PROTECTING FAMILY, & GENERATIONAL WEALTH.

I moved back to the UK when I was 19 years old after finishing high school to begin making my way in the world. All I knew then was that I wanted to leave the island Barbados, where I grew up, and go out and experience the world.? I joined an apprenticeship with British Airways Engineering as an avionics apprentice.? I began my training at Cranebank Training Centre around September 1991.

The first nine months of my apprenticeship were in the classroom learning mathematics, electrical, avionics theory and project management.? One of my first assignments was to plan the move of an old fighter jet from a military airfield in outer London to the Engineering technical college I was attending in Weybridge. Every Thursday and Friday morning we assembled at Cranebank and took the coach up to the college for classes and labs.? We planned that project to the last detail and then finally, it was time to execute the move from the airfield to Brookland’s college.? This was the first time I learnt about the importance of a critical path. Both in theory and in practice.

During secondary school in Barbados 90% of our work was theoretical, so for the first time in my life, I began to see the difference between theory and practice.? I was exposed to how things work in practice when you are responsible for operations. Working in maintenance operations, changed my perspective on life day by day.? The most overwhelming thing that I had to process was the nexus of operational maintenance and organizational culture.

As an apprentice technician working in maintenance and operations, I was often working with senior technicians, from the Technical Services team. Technical Services was eventually renamed Quality, Standards and Design. Every single job or task which they completed was documented by a job card.? That job card was allocated to a licensed aircraft engineer who then allocated tasks to technicians. Apprentices were always supervised by senior technicians. Every single piece of equipment used, aircraft parts, the rivets, screws, bolts and everything up from there was documented and tracked into and out of stores or refurbishment.? Quality systems and engineers monitored and constantly developed policy and procedures for parts, work done, and working practices.

The preoccupation with quality, safe working and record keeping was beyond anything I had ever experienced before or since.?This was because people’s lives depended on aircraft engineers to get everything right (or within tolerance), 100% of the time.

I haven’t worked in a large private bank before but I have dealt with, many clients who have used the services of private banks for many years.? I have seen clearly that the culture at private banks is about making money. There is no protection of clients and their families.? International families who have trusts and accumulated wealth are actually seeking protection and assistance with their international business and family, as well as financial and investment services. Over the years I’ve seen that private banks, large and small, will not help a client when they are in a crisis.? A private bank will always act to protect its financial services profit-making business.? That is the culture.? There is no combination of protection and money making.

?Latin American clients often are not aware of this until it is too late.? While it is true that the minority of clients ever have crises of this nature, if it happens to be you and your family it is all consuming.? Large US private banks have large US domestic businesses.? International, non-US businesses are not as large as US domestic businesses.? If there are risks presented by Latin non-US clients, they are dealt with fairly harshly.?

A trustee has a duty in equity to the beneficiaries of a trust.? They should act within the law and in the best interests of the beneficiary.? If large banks do not want to adopt a culture of protecting international clients, they should not offer international clients trustee services.? We all know that when a crisis occurs, changing your trustee is not always possible.? The culture at private banks is money and protection of its profits.

I think private banks are talking to clients who have US250M plus under management.? For those clients’, private banks will step up to take risk and resolve problems with customized solutions. Because it is worth it for them. However, they will not and do not do this for SME clients with wealth on account of less than US100M.? Clients would be better off if they understand these things, so that they can make other arrangements.

Banks do not take into account that they often indirectly have the lives of their customers at stake. Private banks should have a culture of safety and reliability while of course making money.? It is possible. British Airways does it every day.

When you know... You can Trust.