Australian-born Jenny Tozer, an investment manager, with a focus on strategic asset allocation and portfolio construction, looks after a broad range of clients from entrepreneurs to large first, second and third generation families, advising UK resident domiciled and non-domiciled high net worth clients, trusts and charities.
LGT Vestra provides wealth management services to HNW and UNHW clients. They have a transparent charging structure which is a fee based on AUM and operate an open architecture model, and they pride themselves on having a long-term approach to decisions, avoiding short-term actions that may compromise the stability of the firm, and the trust of their clients, Tozer explains.
A partner at the firm, which she joined in 2009, a year after its inception, Tozer has a different set of skills from most wealth managers. Because she has a background in management consulting she says advising companies is like advising UHNW families because they are both made of people who share a ‘common goal’. Her role thus uses both her financial acumen as well as her communication and mediation skills.
All of her clients deal with multiple issues, from inheritance planning to the growth of a business. ‘My role is one of orchestration,’ she explains, and that means ‘bringing all the advisors together around the kitchen table.’
A PPE graduate, Tozer started out as a stockbroker in 1985 Hoare Govett in 1986 where she worked on emerging market equities before gaining an MBA in Switzerland and spending ten years with management consultants Booz Allen & Hamilton specialising in global asset management and financial services.
She came to the wealth management industry in 2000 by setting up a company offering investment advice to women. ‘There was a genuine gap in the market and I went in to make a difference,’ she says. ‘The whole point of what we do is to get clients into a situation where they actually enjoy their wealth. There’s no point having it otherwise.’
London will always be a global leader when it comes to wealth management, she says. ‘What matters in wealth management is advice, for good advice you need good advisors and London will always have a good advisory market. People will always migrate to a city where you have a good legal and cultural centre.’
One of the most challenging problems is managing a liquidation ‘because there’s the uncertainty that comes with what should be done with the money, when how to invest, how to structure it, and whether to pass money down now or later,’ she explains. Luckily for clients, Tozer relishes the task, enjoying ‘the excitement and satisfaction’ of seeing a client through from start to finish.
A truly life-affirming moment in her career came when a client, who had been widowed inheriting a vast estate, went from not knowing the difference between bonds and equities to twelve years later calling her up, saying: ‘Jenny, do you think we should look at some emerging market bonds?’ ‘It was a really good feeling,’ she says, genuinely.’ You think: job done, they’ve got it.’
She praises her colleagues and the strong collegiate atmosphere at LGT Vestra. ‘The starting point and ending point for everything we do is the client. What sets a good wealth manager apart is their ability to listen and be empathetic. Without clients we wouldn’t have a business,’ she says matter-of-factly.