spend more non chargeable time with their clients, getting to know them and introducing them to solutions in a manner which does not always involve a fee – to show that they care.


Can you describe a typical week for us? A typical week will depend on whether we have an event for one of our communities. Every month we host: • A ‘By Invitation Only’ soiree at my home for our UHNW individuals who want to co-invest


• A meeting of our UHNW Investors club • A Trusted Advisor Academy™ meeting


We need to prepare for each event and follow up. I will intersperse the week with meetings with our UHNW members who may be in town, for a coffee or lunch to find out what they are up to and whether I can assist in any way. I also speak at events, on insights into the issues and concerns of UHNW individuals and have written a handbook on the Eight Simple Steps to Success which can be purchased on Amazon. This will be followed in the Autumn with a White Paper on a Culture of Care, which sets out the commercial reasons behind taking the time to build trusted relationships with clients rather than adopting a culture of greed which was exposed for what it was with the collapse of Lehman Brothers.


Where did the name, Family, Bhive come from? Family Bhive is the coming together of family offices and their families with their workers - advisors which look after their honey – money – Family Bhive. A bit convoluted, but hey ho!


How do you find it dealing with billionaires on a daily basis? Billionaires are just like anyone else. I was walking in the park with a young billionaire who was looking for a girlfriend who could manage his household staff, put up with his business and travel schedule and love him unconditionally. We were talking about whether he should go to a dating agency, or not. He said he had never paid for a girlfriend before and was not comfortable with the idea! This is an issue many can relate to, billionaire or not!


We read you have a frustration with the ‘milk them’ approach to clients; can you go into more detail about your thoughts on this? There is a strange notion amongst many people that those who are wealthy, should pay. They are always expected to pick up the tab in the restaurant, pub and hotel. UHNW individuals become very suspicious of anyone, whether an advisor or luxury product advisor who may be taking more money from them than they would charge others, ‘because they can afford it’. Like anyone else, they are happy to pay, when they value the service or product offered, not because they have wealth and can afford to pay.


What is your vision for the future of the industry? The industry has got a poor reputation following the numerous FCA fines for miss-selling. The Bribery Act was enacted because bribes were being used to win business. I was recently at an event where the audience was asked to suggest adjectives to describe the wealth advisory industry; expensive, arrogant, conceited, pre occupied, poor service and so on were some of the terms thrown out. This does not describe a weak brand, it is a strong brand, but not what the industry wants. By adopting a culture of care, I believe the reputation of the industry could improve as would its profitability, but what is needed is not just a branding exercise but a change of behaviour and this is the challenge facing the industry.


Have you got any plans to duplicate the business for other audiences? There has been a suggestion that the model would be great for the medical profession, but I do not have the time, energy or knowledge to pioneer this development. I want to focus on taking what I have global, and then having a rest!


58| The Entrepreneur | JULY 2014


So Britain’s rich have doubled their wealth in five years and are now better off than they have ever been; how has this happened? From my experience self-made billionaires work 24/7, not 9 to 5. They work extraordinarily hard often at the expense of their family and friends, but for them work is not a means to earning more wealth, but a passion which they cannot stop thinking about every waking moment. Given this effort, focus and commitment it is hardly surprising that they reap the rewards.


There has been plenty of attention on foreign investment driving prices up in the country, particularly in London; do you think we should be taxing the rich more? Currently the top 1% of the population is paying 30% of our income tax and our billionaires spend £16 billion in our shops bringing in a whopping £3 billion of VAT. It is tempting for the government to see the rich having more money than others and taxing them more, but the government should not forget that the rich are human. We should be mindful of the bigger picture. The rich need to feel welcome in our country, then more will come and contribute to our economy, provide employment, spend in our shops and pay our taxes. If we tax them more, for no other reason than they have more, it will make them suspicious and they will go elsewhere. France for example is a wonderful country, but the rich are not going there to live, because they perceive the government as hostile to them. We should not be so envious of the riches of the wealthy that we kill the golden goose.


What would be the economic consequences of taxing the rich more? Taxing the rich more will result in a poorer economy and country. Why should they pay more just because they have more – what better service or extra privileges are they getting for paying more?


Are there any myths surrounding the topic that you would like to clear up? There is a popular myth that the rich can afford to get good tax advice and pay less. Gordon Brown was zealous in his endeavor to abolish tax avoidance, which is the art of using reliefs and exemptions in a way which was not intended. The UK now has more tax legislation than any other country in the world. My advice to any UHNW individual is get the best tax advisor you can, not with a view to saving tax, but to paying the right amount. An investigation is something to be avoided at all costs. HMRC has more power than the police, and the taxpayer has no redress, right of appeal or compensation if HMRC wrongly investigates you.


So what is your marketing strategy for the Family Bhive? To implement six simple steps to success: • Setting goals • Good time management • Getting there – through effective and efficient networking • Getting more – using all routes to market • Delivery – being diligent in follow up • Retaining and maintaining – providing our members with an excellent service.


You’ve just mentioned a strategy which is outlined in your first book, the recently released, Eight Steps to Success: a Culture of Care; what led you down the publishing route? Having left law and gone into business as an entrepreneur, I realised that I knew very little about the process of selling and marketing, so I began to read. It became obvious to me that what is second nature in most industries was not understood or implemented in the wealth advisory industry. This handbook is an introduction, which will be followed by a book to be published in the Autumn. It is a compilation of my experience in working for UHNW individuals for twenty-five years and my two years of research.


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