wealth insight forum 2017 - spear's...

WEALTHINSIGHTFORUM 2017

THE £1 BILLION MEETING OF MINDS

The pleasures and pitfalls of buying and owning art

Sponsored by AXA ART

Matthew Cooper, John JonesAndrew Davies, AXA ARTKenny Schachter, collector and art adviser

My favourite insurance phrase is ‘three moves is as good as a fire’: you move something often enough and you’re going to have damage. About 40 per cent of our claims are accidental damage in handling and transit.Andrew Davies

Although Kenny mentioned about art not being an asset, if its value can depreciate because you don’t have the right materials surrounding it or it’s hanging on the wall in the wrong hanging system so it’s going to fall off and break,

Hang On!

then it’s our job as framers to try to protect against that happening.Matthew Cooper

I wrote an essay recently: ‘When did art stop being fun?’ Because of the huge expansion of value, especially with the Contemporary art market, it has lost its fun, for want of another term. You used to be able to buy something cheaply, spend a few hundred pounds and buy ten of them; now you’ve got to really make a considered purchase for £10,000 and see how it goes.Andrew Davies

Sometimes people say something’s priceless and it’s beyond compare. We’re a financial services company, so ultimately if something is lost or destroyed we pay a cheque.Andrew Davies

shot before dawn // wealth insight forum

Best of British

Josh Spero interviewed Jeremy Goring of The Goring about running a family business in the 21st century


Jeremy Goring on Kate Middleton staying at The Goring the night before her wedding We’re one of those places where people come not to be seen and obviously this was out of our comfort zone because rather a lot of people saw what happened that day. If people think, ‘Oh my god, they’ve suddenly got famous and their prices have gone up and they’re not the same nice guys any more,’ you’re in trouble. For us it was more managing things downwards than upwards.

...on investing in his business The main thing you need to do is make sure that everything a guest is going to experience is heavily invested in and absolutely fabulous, and any savings you’re ever going to make have got to be in ways that no one would ever know. We have 170 staff for 70 rooms and I don’t think there are many businesses that have that kind of a ratio and actually survive from day to day.

...on the long term What was needed was probably catching up on twenty years’ worth of investment and it needed to happen pretty quickly. The first decision that I needed to make was to make sure we lost an awful lot of money for five years. I had clients in the restaurant saying, ‘I heard you lost 3 million quid this year — things must be terrible,’ and I was saying, ‘I’m really pleased you read that because you therefore know I’m trying really hard to make this a better hotel for you.’ We now turn over three

times as much as we did eight years ago.

...on a potential sale If we sold the business I don’t know what the hell any of us would actually do with our time. People do phone all the time; everybody would love a flagship hotel in this town, whether they’re a big hotel chain or a guy with a family with a lot of oil wealth behind it. It’s an attractive city and obviously we do get that kind of interest all the time.

...on a second hotel We’ve been approached quite a lot of times to either run someone else’s hotel or go into business with somebody else and do something for them or turn their house into a hotel. We’ve always had the same thought, which is if we could make it as good as what we do — definitely not the same but as good — we’ll be able to actually do it.

FOCUSJeremy Goring on his family business

FOCUSKenny Schachter on the art of owning artPeople frequently discuss art as an asset class and I would go on to say it’s clearly not an asset class because it doesn’t have the liquidity of other financially oriented investing tools. The first thing to do is due diligence and now, with the internet and transparency, there’s more sources for information than ever before. You should only ever buy what you love, however you need to be exposed to the right information because it’s a minefield.

Museums have done more damage to my pieces than my kids have over the course of time… I’ve had a situation where the Guggenheim dropped a ladder through a sculpture that we had. I almost think if you

paid so much for the painting, pay the money, don’t make a claim, and that’s just the cost of doing business. The problem is that much Contemporary art is in a worse state of nick than Old Master paintings because younger artists don’t pay enough concern to these important conservation issues.

No one really owns a piece of work, more likely a piece of art owns you and you’re the custodian during your lifetime before you pass it down or whatever it is that you ultimately do with it. You’re only charged with the degree of care to make sure the work doesn’t end up at the insurance company.

When it’s a family business you’ve got the same shareholder expectations as any other business, only it’s people you are going to see potentially down the pub afterwards.

[Before we started our investment] what we needed to do was find out who was in and who was out, and make sure that those who thought they were in knew what kind of a ride they were going to get. For example, promising them five years without a dividend and then giving them the chance to cash in if they didn’t want to be on that ride.

We were very transparent, very honest in our communication with everybody, and we gave people the opportunity to sell up if they didn’t want to be involved in the business any more and stay involved if they were really passionate. Most of the family members were really passionate about the business, really proud to be part-owners of it.

32 March // April 2015 March // April 2015 33

ABOUT THE WEALTH INSIGHT FORUMSpear’s will be doing what it does best — helping wealth managers, lawyers and other private client professionals to understand the world of their high-net-worth clients — with the Spear’s Wealth Insight Forum.

Despite the already massive changes of the 21st century — from the rise of a new class of the super-rich to the destruction of established invest-ment practices — many wealth managers are stuck with an old para-digm. Spear’s is perfectly placed to explain the new HNW mindset and lifestyle with characteristic insight, analysis and wit.

why get involved?Because you want to meet the super-wealthy, their closest advisers and the most important opinion-formers and thought-leaders of today, at an event which is stimulating, informative and enjoyable.

DETAILS Date: May 2016 Venue: One Great George Street,Time: Conference and lunch Westminster

PREVIOUS SPEAKERSBen Goldsmith, Menhaden Capital; entrepreneur Julie Meyer; art dealer and TV presenter Philip Mould; Sandra Davis, Mishcon de Reya; Helena Morrissey, CEO of Newton; social entrepreneur Faisel Rahman; entrepreneur Kate Shand of Enjoy Education; philanthropist Dame Stephanie Shirley; Jeremy Goring, CEO, The Goring Hotel; cleric and commentator the Reverend Dr Giles Fraser; Michael Green, co-author of Philanthrocapitalism; international lawyer and advocate Robert Amsterdam; tech entrepreneur David Murray-Hundley; angel investor Richard Hargreaves; art adviser Kenny Schachter.

SPEAR’S WEALTH INSIGHT FORUM 2016

Spear’s events unite the high net worth readers of Spear’s with the experts, commentators and brands that populate the magazine.

Each event provides a unique opportunity for brands and organisations to directly interact with highly targeted affluent, successful and influential individuals.

CONTACTJiggs Patel, Group Sales Director

+44 (0)20 3096 2286 | +44 (0)7903 255 295 | [email protected]

WEALTH INSIGHT FORUMOur Wealth Insight Forum in November at One Great George Street, Westminster, did what we do best: bringing together the best people for the best conversations. Covering everything from art to awkward family encounters, we present the highlights

How to ensure a legacy you won’t live to regret

Sponsored by Capital Generation Partners

Juliette Johnson, Juliette Johnson ConsultancyPlum Lomax, NPCKhaled Said, Capital Generation PartnersCorinne Staves, Maurice Turnor Gardner

Often with patriarchs and for people with very successful careers, the idea of letting go or giving up control is something that’s very much against their principles of day-to-day living. So what we try to do is get them to think about a future that they can’t predict.Khaled Said

The only thing that we can all predict is the fact that we’re all going to die one day — although a number of my clients think that’s not going to be the case.Corinne Staves

Where we see real conflict is where that [family] ethos has been decided by one person and it gets taken down through generations, and other generations either don’t agree

with it or don’t want to follow it or don’t understand really what it means… [A foundation] needs to be flexible to adjust to changing needs, because the world is always changing.Plum Lomax

The starting point [for discussions on legacy] is talking to people about what you want to be remembered for and what sort of impact you want to leave on this planet when you go.Juliette Johnson

Most of the clients that come to us are people who do not want to leave too much to their children; they would rather give it away, potentially, with their children and pass on some of those values to their children instead.Plum Lomax

You need to create a really flexible structure. If you want to make philanthropic donations, that’s fantastic, but bear in mind you can’t have it back — you’ve got to be really certain that that’s what you want.Corinne Staves

shot before dawn // wealth insight forumshot before dawn // wealth insight forum

Immortal Remains

ORdER OF pLAy

Immortal RemainsHow to ensure a legacy you won’t live to regretSponsored by Capital Generation Partners

Hang On!The pleasures and pitfalls of owning art Sponsored by AXA ART

Grapes of WealthIs it a vintage time for investing in wine?

Best of BritishJosh Spero interviewed Jeremy Goring of The Goring about running a family business in the 21st century

FOCUSKhaled Said on family baggageFamilies tend to have advisers who’ve been with them for a very long time and they end up in a way becoming surrogate parents to the next generation. Let’s be punchy and fun: they can become massive baggage because the truth is the next generation are grown-ups. It’s about the legacy creators empowering the next generation in their lifetime rather than ‘you do nothing until I die and then it’s all wrapped into trusts and structures and off you go’.

One of the mixed messages that are given to families of wealth is this idea that they are passing down all this entrepreneurial spirit and that you have to be entrepreneurial, but on the other hand you shouldn’t lose any of this money. There are a lot of mixed messages.


FORMAT 08:30-09:30 Breakfast09:30-10:15 Panel 110:15-11:00 Panel 211:00-11:30 Coffee and networking11:30-12:15 Panel 311:30-12:30 HNW round table discussion session12:15-13:00 Panel 413:00-14:30 Lunch and networking


The Wealth Insight Forum is special in drawing some £1 billion of investor assets through HNW and intermediary attendees,based on Spear’s estimates of previous events.


+44 (0)20 3096 2286 | [email protected]





The pleasures and pitfalls of buying and owning art

Sponsored by AXA ART

Matthew Cooper, John JonesAndrew Davies, AXA ARTKenny Schachter, collector and art adviser

My favourite insurance phrase is ‘three moves is as good as a fire’: you move something often enough and you’re going to have damage. About 40 per cent of our claims are accidental damage in handling and transit.Andrew Davies

Although Kenny mentioned about art not being an asset, if its value can depreciate because you don’t have the right materials surrounding it or it’s hanging on the wall in the wrong hanging system so it’s going to fall off and break,

Hang On!

then it’s our job as framers to try to protect against that happening.Matthew Cooper

I wrote an essay recently: ‘When did art stop being fun?’ Because of the huge expansion of value, especially with the Contemporary art market, it has lost its fun, for want of another term. You used to be able to buy something cheaply, spend a few hundred pounds and buy ten of them; now you’ve got to really make a considered purchase for £10,000 and see how it goes.Andrew Davies

Sometimes people say something’s priceless and it’s beyond compare. We’re a financial services company, so ultimately if something is lost or destroyed we pay a cheque.Andrew Davies


Best of British

Josh Spero interviewed Jeremy Goring of The Goring about running a family business in the 21st century


Jeremy Goring on Kate Middleton staying at The Goring the night before her wedding We’re one of those places where people come not to be seen and obviously this was out of our comfort zone because rather a lot of people saw what happened that day. If people think, ‘Oh my god, they’ve suddenly got famous and their prices have gone up and they’re not the same nice guys any more,’ you’re in trouble. For us it was more managing things downwards than upwards.

...on investing in his business The main thing you need to do is make sure that everything a guest is going to experience is heavily invested in and absolutely fabulous, and any savings you’re ever going to make have got to be in ways that no one would ever know. We have 170 staff for 70 rooms and I don’t think there are many businesses that have that kind of a ratio and actually survive from day to day.

...on the long term What was needed was probably catching up on twenty years’ worth of investment and it needed to happen pretty quickly. The first decision that I needed to make was to make sure we lost an awful lot of money for five years. I had clients in the restaurant saying, ‘I heard you lost 3 million quid this year — things must be terrible,’ and I was saying, ‘I’m really pleased you read that because you therefore know I’m trying really hard to make this a better hotel for you.’ We now turn over three

times as much as we did eight years ago.

...on a potential sale If we sold the business I don’t know what the hell any of us would actually do with our time. People do phone all the time; everybody would love a flagship hotel in this town, whether they’re a big hotel chain or a guy with a family with a lot of oil wealth behind it. It’s an attractive city and obviously we do get that kind of interest all the time.

...on a second hotel We’ve been approached quite a lot of times to either run someone else’s hotel or go into business with somebody else and do something for them or turn their house into a hotel. We’ve always had the same thought, which is if we could make it as good as what we do — definitely not the same but as good — we’ll be able to actually do it.

FOCUSJeremy Goring on his family business

FOCUSKenny Schachter on the art of owning artPeople frequently discuss art as an asset class and I would go on to say it’s clearly not an asset class because it doesn’t have the liquidity of other financially oriented investing tools. The first thing to do is due diligence and now, with the internet and transparency, there’s more sources for information than ever before. You should only ever buy what you love, however you need to be exposed to the right information because it’s a minefield.

Museums have done more damage to my pieces than my kids have over the course of time… I’ve had a situation where the Guggenheim dropped a ladder through a sculpture that we had. I almost think if you

paid so much for the painting, pay the money, don’t make a claim, and that’s just the cost of doing business. The problem is that much Contemporary art is in a worse state of nick than Old Master paintings because younger artists don’t pay enough concern to these important conservation issues.

No one really owns a piece of work, more likely a piece of art owns you and you’re the custodian during your lifetime before you pass it down or whatever it is that you ultimately do with it. You’re only charged with the degree of care to make sure the work doesn’t end up at the insurance company.

When it’s a family business you’ve got the same shareholder expectations as any other business, only it’s people you are going to see potentially down the pub afterwards.

[Before we started our investment] what we needed to do was find out who was in and who was out, and make sure that those who thought they were in knew what kind of a ride they were going to get. For example, promising them five years without a dividend and then giving them the chance to cash in if they didn’t want to be on that ride.

We were very transparent, very honest in our communication with everybody, and we gave people the opportunity to sell up if they didn’t want to be involved in the business any more and stay involved if they were really passionate. Most of the family members were really passionate about the business, really proud to be part-owners of it.


ABOUT THE WEALTH INSIGHT FORUMSpear’s will be doing what it does best — helping wealth managers, lawyers and other private client professionals to understand the world of their high-net-worth clients — with the Spear’s Wealth Insight Forum.

Despite the already massive changes of the 21st century — from the rise of a new class of the super-rich to the destruction of established invest-ment practices — many wealth managers are stuck with an old para-digm. Spear’s is perfectly placed to explain the new HNW mindset and lifestyle with characteristic insight, analysis and wit.

why get involved?Because you want to meet the super-wealthy, their closest advisers and the most important opinion-formers and thought-leaders of today, at an event which is stimulating, informative and enjoyable.

DETAILS Date: May 2016 Venue: One Great George Street,Time: Conference and lunch Westminster

PREVIOUS SPEAKERSBen Goldsmith, Menhaden Capital; entrepreneur Julie Meyer; art dealer and TV presenter Philip Mould; Sandra Davis, Mishcon de Reya; Helena Morrissey, CEO of Newton; social entrepreneur Faisel Rahman; entrepreneur Kate Shand of Enjoy Education; philanthropist Dame Stephanie Shirley; Jeremy Goring, CEO, The Goring Hotel; cleric and commentator the Reverend Dr Giles Fraser; Michael Green, co-author of Philanthrocapitalism; international lawyer and advocate Robert Amsterdam; tech entrepreneur David Murray-Hundley; angel investor Richard Hargreaves; art adviser Kenny Schachter.


Spear’s events unite the high net worth readers of Spear’s with the experts, commentators and brands that populate the magazine.

Each event provides a unique opportunity for brands and organisations to directly interact with highly targeted affluent, successful and influential individuals.


+44 (0)20 3096 2286 | +44 (0)7903 255 295 | [email protected]

WEALTH INSIGHT FORUMOur Wealth Insight Forum in November at One Great George Street, Westminster, did what we do best: bringing together the best people for the best conversations. Covering everything from art to awkward family encounters, we present the highlights

How to ensure a legacy you won’t live to regret

Sponsored by Capital Generation Partners

Juliette Johnson, Juliette Johnson ConsultancyPlum Lomax, NPCKhaled Said, Capital Generation PartnersCorinne Staves, Maurice Turnor Gardner

Often with patriarchs and for people with very successful careers, the idea of letting go or giving up control is something that’s very much against their principles of day-to-day living. So what we try to do is get them to think about a future that they can’t predict.Khaled Said

The only thing that we can all predict is the fact that we’re all going to die one day — although a number of my clients think that’s not going to be the case.Corinne Staves

Where we see real conflict is where that [family] ethos has been decided by one person and it gets taken down through generations, and other generations either don’t agree

with it or don’t want to follow it or don’t understand really what it means… [A foundation] needs to be flexible to adjust to changing needs, because the world is always changing.Plum Lomax

The starting point [for discussions on legacy] is talking to people about what you want to be remembered for and what sort of impact you want to leave on this planet when you go.Juliette Johnson

Most of the clients that come to us are people who do not want to leave too much to their children; they would rather give it away, potentially, with their children and pass on some of those values to their children instead.Plum Lomax

You need to create a really flexible structure. If you want to make philanthropic donations, that’s fantastic, but bear in mind you can’t have it back — you’ve got to be really certain that that’s what you want.Corinne Staves

shot before dawn // wealth insight forumshot before dawn // wealth insight forum

Immortal Remains

ORdER OF pLAy

Immortal RemainsHow to ensure a legacy you won’t live to regretSponsored by Capital Generation Partners

Hang On!The pleasures and pitfalls of owning art Sponsored by AXA ART

Grapes of WealthIs it a vintage time for investing in wine?

Best of BritishJosh Spero interviewed Jeremy Goring of The Goring about running a family business in the 21st century

FOCUSKhaled Said on family baggageFamilies tend to have advisers who’ve been with them for a very long time and they end up in a way becoming surrogate parents to the next generation. Let’s be punchy and fun: they can become massive baggage because the truth is the next generation are grown-ups. It’s about the legacy creators empowering the next generation in their lifetime rather than ‘you do nothing until I die and then it’s all wrapped into trusts and structures and off you go’.

One of the mixed messages that are given to families of wealth is this idea that they are passing down all this entrepreneurial spirit and that you have to be entrepreneurial, but on the other hand you shouldn’t lose any of this money. There are a lot of mixed messages.


FORMAT 08:30-09:30 Breakfast09:30-10:15 Panel 110:15-11:00 Panel 211:00-11:30 Coffee and networking11:30-12:15 Panel 311:30-12:30 HNW round table discussion session12:15-13:00 Panel 413:00-14:30 Lunch and networking

DETAILS Date: TBCTime: 14.00pmVenue: Central London Location PROVISIONAL FORMAT

13.45-14.30 Welcome & Networking14.30-14.50 HNW Geopolitics14.50-15.35 Property Outlook15.35-16.20 Fintech and Brexit16.20-16.40 Networking16.40-17.25 Tax and Trusts Outlook17.25-18.10 Luxury Business & Wealth Management Focus18.10-18.55 Offshore: IFCs and Brexit19.30-19.45 The Great Spear’s Debate19.45-20.15 Networking & Drinks

TOPICS

WEALTH INSIGHT FORUM 2017 The Spear’s 2017 Wealth Insight Forum will bring together the finest and brightest professionals and figures from across the wealth management field, exploring the key trends and issues facing big money today. With time set aside for networking throughout the event, there will be a series of panels touching on key areas of focus for UHNWs, HNWs and their intermediaries across wealth management in the UK and offshore, the law, property, tax and more. Here’s how we envisage the day shaping up:

WELCOME & NETWORKING Time: 13.45-14.30 Spear’s and the headline sponsor welcome attendees to the event with some opening remarks, during a preliminary 30-minute networking session. The environment will feature branding for the headline sponsor, as well as important positioning within the Wealth Insight Forum event guide, as well as the hosting of the Wealth Insight Forum dinner.

ESSENTIAL HNW GEOPOLITICS WITH ROBERT AMSTERDAM Time: 14.30-14.50 Leading lawyer and Spear’s contributor Robert Amsterdam, founding partner of international law firm Amsterdam and Partners LLP, discusses the geopolitical situation facing HNWs in 2017 and 2018. This will be followed by questions.

PROPERTY OUTLOOK Time: 14.50-15.35With initial comments from the panel sponsor, three high profile figures from the London/UK property scene, will discuss trends they’re seeing in discussion with a Spear’s facilitator. The discussion will last 30 minutes, followed by a 15 minutes question-and-answer session. Topics for discussion will include impact of Brexit over short/longer term values and market trends; the continuing impact of tax/stamp duty agenda on UK prime property and broader topics such as the role London property plays in attracting global wealth creators to the UK. Finally it will address the key trends that HNWs and their intermediaries must be aware of looking towards 2018/19.

FINTECH IN THE AGE OF BREXIT Time: 15.35-16.20London is rightly described as the Silicon Valley of fintech: here a panel of fintech specialist discuss ways that firms like theirs are transforming the industry in the age of Brexit. Following some initial comments from the panel sponsor, big-hitters from the field of Fintech, chaired by a Spear’s journalist, will discuss how Fintech is transforming London’s position as a financial and wealth management centre and the important opportunities that it provides wealth managers of all stripes. We’ll also ask whether all wealth management companies are going to be tech companies and review the sustainability of investment in Fintech: is the market going to get some big winners and losers?

NETWORKING Time: 16.20-16.40 Attendees will have time to network and discuss themes raised above.

THE HNW TAX AND TRUSTS OUTLOOK Time: 16.40-17.25What more should the UK do to attract HNWs? Will the tax environment be more severe come 2022? These are among the topics that our panel of heavy hitters from the field of tax and trusts will consider in this panel. Commencing with a brief sponsor address, three experts will digest the above, as well as considering other trends they’re seeing in the area – there should be much to talk about following the general election in the UK. The 30 minute discussion will be followedby 15-minute Q&A.

LUXURY BUSINESS AND WEALTH MANAGEMENT FOCUS Time: 17.25-18.10 How is ‘bespoke’ is changing the luxury sector – and what can professionals across the wealth management industry learn from it and other trends in luxury? With a panel from luxury brands, retailers and concierge services, the Wealth Insight Forum looks at where HNW luxury customers are coming from in the changing world and how luxury providers are keeping ahead of the crowd.

OFFSHORE HNW OUTLOOK: IFCS IN THE AGE OF BREXIT Time: 18.10-18.55How will Brexit affect the standing of IFCs such as Jersey, Bermuda and Gibraltar? This panel discussion investigates how IFCs such Malta and Luxembourg, Bermuda and Singapore, as well as Crown Dependencies are responding as UK departs the EU. We’ll also look at the surging market in Citizenship by Investment Schemes, the impact of Common Reporting Standard/ Global Tax Sharing Agreements on wealth management, as well as general IFC trends into 2018/19.

THE GREAT SPEAR’S DEBATE 2017: Time: 19.00-19.45‘WILL BREXIT TARNISH LONDON’S WEALTH MANAGEMENT CROWN?’With an opportunity for the debate sponsor to introduce or chair the debate, we will invite big hitters –Brexit ‘hawks’ such as Jacob Rees-Mogg and ‘doves’ such as financier Gina Miller – to put the case for the City’s future after Brexit.

The debate will be followed by networking session over drinks and closing remarks from the headline sponsor ahead of its close at 8.15pm. This is followed by a headline sponsor dinner for a selection of handpicked guests and speakers.

PROGRAMMEWEALTHINSIGHTFORUM 2017


HOW TO GET INVOLVED

HEADLINE SPONSORSHIP: £28,000— The Spear’s Wealth Insight Forum in association with your company’ whenever the event is mentioned— A representative from your company to give an introduction to the event and closing speech before the Great Spear’s Debate— Opportunity to chair the Great Spear’s debate with 4 key speakers led by celebrity individuals— A private dinner after the event or at a later date with 15 selected guests from attendee list (all cost included in package cost) — Opportunity to have a stand in the break out area - (exact size TBC)— Exclusive sponsorship of a Spear’s newsletter pre and post the event— Comprehensive major branding at the event and before and after in Spear’s and on spearswms.com, including on the invitation to delegates— One full page ad or profile in event programme in a premium position— Six delegate passes— Exclusive sponsorship of all guests badges with sponsor’s logo— Your company twitter handle to be included in every event tweet on the event night (subject to editorial control)— A “Foreword” in the events programme— Site skin for one week prior to the event taking place on http://www.spearswms.com/category/wealth-insight-forum/— 500,000 ROS impressions on http://www.spearswms.com/category/wealth-insight-forum/ until 30 days after the event has finished— An interview with your brand ambassador to be included on spearswms.com until 30 days post the event— One native article online at spearswms.com to be live on the site until 30 days post the event

PANEL SPONSORSHIP: £15,000— Exclusive sponsorship of the chosen panel and the right to have a speaker on that panel— Opportunity to give a brief introduction prior to the panel starting — Comprehensive major branding at the event and before and after in Spear’s and on spearswms.com, including on the invitation to delegates.— Opportunity to have a stand in the break out area (exact size TBC)— Your logo to appear on http://www.spearswms.com/category/wealth-insight-forum/ alongside your chosen panel— One native article online at spearswms.com to be live on the site until 30 days post the event— Your own dedicated Solos E-Shot sent to all attendees after the event has finished— One SOV MPU banner on http://www.spearswms.com/category/wealth-insight-forum/ until 30 days post the event— One full page ad in event programme

— Four delegate places

STAND SPONSORSHIP: £6,000— Opportunity to have a stand in the breakout area for the duration of the forum— Full Page advertisement in the events programme— Comprehensive major branding at the event and before and after in Spear’s and on spearswms.com, including on the invitation to delegates.


+44 (0)20 3096 2286 | [email protected]



A cross between Forbes and Vanity Fair Ben Goldsmith

My favourite magazineSir Terence Conran

Spear’s is for anybody who wants to make money — and keep itElizabeth Hurley

ABOUT SPEAR’S

Spear’s is the multi-award-winning wealth management and luxury lifestyle media brand whose flagship magazine has become a must-read for the ultra-high-net-worth (UHNW) community.

Described as the ‘Bible of the banking fraternity’, with its own wit and outlook, it is also required reading for the affluent financial services community, including the bankers, lawyers and family offices who advise the wealthy.

Through the Spear’s Wealth Insight Forum, Spear’s is uniquely placed to connect financial and luxury brands to this exclusive and elusive audience. By engaging with our panels on the concerns of the wealthy in the twenty-first century, your company or brand can demonstrate a forward-thinking, intelligent approach while meeting our HNW audience.

spearsmagazine.com

100 November // December 2013

the good life // art

November // December 2013 101

the good life // art

Sculptor Emily Young may no longer live in England, having found contentment in an Italian convent, but she carries the memories of its stones in her spirit — and in her art

When John Ruskin visited the out-of-the-way church of Madonna dell’Orto in the Cannaregio district to write an entry for The Stones of Venice, he came away more inter-

ested in the Tintoretto paintings than the medieval or monastic architecture. But such was even their neglected condition that he noted that no visitor was likely ‘to derive any pleasure from them’.

Over 150 years later, that certainly cannot be said of the remarkable exhibition put on in the cloisters of the church during the Venice Biennale by British sculptor Emily Young (represented by the Fine Art Society). Entitled We Are Stone’s Children, the show — Young’s first major European exhibition — had such buzz that many of the world’s top collectors, critics and curators forwent an entire morning or afternoon (not to mention lunch on a collector’s superyacht moored beside the Giardini) just to trek out to the run-down Venetian quarter where the main feature of the empty squares are ugly washing lines hung out with clothes.

It is no coincidence that Young chose to stage her exhibition in the cloisters of an obscure and unfash-ionable church, just set back from the fondamenta which even seasoned Venetian art tourists have trou-ble locating. Yet there is also something uplifting — more authentic — about this scrappy district. The canals are more open and stretch wider. There is less sense of architectural and social claustrophobia — there is more space, hardly any people, both more darkness and more light.

Young, 61, is an attractive woman with short, dark hair, sharp blue eyes and a self-assured presence.

W I L L I A M C A S H

IS EDITOR-IN-CHIEF OF SPEAR’S

HEART OF STONE

eMILy young

In ACtIon, And

Her fInISHed

unfInISHed

WorkS

ART, travel & luxury

wealth insight forum

52 July // August 2013

the issues // innovation

July // August 2013 53

the issues // innovation

black to the future

Hands up who’s fed up of struggling to find a black cab? You can put your hand down now — literally — thanks to Hailo, an app that uses smartphone technology to do the work for you

london’s black-cab drivers have never quite managed to master supply and demand. The streets are packed with available cabs, amber lamp lit up, when you don’t need one, but when rush hour starts every

single one seems to be perpetually occupied, leaving you — inevitably — in the cold, rain and gloom. A new app, however, promises to make the cab trade as effi-cient a market as any City trader, standing somewhere near Bank, vainly sticking out a hand at the traffic in the hope of a taxi, could desire.

Hailo, invented by a group of six which included three taxi drivers, is already being used by two-thirds of the 16,000 full-time black-cab drivers in London and by almost 300,000 customers after only eighteen months, and it’s disrupting — positively — the indus-try for both. Once downloaded free of charge, Hailo lets you flag a black cab from wherever you are in London with two taps of your phone: one to open the app and another to hit the ‘Pick Up Here’ button. Thanks to GPS, which tracks the cab, you can see how long it’s going to be, and the driver’s details are con-firmed for your security. You don’t even have to worry about directing the cabbie to a cash point on the way home: you can pay by credit card without extra charge. The driver pays 10 per cent of the fare to Hailo.

London is not the only city to benefit: one in ten of Dublin’s residents use Hailo, while there has been success in Toronto, Chicago, Boston and Madrid. The route has not been clear everywhere, however.

One doesn’t think of London’s grumbling, cynical black-cab drivers as being the first to adopt innovative technology, but they are signing up to Hailo in droves, a hundred registering per week. Neil Chadwick, a

black-cab driver in London for the past eleven years, has been using Hailo since it launched there in 2011, and is a devoted convert: ‘I’m doing less hours, getting my money quicker and I’m getting home a little ear-lier. It gives you another set of eyes. It’s not like being on a radio circuit [which farms out the jobs centrally]: it’s the same as working off the street, but you’re get-ting jobs that you can’t see. Normally customers would have to go out on to the main road to hail a cab, but now they can do it from where they are, so I’m picking up fares more and more in obscure streets I’ve never heard of.’

It’s a strong endorsement of Hailo that it is ena-bling customers to flag down cabs in streets even a London cabbie deems obscure, but then this is a piece of disruptive technology — and it’s this element that has been crucial to its success. As a result of the market disruption being wrought by Hailo, minicabs or private hire firms who rely on people pre-booking taxis online and over the phone are seriously worried about their future. As Ron Zeghibe, one of Hailo’s non-taxi-driver founders and its chairman, says with satisfaction: ‘They aren’t just being phased out. It’s like a revolution: these guys are dead.’

Talk of a revolution might seem rather dramatic, but Steve McNamara, general secretary of London’s Licensed Taxi Drivers Association, uses exactly the same word: ‘The introduction of Hailo has revolu-tionised the taxi trade in London, and it’s educating a whole new generation of customers about the benefits of using a real taxi driven by a professional driver with the Knowledge, as opposed to the minicab service that many had grown up with.’ As well, then, as making the market more efficient, Hailo is also push-ing out competition — a double disruption.

a flagging industry The reason the seven similar apps that were in exist-ence before Hailo failed to really take off, suggests Ron Zeghibe, is because they were not based on a proper understanding of London’s black-cab market. ‘Hailo is a 21st-century technology solution, and it’s disruptive. But it’s also about taking the solution and grafting it on to what is, in London, a 400-year-old industry. If you don’t understand the operational intricacies of the industry, you will fail.’

Zeghibe and two internet entrepreneurs joined forces with three London cabbies — Russell Hall, Gary Jackson and Terry Runham — to get an insight into the industry’s problems. Hall was a London cabbie for 30 years and says that driving around empty was a major concern in the trade: ‘One big problem was filling the dead mileage. I live in Kent, so driving back late at night, I’d stop at a set of traffic lights, a car pulls up beside me, it’s obviously a private-hire care, there’s a lady in the back, and she should really be in my vehicle. But she can’t get into my taxi, because she doesn’t know I’m available. Now she can hail me on her phone.’

Unlike the entrepreneurs behind the preceding apps, Hailo’s founders had this insider knowledge to

rely on. ‘It was our impression,’ says Zeghibe, ‘that the iconic London black cabs had been under pressure for a number of years by the private-hire industry and the professionalisation of minicabs represented by the likes of Addison Lee. They really felt their trade was under threat. So we thought, with the power that smartphones are putting in everyone’s pockets, you could offer software solutions through apps and algo-rithms. You already had the technology to come up with a much more cost-effective solution in matching up drivers with customers, and cutting out intermedi-ary costs.’

Part of the function of disruptive innovations is that they change a market that users might not even real-ise is flawed. For example, pre-booking seems like a perfectly good way of getting a cab when you want it, but according to Zeghibe having to do so is a sign of the market’s imperfection: ‘You pre-book because the system is broken, not because it works really well, because you can’t rely on getting a cab exactly when you want it. But if it were a really good market, you’d be able to just flag down your cab exactly when you wanted it.’

rotten apple Despite the benefits of using Hailo for customers and drivers, not all cities are as welcoming as London. In New York, where Hailo rolled out in May, livery and black-car firms are trying to sue the city for permit-ting customers to hail yellow cabs with smartphone apps. They argue that apps such as Hailo and its big-gest US competitor, Uber, discriminate unfairly against poorer customers who are unable to afford smartphones, and would allow yellow cab drivers to refuse fares more easily. A similar scenario has played out with other disruptive technologies: while Airbnb, which allows users to hire spare rooms in people’s houses, has been a big success in Britain, it was ruled illegal in New York in May. These apps and sites still have to fight against deep and powerful vested inter-ests in a country which prides itself on its free-enter-prise culture.

Zeghibe is dismissive of the black-car and limou-sine industry’s reactionary stance: ‘It’s complete and utter bullshit. What it really comes down to is that a number of players in New York don’t want competi-tion. London is a much more liberal market — it allows innovation to happen.’

The Hailo lawsuit was thrown out in April by a State Supreme Court judge, and Hall attests to a huge level of interest in Hailo among yellow-cab drivers, so it seems that opponents will not have their way in New York. The path for expansion is clear for Hailo, and it plans to be in Tokyo, Osaka, Barcelona, Madrid, Washington DC and Cork by the end of the year. And, as Hall points out, cab drivers the world over are happy for the disruption the app has brought to their trade: ‘We had a golf day yesterday, and this guy I’d never met before came up to me and said, “Thanks for saving the cab trade.” To get that commendation was magnificent.’

M A R K N A Y L E R

is senior researcher

in the spear’s research unit

Illu

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by

Kyl

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art

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spearsmagazine.com

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