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HIGH NET WORTH MARKETING, A TAILORED APPROACH

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HIGH NET WORTH MARKETING, A TAILORED APPROACH

The word exponential is often used to describe the pace of technological change which has come to define the world we live in. And with new technologies such as artificial intelligence, 3D printing and virtual reality only just warming up, the pace is unlikely to let up. In this environment is it easy to become convinced that, when competing in a global marketplace, speed is the greatest of virtues. Indeed, in The Great Acceleration, author Robert Colvile argues that speed has become the defining feature of the modern economy, the driving force behind wealth creation in the 21st century.

HNW-6The High Net Worth (HNW) marketing space is no exception and here also, the trend is towards speed, automation and algorithms. Netz.uk for example, based in London, use machine learning and natural language processing to target their HNW marketing. Even HNW financial advice is now being automated by companies looking to stay ahead of the technological curve and increase market share.

Rise of the robots?

The question for those working in the HNW space however is, when will clients hit saturation point and want more of a personal touch?

A recent survey from the CFA (Chartered Financial Analyst) Institute found that, contrary to prevailing trends, while 70% of respondents agreed that automation would bring benefits, a majority still preferred some degree of human interaction1.

Automated marketing can also sometimes find itself on the wrong side of the fine line between mass electronic communications and spam. While approaches based on machine learning and other emergent technologies can be useful in building initial relationships, the simple act of clearing cookies has the potential to reset the system – in effect undoing any relationship and sending a marketing campaign back to square one.

There are also policy dimensions to consider. Recently a whole host of organisations have pulled advertising from YouTube following the discovery that the marketing campaigns into which they have poured a great deal of time, energy and finance, are running alongside extremist videos which have been uploaded to the site2. To a large extent governments and policy makers are engaged in a constant game of catch up when it comes to new technologies. For a HNW marketing campaign that finds itself promoted alongside a video glorifying extremist causes however the damage is already done, irrespective of whatever the government policy might be towards managing these issues.

A diverse audience

Another problem posed by the one-size-fits-all approach to HNW marketing is that those who fall into the HNW and Ultra-HNW categories are an increasingly diverse and transnational demographic. There is now a broad spread of HNW individuals, spread both geographically, generationally and socially. Whether it’s industrial magnates from China, energy bosses from Russia or 20-something tech entrepreneurs from Silicon Valley, the days when HWN individuals could be easily categorised or understood as a homogeneous mass are long-gone.

The tastes and habits of this group are just as diverse and as a result patterns of luxury consumption are changing. The trend is away from mass produced items and towards individually created and bespoke products. Indeed, as Margaret Wolhunter of luxury brand strategists The Partners has argued: “Luxury can begin for the individual with a special interest which can become a passion – investing which can focus more on craftsmanship, limited editions and one-off items.”

A personal approach

Is there a balance to be struck then between making the most of what new technologies allow when it comes to HNW marketing, while also remembering that those you are targeting are diverse and discerning individuals?

For example, SKS Media has built a business around a granular, one-by-one approach which treats each campaign and each client individually. The focus of each campaign always remains very simple: return on investment. While the trend in HNW marketing is often towards expensive events and brand awareness campaigns, the returns on these significant expenses can often be ephemeral. This is why an established agency remains focused on tangible returns which actually grow a client’s business. And while, in a sped-up and interconnected world, this might feel like swimming against the tide, there are growing numbers of people willing to question the narrative that tech is always best. Snapchats recent $29 billion IPO (despite the company having never made a profit) have led many to speculate that we are in the midst of a tech bubble akin to the dot-com bubble of the late 90’s.

John Winters, Director at SKS Media’s Singapore office, says: “Technology gives anybody working in the HNW marketing space a whole range of exciting tools with which to better develop and reach out to new audiences. The HNW market is increasingly diverse and increasingly global however and this makes it increasingly difficult to develop systems or approaches which can be applied to this audience as a whole.

“The key to HNW marketing is relationships and while working with new technologies needs to be part of the mix for anybody looking to make an impact, there is still a preference in this audience demographic for a more traditional approach focused on ROI, detailed bespoke campaigns and personal attention to relationships.

“Highly targeted campaigns, adapted for a range of mediums from broadcast, direct response, networking, events and digital, usually prove to be the most effective. So, when looking at tech trends and the possibilities they promise, the lesson for HNW marketers has to be, don’t not believe all the hype, but take it with a pinch of salt. Or is that silicon?!”

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Leumi UK appoints Guy Brocklehurst to property finance team as Relationship Manager 

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Leumi UK appoints Guy Brocklehurst to property finance team as Relationship Manager  1

Multi-specialist bank announces the appointment of Guy Brocklehurst to its property finance team

Guy Brocklehurst has joined London-based Leumi UK as a Relationship Manager in its growing Property Finance team.

Guy Brocklehurst

Guy Brocklehurst

With a wealth of experience in both healthcare and student accommodation financing, Guy will spearhead Leumi UK’s continued growth in these highly active sectors, contributing to the bank’s ambitious 2021 growth plans. Guy will report to Alasdair Houghton, Head of Property Finance.

Guy has spent the past 16 years in front-line banking roles across Bank of Scotland and Santander, where he held senior positions in Healthcare Finance with responsibility for origination and key relationships. Most recently, Guy was a Debt and Business Adviser with ADVSME Limited.

Commenting on the appointment, Alasdair Houghton, Head of Property Finance, says: “Guy is a proven property finance specialist – particularly in the healthcare and student accommodation sectors – and I’m delighted to bring him on board. I’m confident that his expertise and personal motivation will be a tremendous asset to the team as we ramp up our efforts in both of these areas and grow our portfolio as a whole. Guy will be well-placed to guarantee both speed and reliability to our customers, an approach that sits at the core of the bank’s long-lasting partnerships.”

Guy adds: “I am thrilled to be joining Leumi UK’s well-respected property finance team at such an exciting time. I very much look forward to leveraging my sector experience and supporting the bank’s expansion of its portfolio in 2021, while maintaining a reputation for lasting, productive relationships.”

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Young adults lean towards ‘on-the-job’ learning as 6 in 10 say pandemic has impacted educational plans  

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Young adults lean towards ‘on-the-job’ learning as 6 in 10 say pandemic has impacted educational plans   2
  • Six in 10 (61%) of 16-25s agree learning ‘on-the-job’ is the best way to get on the jobs ladder in the current environment
  • 59% would rather study a degree subject connected to a profession than one they are good at
  • 59% believe tech sector offers strong career opportunities and is voted most futureproof sector by 16-25s following the pandemic
  • QuickBooks launches free online programming course with Amigoscode to help young people kickstart their tech career

Nearly two thirds (63%) of 16-25s have seen their future educational plans impacted by the pandemic, new research from Intuit QuickBooks1 – the financial software provider – reveals, with the uncertainty caused by COVID-19 driving young people to look for faster and more secure ways to get jobs.

And with more than half a million young people now unemployed – a rise of 35,000 from the previous quarter2 – six in ten (61%) 16-25s agree that learning ‘on-the-job’ is the best way of getting on the careers ladder in the current environment.

With COVID-19 highlighting the importance of more ‘futureproof’ career options, the technology sector has been identified by 16-25s as offering particularly strong career opportunities (59%).

To help young people kickstart their tech career, QuickBooks – home to top UK tech talent – has launched a free online programming course with Amigoscode.

Careers-focused learning takes priority 

If they were to attend university or study for a degree, 59% of 16-25s would rather study a subject connected to a profession than one they’re good at, while nearly a third (31%) would only consider studying for a degree that would help them get a job in a sector that is likely to grow in future.

However, almost half (45%) of 16-25s are now reconsidering attending university at all. A quarter (26%) believe it is now more important to get on the job ladder than get a degree, while 19% don’t want to go to university because they are worried about their safety.

As remote learning becomes the new norm, more than a quarter (28%) of 16-25s now plan to carry out an online university degree (such as those offered by the Open University) instead of physically going to university.

Technology sector is voted most futureproof 

The research reveals 16-25s believe the technology sector is the most futureproof (40%), ranking significantly higher above the second most popular option (construction – 27%).

Almost a fifth (19%) of the 16-25s surveyed already have a career in the technology sector, while 34% are considering it – rising to 38% of those aged 16-19.

Of those who are interested in the sector but are not currently considering it, the biggest barrier is simply not knowing how to get a job in this area (32%), closely followed by having never received any information about the sector from careers advisors etc. (30%). A quarter (25%) don’t think they could afford to undertake the necessary training or qualifications to get a job in the sector.

Ben Brown, Head of Engineering at Intuit QuickBooks, comments: 

“With COVID-19 causing economic uncertainty and driving unemployment levels, young people are increasingly looking for ways to fast-track onto the careers ladder. And getting straight into the tech sector, which has proven to be resilient in the face of the pandemic, is particularly appealing. Technology, after all, is the fuel that has allowed many other sectors to continue operating.

“On-the-job learning is common in the tech sector, but to be a successful candidate, applicants need to demonstrate genuine interest and enthusiasm by having carried out their own independent learning. Employers can enable this by creating opportunities for young people to take part in free training courses and taster sessions, which helps them to gain valuable skills and decide if the sector is for them.

“QuickBooks engineers frequently host and coach participants through Code First Girls sessions – which are aimed at women looking to learn more about programming – and we are thrilled to be partnering with Amigoscode to offer a free programming course.”

Nelson Djalo, Founder of free coding resource Amigoscode and Software Engineer, comments:

“The perception of not having enough knowledge is the main barrier to young people getting into the technology sector. Skills can be built over time – passion, drive and a willingness to learn are the most important qualities to have. People from lots of different backgrounds and interests can get into the sector, and there are a whole host of roles aside from programming and software engineering.

“I offer programming courses and coding tutorials because I believe the sector should be accessible to anyone. I’m pleased to be partnering with QuickBooks to offer a tailormade course for anyone who is interested in getting into the industry and wants to learn more about programming.”

The Amigoscode x QuickBooks course is available here as a video, and here as a playlist. The 2.5 hour course and video playlist covers the basics of programming; the basics of Python and a project task (building a CV). Participants will also build a portfolio which could be the starting point of their tech journey/career.

Watch Nelson’s other tutorials on the Amigoscode YouTube channel here.

Case studies of young QuickBooks software engineers are available on request. 

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Five things to consider when organising a remote work Christmas party

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Five things to consider when organising a remote work Christmas party 3

By Kate Palmer, HR Advice and Consultancy Director at Peninsula

Christmas is usually a time of cheer and celebration, and the perfect way for employers to incorporate this in the workplace is by organising a Christmas party for their staff. However, things will have to be a little different this year due to the ongoing disruption caused by the coronavirus pandemic. While the easiest, and cheapest, option for employers is to not go ahead with their annual festive plans, in the spirit of keeping Christmas alive some may choose to organise a remote party.

There are, however, some important things that employers should be aware of.

  1. The coronavirus pandemic has highlighted the need for employers to keep their employees’ wellbeing in mind, much more than ever before. This is why, even with something that can be considered a ‘treat’ for employees, people who are working carers, have been struggling with work-related stresses, may not want to partake in a Christmas party this year, however well-intentioned it may be on the employer’s part. It is therefore advisable that remote parties should be optional and not constrained to a certain timeframe in which staff must be in attendance.
  2. Employers should ensure that those in attendance do not feel excluded from any activities during the party. For example, if an employee does not drink alcohol and a virtual wine tasting activity makes up the bulk of the event, such a person would not be able to contribute to the fun and may therefore feel left out. Consequently, it may be better for employers to ensure that there is a wide range of activities available that cater to the individuals who are attending.
  3. When attendees and potential attendees, have been established and the activities have been finalised, it is in the best interest of the company to send out emails to them. It should detail what is expected of them at the event and highlight that the same conduct is expected of them at a remote party as it would be at an in-person event. It should also outline that the same disciplinary procedures would apply in a situation where an employee commits a form of misconduct during the event.
  4. Similarly, employees should be made aware that the same grievance produce applies – to ensure that if company rules are broken by an employee or a grievance with the company itself, the affected employee will be able to raise this with the company.
  5. Finally, while employees can use their social media accounts in their own personal time, including at work social gatherings, employers must ensure that the use of social media should be done in a manner that does not adversely affect the company’s reputation.

To conclude, remote parties are the perfect way to ensure that social distancing rules are adhered to and that employees are rewarded for their efforts, there should be a mutual sense of responsibility on the part of the company and its employees.

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