Farming background handy with rural clients

Otago Daily Times

a day ago

Selwyn Smith grew up on a Riversdale sheep and beef farm.
Heavily influenced by the 1980s era, "which probably dissuaded everyone my age to go and do something different from farming", he chose a career off the land.
But his parents remained on the farm, which was now leased out, and it was that ongoing tenure which gave him an understanding of challenges farmers faced, including compliance, regulation, succession and exit, which was to prove very beneficial when dealing with many rural clients, Mr Smith said.
Plus there was the hands-on knowledge of farming practices that came with being a farmer's son as he recalled drafting lambs early morning and the school bus going past — "and I wasn't on it".
An economics degree at the University of Otago and a postgraduate diploma in financial planning opened the door for Mr Smith to work in capital markets and give personalised investment advice.
He started his career at the BNZ bank in Ranfurly, then one of three banks in the town. It was to give him a good grounding and not just in finance.
In his first week, local publican Dave Weyer handed him a tam-o'-shanter and informed him he was on a curling team and his job was to bring the flagons of beer to the curling rink in Naseby every Monday.
The learning curve of curling was steep, particularly with the sport's "own unique language", but living in the sports-mad Maniototo also meant that a passion for all sport was necessary.
The hotel, bank and radio station formed the hub of the community and he could receive a phone call on a Saturday morning from someone at the service station whose eftpos card was not working; there was an expectation he would be able to "fix it on the spot".
From there, Mr Smith returned to Dunedin and worked at various branches of the BNZ before shifting to Wellington to continue working for the bank.
It was an "outstanding" time and he enjoyed the pace of life in the city. Clients were also busy people who made decisions quickly.
But when a job opportunity arose in Dunedin with BNZ private banking, there was a lure to return given his fondness for hunting and fishing in the back country.
Following some changes by BNZ in 2018-19, Mr Smith and colleague James Hunter decided they needed to find a new home to support their high-net-worth clients with the right level of research.
They saw Jarden as the right fit for them and both resigned about a week before the Covid-19 pandemic hit, an unsettling period as they attempted to find somewhere to start an office under Covid restrictions.
Ironically, the challenges of Covid turned into opportunities and allowed them to spend time building a business, getting the platform right and then opening the door to their Vogel St office to past and new clients, Mr Smith said.
UK-born Mr Hunter moved to New Zealand with his family when he was 12. Initially, he thought he wanted to be a lawyer and he got into second-year law at the University of Otago but he realised that it was the financial papers he was doing on the side that he particularly enjoyed.
Graduating in 2005, he got an entry-level job with BNZ in Wellington and when his now wife got a job opportunity in Sydney just before the Global Financial Crisis, they moved across the Tasman.
His first role was with Macquarie Private Bank and he then moved to ANZ, then to CBA Institutional Bank and then CBA private banking.
Sydney was a "fantastic" city to live in for a decade but it was also a bit of a rat race and he and his wife decided to return to New Zealand to be closer to family, Mr Hunter said.
As both sets of parents were living in Queenstown, Dunedin was a natural fit to move to and also to start a family and Mr Hunter joined BNZ again.
Mr Smith said the decision to establish the Jarden, now JBWere, office had paid off. It operated in a city with two very large competitors and its focus had to be unashamedly on high-net-worth investors.
The consolidation of the two businesses meant the best parts of both businesses were brought together. JB Were would continue to be a boutique firm that developed bespoke solutions for its clients.
A key part of the firm's operating model was the five in the office — him, Mr Hunter, wealth management adviser Tony Conroy, associate adviser Emma Townsend and associate Kate Lilley — focused on client solutions as a team, Mr Smith said.
"The working-from-home model wasn't going to suit us very well. It doesn't allow us to grow discussions and solve problems as a team. It's a key part of our operating model to throw ideas around and solve issues where the team can come up with a better solution than one person."
They could solve the most complex investment needs and had a large pool of offerings to choose from, but they were not tied to any type of investment.
Often, the firm found, as clients moved into retirement, their financial advisers became more important than a solicitor or accountant because ongoing investment advice was needed to ensure that capital lasted.
Dunedin born and bred, Emma Townsend started at Jarden five years ago. After studying at Otago Girls' High School and completing a commerce degree in tourism and management at the University of Otago she moved to Australia, where she ended up working for ANZ and got into financial services.
Returning to Dunedin for family reasons, she worked initially for Craigs Investment Partners before joining Jarden, where she built some models to help run portfolios.
Dealing with clients from all walks of life was the best part of her job and clients she had brought to the firm tended to be women, she said. In the past, it was predominantly men who made financial decisions in relationships and it was nice to see the change, she said.
Also Dunedin raised, Tony Conroy initially completed a law degree with the intention of working in court and immediately got on a plane and went to London for four years.
He worked in various roles and met his English wife before returning to New Zealand in December 1989, when New Zealand was "in one hell of a recession", Mr Conroy said.
He met Mr Smith at BNZ, where he was a private banker for five years. From there, he worked at Forsyth Barr before he was headhunted by Westpac to go into private banking.
He phoned Mr Smith when he heard his former colleague had left the bank to congratulate him on his new move and the pair got talking, which eventually led to him joining the new office.
JBWere had a good culture and it was entering a new phase and, as Mr Smith put it, every day was a new day in what was a very fast-paced industry.