN), LinkedIn's multi-feature
and company size, amongst others. This
platform for individual users. There
is very useful for micro-targeting leads if
is a middle-tier version, Premium
you have a particular target market
Business, but Graham advises that the differences compared to the free
4. Extended network access: SN
version are marginal. Get in touch with
allows you to see your 3rd line network
Graham via email or call +44 (0)7540
and beyond, the free version only takes
129095.
you to your 3rd line network
1. Who’s viewed your profile: The
5. Bespoke news feeds for leads:
free version of LinkedIn allows you to
After saving leads to a custom list, SN
see the last 5 people who viewed your
creates a dedicated news feed just
profile, SN let’s you see everyone in the
for those leads, which removes the
last 90 days
noise from the standard news feed. I really like this feature as this news feed
2. InMails: SN allows you to send up
will offer suggestions to get in touch 16
TO P T I P S
with leads e.g. they have posted an
In conclusion, for the ‘average’
interesting article/post, or we have both
LinkedIn user who dips in out of
liked the same article/post
LinkedIn a few times per month, the free functionality will be more than
6. Saved leads: Once you have run
sufficient. However, for those users
searches for leads, you can then save as
who are actively seeking high quality,
many searches as you like. On the free
qualified leads from LinkedIn, I believe
version, you can only have a maximum
Sales Navigator is worth the £69.99 per
of 3 searches saved at any one time
month investment, as most wealth managers would probably only need to
7. Lead & account
sign-up one new client per year to easily
recommendations: After you
cover this cost. Find a quick overview of
have run several searches, SN will
LinkedIn's plans here (https://business.
recommend leads and accounts to you
linkedin.com/sales-solutions/sales-
that meet your search criteria
navigator/comparison-table).
8. Notes & tags: Similar to most
*** As always, there are FCA Financial
CRMs, you can add your own notes and
Promotions rules and GDPR
tags to your lead list. Not that useful
implications to using LinkedIn (free or
if you must use your ‘native’ in-house
paid), particularly if you are using the
CRM anyway
platform for lead generation/client acquisition ***
9. TeamLink: If you are part of a sales team, SN’s TeamLink feature will ‘pool’ all of your team’s networks and suggest the most effective route to a new lead. Very useful if you’re not competing with fellow team members!
10. Salesforce CRM integration: If your firm uses Salesforce, you can sync your SN activity with that CRM system
Graham Aikin www.hnwsocialmedia.com gaikin@hnwsocialmedia.com 17
+44 (0)7540 129095
W E WA N T TO H E A R F R O M YO U
We Want to Hear From You! Letters to the Editor Now is your opportunity to unleash some creativity in lockdown as we welcome letters to the editor which may be of general interest to members. Perhaps you have an opinion on a member's thought leadership piece; or some commentary on how you are adapting to working from home; maybe you are a budding artist and wish to share a comic strip; or a comedian with some life musings to lift members' spirits!
Just two points of general guidance: Keep it short - maximum 200 words but the more concise, the better! Exclusive content only please To submit a 'letter' for publication in our monthly magazine, simply email your content to lucy@pcd.club
#PCDChallenge We have members located in different locations all around the world. Current restrictions mean that in many countries, leaving your home is limited to one form of exercise per day. This month, Team PCD challenges you to share a photograph of your daily exercise via LinkedIn. Tag us @PCD Club and use #PCDChallenge for a share! We’ll publish some of our favourites in next month’s magazine.
NIARBYL, ISLE OF MAN
AUTHOR: LUCY VERDON, PCD MAGAZINE EDITOR
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T H E T I M E W E WA S T E
The Time We Waste Urgent and not important: Things that feel they should be addressed immediately but that could almost certainly be delayed with no adverse consequences.
Not important and not urgent: Those things that are the heartbeat of day-to-day office living; constant distractions that feel familiar, are easy but take you no closer to your goals. And therein lies the risk: think emails, meetings for meetings sake and the
The following matrix – which
ubiquitous “have you got 20 minutes”
masquerades under several names -
discussions.
can be used to analyse how effectively you use your time. It divides your
Now analyse your activities over the last
activities into four quadrants:
few days. Where do they sit?
Important and not urgent:
Most of us lose hours a day or week on
Something that is key to your long-term
not important/not urgent matters and,
ambitions and goals but doesn’t have
in so doing, fail to create time for the
to be done today.
big strategic decisions – the things that really matter.
Urgent and important: Something that is critical to your business that must be addressed immediately such
Read Full Article
as handling a key client situation that could go badly wrong if ignored. 19
AU T H E N T I C I T Y : T H E K E Y TO S U CC E S S
Authenticity: The Key to Success that any of us can do. To try to mould someone or to project onto them your idea of who they are or who they should be, or to ask them to live up to the image or expectation of them that you have created in your mind, is illusion. In fact it is fantasy, as it does not exist in the here and now; while their potential and that potential for the
Niamh Keane
un-manifest to become manifest does. It may not materialise. It can be a very unhealthy way to enter into any human
Conscious leaders recognise and actively encourage authenticity within their organisations, as it allows the space for people to be themselves. Resulting in a happy, aligned, productive and thriving workforce. Being authentic and allowing others to express their most authentic self is the key to harmonious working and personal relationships, as it comes without projection and without attachment.
relationship, personal or professional, as it is full of bargaining, attachment and conditioning. Much of my work involves unwinding. Unwinding, the social conditioning that has been placed upon people and that people have accepted. Now, later in life, some people may find themselves potentially having studied the wrong course at University, they may have chosen a career that does not feel aligned and may not even be...
Showing up as you are and taking
Read Full Article
people for who they are, right here, now, in this moment, is the most 20
MEET THE TEAM
Meet the Team: Chris Mathison stunning London dinner events. Since the 23 March, the PCD landscape has been developing at a fast pace and working more closely and as part of such a creative and hardworking team has been a lot of fun! Best vacation you’ve been on? I’ll not consider my family holidays in this answer as they will always be my “best” vacations. So, with this in mind, it would be a trip I took last October. With 2 days to plan, I stuffed my backpack, grabbed
Where are you from? I’m a Londoner,
my camera and headed for Italy. After
born and bred! Last year I did a deep
a few days in Rome I decided to head
dive into into my family tree. For a few
to Positano via stop offs along the way.
sweet days I was under the belief that
After 10 days, many sunrise hikes and
I was half Scottish…turns out it’s more
way too many pizzas I had filled my
like an eighth!
boots. It was an adventure I had craved.
What’s your role at PCD Club and
If you could do another job for just one
where are you based? My first
day, what would it be? To be a wildlife
experience of PCD was taking pictures
photographer but somewhere extreme.
at a breakfast panel. These days I help
More polar bear than pigeon.
create content for the various digital platforms. I am based in East London.
Motto or personal mantra? I don’t really have one but something like “take
What aspect of your role do you enjoy
in the good” fits well for now. It would
the most? I live on my own, so prior
serve as a reminder for me to focus on
to the UK lock down I really enjoyed
all that’s good around me, the positives
getting out and photographing the
and what I am grateful for. 21
THOUGHT LEADERSHIP
Thought Leadership Prime or corporate member? Contact lucy@pcd.club to share your news or advertise.
Preserve Your Wealth: Invest in Real Estate and Secure European Residence or Citizenship By Amanda Smit, Head of South, East and Central Africa at Henley & Partners
Read Article
COVID-19 and Mediation By Kirstie Law, Partner at Thomson Snell & Passmore
Read Article
22
THOUGHT LEADERSHIP
Notes from Home: The New PostCovid Normal By José Luis Romanillos, Consultant, Agent & Introducer at J.L.Romanillos Ltd
Read Article
Stop, Look, Listen By Vernon Dennis, Head of Business Recovery and Reconstruction at Howard Kennedy LLP
Read Article
Private Aviation’s Role as we Revert to Normal, post COVID-19 By Tim Barber, Duncan Aviation
Read Article
23
CHINA NOW: EPISODE 3
DURING THE COURSE OF 2019, PCD CLUB PRODUCED A NEW 3 PART DOCUMENTARY AIMED TO PROVIDE INSIGHT ON CHINA FROM LEADING PROFESSIONAL ADVISORS IN THE PRIVATE WEALTH SECTOR. IN THE FINAL EPISODE, WE FOCUS ON HOW ADVISORS OUTSIDE CHINA CAN ENGAGE MORE EFFECTIVELY WITH LOCAL PROFESSIONALS, WITH CONTRIBUTIONS FROM:
Charles Wang, Partner & Head of China Desk at Rosenblatt LLP in London Michael Powell, Client Director at Hawksford in Jersey Dharshi Wijetunga, Partner at Charles Russell Speechlys AG in Zurich James Price, Partner at Stewarts in London Ian Gatt QC, Partner at Stewarts in London Despite the impact of COVID-19 on Chinese society, we believe the fundamentals of the country’s economy remain strong. The observations made by our contributors last year are just as relevant at the moment and as the economy reverts to full steam ahead. The challenges of succession, governance and diversification of investments remain prevalent in the many HNW & UHNW families building their wealth in China today.
WATCH EPISODE 3 HERE THE EMERGENCE OF CHINA 24