Top Ten UHNW Wealth Managers
A peer observes: ‘Charlie Hoffman is unmatched at providing a personal service while leveraging a huge organisation.’
When Spear’s speaks to Hoffman, the totemic wealth manager is recuperating from a snapped Achilles tendon: ‘I do lots of dangerous sports, sky-diving being one of them – and this was done hopping from one foot to another on the tennis court. But I’m of a pretty sunny disposition,’ he laughs.
In fact, Hoffman remains undiminished, a figure of bonhomie, intelligence and charm. And no such injury, one feels, could prevent his book of business from growing year in, year out. ‘We were pleased with the amount we took on last year,’ he says. ‘More importantly,
our discretionary portfolios have delivered really good returns. Some of that was due to a positive skew to dollar assets. We also did a lot of really interesting private equity deals.’
Hoffman sees certain challenges ahead: ‘Diversification remains key to managing risks. Finding pockets of value is also becoming increasingly hard for managers.’ In the future, he sees fintech as being a likely growth area in the mass affluent and HNW space, but less so for UHNWs. ‘At the upper end, you will always find the need for face to face contact,’ he says. So what makes a great wealth manager? Hoffman laughs: ‘A dose of humility helps. You’re never bigger or better than your clients or the team that surrounds you.’