What does your job involve?
My role at NFB has undergone material changes as those I called my “Young Turks” have grown into a formidable team, capably led, and perfectly able to run and grow NFB to new and greater heights. Currently and for the foreseeable future, I look after some key mandates, play more golf, and serve on a few boards.
How did you end up doing what you do?
Completely by fluke. Qualified to teach at my alma mater, the post I was after was taken a year early. I then worked for Barclays Bank where money, maths and business networking became learnt skills. I loved the job, but was invited to swap sides, going from lending folk money, to looking after it. This I took to with enthusiasm.
NFB was born two years later, 40 years ago.
What makes you a good chair of NFB?
Experience, trust, tonnes of home-grown talent, reputation, walking the talk, being grounded and vulnerable to both good ideas and criticism, not pulling rank.
Having the talent around me, and an array of institutional and professional contacts, many of which have been around for decades, to lean on.
What’s the best financial advice you’ve received?
Save early and watch compounding play magically.
Stay invested, particularly in so-called risky assets. Five years isn’t long term, 30 or 40 years is.
Don’t leave tonnes of savings in cash. It feels good because it never drops or scares you like a share portfolio. However, it attracts tax and doesn’t beat inflation, meaning you’re actually getting poorer over time.
Diversify. This lessens risk, allows you to keep enough in cash for a year or two, letting you ensure growth on the balance of investments.
Get an adviser who can display their success, reputation and depth of talent.
What do you look for when recruiting people for your team?
In no particular order:
- Team player;
- Smart;
- Diverse skills;
- Integrity;
- Humility — not all things to all men;
- Sense of humour;
- Respect; and
- Lifer — intent on retiring at NFB.
What advice do you have for young people looking to join your industry?
Starting your own firm straight out of varsity is a mistake, you need to learn first. Find a business where the culture and reputation suit you.
Have integrity. You’re walking a tightrope between independence and institutional bias. If you’re leaning towards the latter, become an agent for that institution and sell their offerings wholeheartedly.
In essence, pick an existing wealth manager of size. Serve your apprenticeship. Learn and be humble. Strive to deliver the extraordinary.
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