Bob Hair, who leads the UK-based wealth management firm Cazenove Capital’s activities in Scotland discusses with Business Matters what defines his method of conducting business.
What are you currently working on for Cazenove Capital?
I am the head of Cazenove Capital’s team in Scotland located in Edinburgh. We are a group of 13 experts in Scotland, who are committed to aiding business owners, entrepreneurs as well as wealthy families improve their investment and financial affairs in an ever-changing world.
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2022 will be the 30th anniversary of Cazenove Capital’s presence in Scotland. The team has grown significantly over the past few years making major hirings, and also requiring a relocation to a new office located in Charlotte Square. The future of the area, as well as the UK in general is positive and we’re excited for the challenges our diverse and dynamic clients will present in the next few years.
What is your method of conducting business?
In simple terms We do what is right and try to make things right. If I could summarize how we do the job in just one sentence it is “collaboration”. We are proud of the ability we have to create lasting, long-lasting relationships and we’re on the same side of the table with our clients navigate through their lives. We work together to develop an understanding of their needs is crucial to fulfilling their requirements as well as ensuring that the wealth they have is developed and utilized in a manner that is in line with their own goals and ideals. Today, more than ever before, this is an essential factor for clients who have a wealth.
Helping clients build their networks is another instance of collaboration at work. Through every one of our hubs in the region, Scotland including, we can connect clients to local professionals such as lawyers, accountants and other professionals as needed. In addition, we can connect with other clients who share similar desires. Offering clients the opportunity to advance their business goals organically, by forming trust-based partnerships is an important differentiator.
In Scotland our entrepreneurs are cooperative and often adhere to a single rule of thumb that is “work hard, play hard and give something back”. In leveraging that desire to give back, whether it through money, energy or mentoring we can also assist the new generation of entrepreneurs who are who are emerging by providing opportunities for private investment via our vast network. By doing this we build a positive circle in our larger goal to assist Scotland as well as the UK in general, to become the most entrepreneurial nation on the planet.
What key elements to be productive could you share with us?
Be clear about your goals and the goals you have set Know precisely where you are now and what you must do to achieve it. Prepare yourself to prioritise your tasks and also say “no” on occasion, as well as take care of your family and friends.
How do you determine success?
Success for me is multifaceted , and measured via the sum of my day-to-day accomplishments which is also known as”the “sum of all parts”.
In the future, it could be an elite client involving their children in their family’s financial affairs using our assistance, and ultimately transfer the responsibility of the family’s wealth to future generation, or supporting their significant charitable donation to a cause that is close to their heart. Perhaps it’s as simple as advising the owner of a business, and knowing you’ve helped them leave their company to ensure their financial freedom. It could be just providing clarity and ease to a confusing circumstance where financial arrangements have been built up over a long period of time, forming an experienced team of experts to protect the interests of a family or helping guide the right path through difficult times like the death of a loved one, or divorce. We play an integral part in every process by working with the client over many months and years in order to get their goals.
Every client clearly has their own goals, both financial as well as non-financial. I am elated with satisfaction and success when we surpass their expectations in the definition and achievement of these objectives. Making it happen without any hassle, over and over for decades, can be described as the definition of success.
What’s the most valuable thing you’ve learned throughout your career?
Always be a good person regardless of how difficult it may seem at the moment And that is not a weakness when it comes to business.
What are your favorite things to do when you are not at work? How do you ensure an ideal balance between work and life?
My time off from work is centered around my family members, who keep me on the ground, and keep my work/life balance in order. When I am able, I like to go on a golf course, ski and catch up with my friends and catch up on sports.
What do you think is the entrepreneurial culture across the UK changed over time?
The past has seen entrepreneurs as the driving force behind many of the most significant industrial times. Certain regions are associated for a long time with specific industries, such as the textile industry in Yorkshire steel and iron within Sheffield as well as shipbuilding and construction in Glasgow. The term “industry” now represents a broad and broad range of industries however, we can see the same developments taking place today, just like they did 100 years earlier.
The modern UK’s industrial activity is organized in similar clusters. The South-East is in close contact with fintech, which has earned the region the title “the Silicon Roundabout” although Scotland isn’t a slouch in this regard. Scottish industry is becoming increasingly tied to technology in all forms, including health-tech as well as sustainability, which was brought in the spotlight of the world at the last COP26 Summit in Glasgow. In Manchester the expansion of fast-paced media and digital firms has led to the fact that much of Britain’s TV is created and broadcast from Manchester.
The future of business is more about the status of an individual as what it used to be in previous years. In general, entrepreneurs are people who find a way to earn money through their interests. We see virtuous circles forming in which the entrepreneurs of today support the next generation that is coming through.
What is it that sets Scotland’s entrepreneurs apart?
The entrepreneurs of the UK are among the most successful globally, but Scotland is unique in its characteristic. The strength of the nation’s entrepreneurial scene means that we’re first in the technological advancements across every field that is possible. Our workers are enthusiastic and hardworking, which is undoubtedly a factor in the strength of the entrepreneurial energy in Scotland.
The aspirations of our people as a whole signifies we are a Scottish diaspora is truly international in its nature. As such, our entrepreneurs and innovators have been working for centuries throughout the world. Finding ways to harness the global potential, but with a different perspective is a major challenge that technology can help overcome by providing more connectivity and greater more communication. We have offered the world many opportunities, we have to stop the trend of export our top ideas and people and find new ways to attract capital, entrepreneurs, and technology.
Scotland initially appears to have an amazing ecosystem for entrepreneurs, including the support of the government and public institutions, top universities, a supportive framework for angel and venture investment and a long-standing tradition of entrepreneurialism. However, we are behind other regions in the UK in many areas – one of the most important is the funding. We are less demanding and get less in general. We must be as proficient at scaling companies like we do at coming up with concepts and then launching them.
What are you doing to (and the company) setting yourself up to satisfy the demands of entrepreneurs in the near future?
We’re not only supportive of the ecosystem for entrepreneurs in Scotland We play a major role in it. We host events, provide services to support and connect with, provide advice and provide opportunities to investors, entrepreneurs venture capitalists, angel syndicates and incubators, universities accelerators, specific support networks for sectors across Scotland. This provides us with a thorough understanding of what’s happening, who’s doing what and, most importantly, the challenges facing investors and entrepreneurs alike.
As we have taken care of multiple generations of entrepreneurs as well as their families and foundations, we’ve also been blessed to assist the industry in the thick and thin. It’s like being an expert on a mountain as we are aware of all the trails, not only those that have been well-travelled! This in-depth knowledge and active involvement in the industry allows us to provide assistance throughout the path they’re on and often by using our knowledge to give advice on issues that aren’t being considered.
When they’ve achieved the financial freedom they need from personal endeavors We look after the wealth they’ve created generally becoming custodians of the wealth to safeguard and expand the wealth they’ve put so much effort into by reducing taxes and risk while we proceed.
The wealth of our clients can be defined as their financial future. Understanding the trends that will shape future economic activity, as well as establishing strategies that are in line with these influences is a key component of the service we provide. In the end, we wish our clients to continue building wealth to achieve their goals for the future, therefore the ability to make use of the broader economic trends is crucial.
The ability to draw on the experience that our company’s parent, Schroders Group, also helps us adapt to the broader market trends, and satisfy clients’ demands for exposure to particular different asset classes. In recent times we have made significant progress in developing our sustainable investment business. Alternatives have also been an important asset class because of its resilience in the face of larger headwinds.
Incorporating the regional location of the clientele we serve is important. The amount of our wealth that comes from outside of London should not be overlooked It is crucial for our company to be present across various regions in order to meet the local needs of our clients and improve the level of service they receive. We’re committed to finding opportunities to increase our regional presence, just as the company has done over recent times by opening new offices located in Birmingham, Manchester and Bristol.
