GlenQ focus on benefits of embracing long distance employee work arrangements

How often have you heard the phrase ‘the new normal’ during the last 18 months? At times it certainly seemed like nothing would ever be the same again. 

And not everything will. The global pandemic has proved a catalyst for numerous lifestyle and workplace changes, some temporary, others surely due to become accepted as permanent adjustments to our daily existence. 

Where does working from home fit on this axis? Will it be a case of never going back … or will ‘bring them back’ become the prevailing trend?

It’s a fascinating and evolving situation. Certain organisations are readily embracing fully remote working, some proposing a half-and-half compromise, others insisting best team performance comes from everyone being together. 

Sound complicated? Perhaps it doesn’t have to be. Perhaps key is an open mind, a pragmatic outlook and genuine effort made to see things from a win-win perspective. 

That’s the simple approach recently followed by Jersey-based trust and fiduciary experts GlenQ. With high expectations the solution adopted will result in winners all round.

‘I needed to move with my family to the UK,’ expands Richard Goodridge, senior manager of the company’s private wealth team, ‘to ensure access to specialist medical care needed by my recently born son. My initial assumption was that meant leaving GlenQ. But a thoughtful discussion resulted in a different solution – one that I quickly accepted.’

That solution was Richard continues in his present role but work from the UK rather than Jersey. And while compassion was one influencing factor, the straightforward arrangement presents practical benefits for GlenQ too. 

‘Alongside wanting to support Richard and his family, we didn’t want to lose a valued member of staff,’ rationalises GlenQ principal Paul Glennon. ‘Moreover, the prospect of a UK-based team member presents real advantages for supporting our clients there, working with intermediaries and developing new business. If it could be made to work, the plan seemed like a win-win situation for all of us.’

Barriers to it working were considered and quickly discounted.

‘Enforced arrangements during the pandemic proved that technology permits full remote working,’ Richard elaborates. ‘Communication applications allow effective team working, while advanced security and cloud-based systems facilitate real-time online collaboration. This really is the new normal – it just works, whether you’re in a Jersey office or working from home in Leicester where we plan to live.’

Being in Leicester means that Richard will be close to extended family, with all the benefits that brings when raising four young children. And closer to UK-based clients and other GlenQ business contacts, which will benefit his ambitious company. 

He’ll also – coincidently – be closer to the home of Leicester Tigers, one of the country’s leading rugby union teams. As a former semi-professional player and Jersey Rugby Academy coach, it’s one of the advantages Richard’s looking forward to. 

So, is there anything to regret in the new arrangements? 

‘I would’ve really regretted leaving GlenQ if that had been the outcome,’ he reveals. ‘Experience of employment with other local finance companies underlines how fortunate I am to work here. 

‘Moving means not seeing my team daily in person, which is a regret. Technology is great but there’s some limitations when it comes to tuning-in to office banter or picking-up on personal issues. They’ll know I’m still around and very present, however, so there’s confidence the impact will be minimal.’

It will all be part of the new normal – for Richard, his family, his team and for GlenQ. Arrived at through open-minded thinking, a pragmatic outlook and genuine effort made to see things from a win-win perspective. 

GlenQ emphasises importance of consistency in changing times

What remarkable times we live in. Consistency receding. Changes on the rise.

Factors way beyond our control are impacting the world at an astonishing rate – many driven by the global pandemic of course.

Change is speeding up. Political, economic, societal and technological transformations once destined to take place over years, even decades, now seem to be happening in just a few months. Sometimes weeks.

Few locations are being spared the impact.

The British Channel Island of Jersey, despite its small size and relatively low profile, is certainly not immune. Like the chilly easterly gusts that sometimes buffet the island, there is no avoiding forceful winds of change currently blowing in from all directions.

Yet externally driven change is nothing new for Jersey. Its well-established and world leading finance industry has become accustomed to dealing with the buffeting effects.

In fact, it has become exceptionally adept at riding the punches threatening stability every now and then and reaping rewards from opportunities as they present themselves.

There is a salutary lesson in this. Change, if managed well, can be a positive rather than negative experience.

Provided, that is, you successfully bring everyone with you.

Jersey-based trust and fiduciary experts GlenQ recently focused on this important lesson.

It involved a change in location, from one side of St Helier to the other. From quiet backstreets to somewhere much closer to the island’s bustling waterfront and gleaming new finance centre. From compact multi-room office arrangements to spacious open-plan premises. From old to new.

‘It’s important for any organisation to move with the times,’ notes GlenQ Director and Principal Iain Quenault, ‘whether that’s a change in technology, people, processes or premises. Our old offices functioned well enough, but the new ones will be much better. Change is important, and GlenQ is committed to remaining abreast of emerging developments and approaches. So as our world, industry and island home evolve and adapt, we must too.’

There is a caveat on this, however, as Iain points out.

In the haste to move forward, some organisations risk losing sight of their past. They forget or forgo the very reasons why customers chose to do business with them in the first place.

‘Change can unlock new ways of working and living,’ Iain elaborates, ‘creating important opportunities to think, behave and communicate differently. Yet GlenQ was established to provide a traditionally focused trust and fiduciary service, placing customers rather than transactions at the heart of everything we do. It can be tempting to overlook this during times of uncertainty, to rush ahead and forget what’s important. But that’s not the GlenQ way.’

So, the message is change for the better, of course, but never leave anyone behind … especially customers. Offer consistency not contradictions during unsettling times.

GlenQ’s move to new town-centre premises underlines this.

They emphasise a commitment to progression within a changing world, marking another important milestone moment on the company’s evolving roadmap. They provide new space for growth and new ideas. But, and most importantly, they will provide an ideal base for collaborative team efforts aimed at meeting the needs of existing customers and satisfying the expectations of new ones.

‘It’s an exciting time for the company,’ Iain concludes, ‘as we look forward to the advantages and opportunities arising in a rapidly changing island, finance industry and wider-world. But equally, the new offices provide the perfect opportunity for settling back into more normal ways of working. These may be changing times, but consistency is so important to GlenQ. And, we’re sure, to our customers too.’

GlenQ on moving beyond KYC to really know your customer

FYI … ROI … TBD … YTD …

Business acronyms. Don’t they just trip off the tongue? Just fall into line within ever shorter and increasingly less formal written communications?

And BTW (that’s ‘by the way’ … by the way), get ready for more of them. The acronym alphabet soup will never run dry.

KYC. There’s another. One so familiar to anyone working in the finance industry. You must ‘Know Your Customer’ before taking on their business – regulation, ethics, probity all demand it. KYC policy, KYC checks, KYC rating – the abbreviated layers of bureaucratic process rest heavily on the compliant shoulders of most organisations.

Yet has something been lost within this abbreviated world when it comes to KYC?

When did knowing your customer become an onerous chore rather than opportunistic choice? After all, isn’t getting to know your customer at the heart of every good relationship between a company and its clients? Which means putting genuine effort into getting beyond formalities and into the underlying DNA of what really makes them tick. To see the issues, spot future opportunities and propose solutions adding real value.

‘That’s certainly how it used to be,’ reflects Peter Rice, Client Services Director at Jersey-based wealth management experts GlenQ. ‘When knowing your customer was the guiding ethos of most businesses. Not just because regulation demanded it, but to understand them, their business affairs, family situation and aspirations for the future. Those things were really important when I started in the private wealth sector.’

Peter’s 30-year career has seen him working for such luminaries as Hill Samuel, Investec and Insinger Trust. There are fundamental differences, he recalls, between the industry he joined and worked in for many years and the one that exists today.

One driving change has been the loss of many smaller private wealth management companies and corresponding growth of larger counterparts.

‘Private equity owned organisations dominate these days,’ Peter acknowledges, ‘powerful, efficient and ruthlessly focused on the bottom line. Shareholders expect dividend forecasts hit, leading to stringent time-based client fees. Billing by the hour leaves little room for traditional relationship management.

‘But that’s what I enjoy most about private wealth management. Having the time needed to build bonds, understanding and trust without having to keep one eye on the clock. Which is why joining GlenQ was such a welcome move for me.’

GlenQ’s founding principle was putting customers at the heart of the business. Do the KYC, of course, but also invest time getting to know clients. Create estate planning, asset protection and future planning solutions tailored to best suit their individual requirements. Help build a network of trusted investment advisors and intermediaries based on an understanding of personal circumstances.

The GlenQ ethos is straightforward. Provide traditional wealth management services within a thoroughly 21^st century outlook. Focus on clients often overlooked by larger finance companies these days. Provide the assurance of independent advice. And take the time needed to explain the benefits of choosing the right financial structures.

In Peter’s view, it’s a superior approach.

‘Over many years I learned the value of time taken to understand not just clients and their circumstances, but also their home countries and regions. We work in Eastern Europe, the Middle East and Africa. Getting beneath the skin of these locations is so important if you’re to appreciate and meet client requirements and expectations. Finding the time to visit clients in their homes, for example, no matter how challenging it may be to reach some destinations. Taking this genuine interest provides insight and helps build the trust needed to sustain relationships over the longer term.’

That trust proved its worth as the Covid lockdown restricted business travel and opportunities for face-to-face contact. Despite these limitations, however, GlenQ continued growing its business, serving both existing customers and attracting new ones.

‘We’ve been fortunately able to keep in contact with clients using video calls and electronic communications,’ Peter validates, ‘and continue meeting their immediate needs. But normal relationship building activities based on personal visits will resume as soon as possible and practical. Emails are all well and good, but I’m looking forward to being AFK once again.’

That’s ‘Away From Keyboard’ if you need a little help with acronyms. Come on – get with it!

GlenQ on building business and supporting growth in entrepreneurial Africa

There’s a long-established paradox when it comes to Africa. Despite its immense size and extraordinary diversity, many outside view the continent in firmly narrow and dimly uniform terms.

Vivid international reports on historic and unfolding events undoubtedly helped shape and constrain this outlook. Brutal dictators, biblical-scale famines, telephone and email scams, pitiful waves of migrants – all the stock of lurid media stories.

While not fabrications, of course, such characters and events are equally not representative either. The real African story is manifestly less dramatic, far more complex and constantly changing.

Africa, for all its considerable challenges, is a rising continent. There are great opportunities for its people, and for those outside able to see the promise too.

‘We’ve successfully been doing business in Nigeria for over five years,’ confirms Paul Glennon, Principal at Jersey-based trust company GlenQ, ‘providing succession and asset structuring solutions to a growing number of clients there. What an extraordinary country, undergoing extraordinary change as economic growth drives development. There’s admittedly time needed for this change to reach the whole population. But in cities like the capital Lagos, you get a real picture of Africa’s remarkable progress and potential.’

Nigeria’s underlying economic figures and outlook flag the latent opportunities presented by a growing number of African countries.

[Image] Lagos, Nigeria

The IMF recently placed Nigeria 27th on its global GDP index, higher than the UAE, Israel and Singapore. Its capital alone, Lagos, is the fifth largest economy in Africa. Moreover, a 2017 PWC report forecasts the country’s GDP to be among the world’s fastest growing over the next 30 years, taking it to 14th largest overall – outstripping South Korea, Canada and Australia.

The same report stresses the importance of Nigeria’s entrepreneurial population in helping realise this potential growth.

‘The determination to drive forwards towards a better future is something striking when visiting the country,’ elaborates Paul. ‘Rich and poor want something better for themselves, their families and organisations. Often, it’s the availability of capital that’s holding them back – something GlenQ can pleasingly help overcome. Through relationships with investors and intermediaries we can explore and establish connections to appropriate investment funds. This in turn helps enable the type of projects really improving local lives for the better. There’s a strong emphasis on social impact investing – developing sanitation or transport services for example – which supports the development of grass roots communities while radically improving the country’s infrastructure.’

Nigeria may be the eye-catching story when it comes to African growth, but other countries are venturing along the same path.

While smaller in size and population, fellow West African state of Ghana boasts rising GDP with stable, single-digit inflation. And a well-established local private banking sector alongside a steady flow of foreign investment is helping fund development.

Based on this positive outlook, and a solid Nigerian experience, GlenQ is one of the private wealth management organisations aiming to establish a presence there.

‘Our business in Nigeria has provided great insight on international opportunities,’ elaborates Iain Quenault, who along with Paul founded GlenQ in 2014. ‘We’re actively exploring other markets, including the Middle East and India. Based on our relationships in Nigeria, however, it’s possible, and logical, to consider other African markets too. Ghana presents just such an opportunity. Easy to reach, an active and open finance industry, a well-established network of intermediaries – and a similar entrepreneurial outlook. We’ll start by attending trade conferences and look to develop business from there.’

It’s an exciting time for GlenQ and Africa. Sizeable challenges remain for the continent. And it’s going to take a lot of willingness and no shortage of wherewithal to overcome these. Yet if found and nurtured, these two vital ingredients could help brighten everyone’s African outlook.

GlenQ on the important growth in social impact investing

At first glance, the world may seem an increasingly cynical, self-centred place. Too many people crowding their ‘bucket lists’ with personal health, wealth and fulfilment ambitions. Gimme, gimme, gimme – no longer just a kitsch seventies’ ABBA song it would seem.

Yet first glances are often deceptive. Not too far below the surface sheen of me, me, me, there flows a quieter, calmer force. One that’s much more about other people – what can I do to make your life better?

Philanthropy, in all its subtle shades, represents a persistent and growing force for good across the world.

Being fair, concern for the wellbeing of others is hardly a new thing. Compassion has flowed from those in the money towards those scraping a living since…well, since those in the money first started piling it up.

Most – though not all – gave their pile away quietly. Recognition and public acclaim are not usually motivating factors. Despite this, some great social benefactors shine out from the past like beacons of virtue.

Legacy – the chance to place a lasting mark on the world – still surely interests many modern-day philanthropists. There are others, however, seeking a more immediate impact on their surrounding communities. In this case, social impact investing is a perfect path to fulfilment.

‘We are seeing more and more interest in social impact investing,’ says Paul Glennon, Principal at Jersey-based trust company GlenQ. ‘Especially among clients in countries where there’s a prominent demand for investment in public and community infrastructure and services. People are looking beyond the profit motive. They also want to know their money is making a real difference to the lives of fellow citizens too.’

The principles underpinning social impact investing are hardly new – it’s that old philanthropic desire bent on giving something back to others. But the name and approach are firmly rooted within the 21st century.

It’s a straightforward premise. If you are going to invest, choose to back initiatives that contribute measurably – either directly or indirectly – towards improving the social or economic wellbeing of disadvantaged communities. Do so for straight philanthropic reasons, if you expect nothing in return. Or look to make money, which is just as acceptable, providing you have the peace of mind assurance from helping others as a direct consequence.

‘Some clients access structured public social impact investment funds,’ Paul continues, ‘while others choose to invest directly in private social impact projects. Taking Nigeria as an example, we have been involved in enabling several vital public infrastructure developments, delivering projects from sanitation works to transport hubs. Our role is bringing developers and investors together and connecting them to specialist Jersey-based finance companies needed to create appropriate fund vehicles. The reward is seeing what a difference such projects can make to ordinary people’s lives.’

For a massively populous city such as Nigeria’s capital Lagos, investment in public infrastructure is not a choice but necessity to lift the lives of all its 21 million people. The will may exist for this, but the means – in the form of investment capital – is often lacking. While it can never be the whole answer, social impact investing forms an increasingly important part of the solution.

‘From experience, we know the entrepreneurial and generous spirit flowing through many Nigerians,’ concludes Paul. ‘The desire is there to improve their lives, those of their families and the wider community. We’ve seen how creating investment in major social projects has a trickledown effect. Big improvements in transport infrastructure directly enables the trading prospects of small businesses. And behind those improvements, both big and small, there’s an increasing level of social impact investing. What’s great for GlenQ is that this trend is one we are very much able to help enable.’