inBrief Edition 6 | October 2021

inBrief EDITION 6 | 2021

Wealth into words

Featuring...

A changing landscape Prepare for a decade different from the last.

Trust in your inheritance How to leave a legacy in the most effective way.

When good weather is bad news Global warming is no longer a scientific theory.

It’s rapidly becoming a fact in our everyday lives.

EDITION 6

COMING SOON

Talking Wealth with 7IM

INBRIEF

02

Our new podcast series

Tune in to hear 7IM question the topics that are on your mind, and get the answers you might be looking for.

The information and / or any reference to specific instruments contained in this document does not constitute an investment recommendation or tax advice. Capital at risk. The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.

Tax rules are subject to change and taxation will vary depending on individual circumstances. Past performance is not a guide to future performance.

WWW.7IM.CO.UK

Welcome Welcome to the latest edition of inBrief Magazine. It’s been one year since I joined 7IM and in many ways I’ve witnessed and experienced more change in these last 12 months than I have in my 30 years in the profession.

04 A changing landscape Written by Ben Kumar, Senior Investment Strategist and Salim Jaffar, Investment Analyst

08 Trust in your inheritance Written by Alix Storrie, Partner & Head of Tax and Succession, Turcan Connell

10 03

The world has changed significantly over the last year.

Economies, policymakers and broader society have faced and continue to face some unprecedented challenges in the wake of the ongoing COVID-19 pandemic.

Coping with these challenges has been hugely disruptive for businesses and for us at 7IM it has been no exception.

Personally, I’m incredibly proud of the spirit that my colleagues have demonstrated over the past 12 months.

They have adapted incredibly quickly enabling us to maintain the service and communication levels our clients expect.

Of course, I also recognise that there is always room for improvement. That’s why our annual client survey is so important and forms part of our commitment to ‘listen and respond’. The survey offers you an opportunity to tell us what we are doing well and more importantly what we could do differently. With this feedback, we can continue to shape our services around you so that we can better help you navigate your wealth.

Our next client survey will be sent out to you in the next few weeks, so please do keep an eye out for it from your Private Client Manager or Financial Planner. We would be incredibly grateful if you could take the time to fill it in as your feedback really does matter.

In the meantime, please do get in touch if you have any questions or if we can help in any other way. We would be delighted to hear from you.

Contents

When is the best time to start thinking about inheritance tax planning?

Written by Yasmin Wales, Financial Planner

14 When good weather is bad news Written by Terence Moll, Head of Investment Strategy and ESG

18

Colin Rowe Managing Director, Private Clients

@7IM_PRIVATE

Get in touch with your Private Client Manager or call us on 020 3823 8678 and we’ll be happy to answer any of your queries.

Introducing Kris Barclay Written by Kris Barclay, Head of Private Clients – Edinburgh

EDITION 6

ARTICLE

A changing landscape

04

Over 12 years on and investors are finding it hard to let go of the thought patterns that guided them postGlobal Financial Crisis – low growth, low inflation, and low confidence.

It’s been 18 months since the start of the COVID-19 pandemic, and investors are already worrying about the next recession. Every positive growth indicator is viewed as temporary and every negative one is taken to be structural, systemic or secular, and likely to impact the market for a long time.

We believe those worries are misplaced. We expect that the next decade will be different from the last, and that we’ll see a stronger economic cycle.

Individuals are ready to spend while governments are happy to let deficits rise, and business confidence is surging as a result. More confidence means more spending, which creates more jobs and more demand: a virtuous circle leading to a genuine wave of growth.

In our portfolios, you’ll see tilts towards the ‘new cycle’ winners, with equity investments in undervalued sectors and regions, such as industrials, mid-caps and emerging markets, at the expense of the huge US tech stocks.

Looking ahead After its great and long run, can the NASDAQ keep on rising?

More importantly, can it keep rising at a faster rate than the broader market? Once global growth speeds up, we think investors will start to re-evaluate the relative attractiveness of large US tech companies.

While US equities have been motoring for several years, it wasn’t that long ago that things were different. Between 2003 and the end of 2006, for example, US equities underperformed non-US stocks by a whopping 70%.

INBRIEF

Ben Kumar Senior Investment Strategist

Our portfolios are positioned for a strong rebound in economic growth over the next few years, tilted away from the winners of the last cycle, and towards the winners of the next one. That means more cyclical, smaller businesses, spread out across the world, rather than just in the US. It means longer-term thematic investments into healthcare companies and businesses looking to tackle climate change, rather than the mega-cap tech media platforms.

WWW.7IM.CO.UK

05

Salim Jaffar Investment Analyst

@7IM_PRIVATE

And in fixed income, we think investors should also allocate to higher-yielding parts of the universe, and towards alternatives, where possible.

As interest rates begin to grind upwards again, investing in the kinds of bonds that have a little more protection, in the form of higher coupon payments, will be beneficial. Government bonds will still protect portfolios but aren’t going to make much in the way of returns. >>

EDITION 6 INBRIEF

06

A changing landscape Continued

We expect inflation will be higher in the next decade than the last. Wage growth is strong, globalisation is slowing, and central banks want more inflation. But that isn’t a bad thing.

When talking about inflation, people seem to forget that central banks have inflation targets because some inflation is good for growth. In more developed countries, inflation has been below these targets for some time, and so has growth!

Unless we want the whole world to have Japan’s sorry experience of no inflation and no growth since the 1980s, we should be welcoming some inflation.

There’s a lot of noise around supply chain issues at the moment, and much of it is justified. But supply chain disruptions are likely to be localised and temporary, solved by the normal mechanism of supply and demand. Take wood prices in the US, for example: they quadrupled at the start of 2021 before plummeting back to where they started within just six months.

What happened? As prices increased, suppliers and lumberyards across the world supplied more wood, to make more money. High prices solved the lumber shortages, and now there’s about the right amount of wood to keep the market steady. The same will be true of semi-conductors, new cars, building supplies, and iPhones.

It’s capitalism at work, reining in short-time price dislocations to keep inflation contained.

And interest rates?

Of course, if inflation is picking up (even a little bit), it’s natural to ask about the impact of potential interest rate hikes.

Predicting exactly when rate hikes will happen is a fool’s game. Unless you’re Chair of the Federal Reserve, you really won’t be able to call it. At some point, central banks will have to begin hiking cycles; it’s a question of when, not if.

WWW.7IM.CO.UK

Conclusion As multi-asset investors, our portfolios are well-equipped to handle market ups and downs, and are adapting to an everchanging environment. We believe that risk should only be taken when it can deliver positive returns and have diversified across a wide range of markets, companies and governments.

Markets are evolving and we expect certain nations like China to prosper in the future, which is why we are weighted more towards emerging markets than our peers, as we aim to deliver consistent returns over a prolonged period.

We expect inflation will be higher in the next decade than the last. Wage growth is strong, globalisation is slowing, and central banks want more inflation. But that isn’t a bad thing.”

07

But this doesn’t mean that we can’t prepare for rate rises.

Our portfolios are all-weather by design, and we’ve got a few tactical positions which should do well in a rising-rate environment: underweight government bonds, overweight alternatives, overweight value and underweight tech.

@7IM_PRIVATE

EDITION 6

ARTICLE

Trust in your inheritance How to leave a legacy in the most effective way

INBRIEF

08

The COVID-19 pandemic has led many of us to consider our financial futures more carefully, with a view to ensuring that we protect our loved ones in the face of unforeseen events.

Alix Storrie Partner & Head of Tax and Succession, Turcan Connell

If you would like advice on how to set up a trust in Scotland or England and Wales, contact a member of Turcan Connell’s tax and succession team today on 0131 228 8111. Or speak to your 7IM Private Client Manager or Financial Planner.

The concept of the trust is well established in law, having existed in one form or another since the age of the Roman Empire. Trusts form one of the pillars of good estate planning and, although in the United Kingdom changes to revenue law in recent years have affected their tax status, they still have an important role to play.

There are a number of reasons to establish a trust. The main advantages of a trust are flexibility and control. We focus here on the use of trusts in lifetime estate planning, rather than on death through a will.

Often there is a desire to make gifts for inheritance tax (IHT) planning – to start the sevenyear clock running – but a reluctance on the part of a donee to hand over large amounts of cash or valuable assets to young or potentially vulnerable beneficiaries. In the case of children, without any protective structure in place, they become entitled to do as they please with the gifted assets on reaching age 16 in Scotland or age 18 in

England and Wales. So those assets may not last very long!

If, instead, the gifts are made to a trust, the settlor can reserve a degree of control over the trust funds until the beneficiaries can manage the assets responsibly.

They can have confidence that the trustees – one of which can be the settlor – will protect the beneficiaries from receiving large sums of money at too young an age whilst ensuring that the funds can be advanced to them for their benefit, if appropriate to do so.

A common example of such lifetime trusts might include the creation of a discretionary trust to pay school fees for, say, the benefit of grandchildren.

Each grandparent may gift up to £325,000 (the current “nil rate band”) to Trust without incurring any up-front charge to inheritance tax. By doing this, the grandparent reduces their own estate by £325,000, thereby saving a potential 40% tax on death were that amount to have stayed within their personal estate.

WWW.7IM.CO.UK

About Alix

gift that excess income and it is immediately free of inheritance tax, without any seven-year run off. This exemption often applies for the payment of annual life policy premiums.

Trusts can be used to hold life policies. Where that is the case, when the policy pays out, the proceeds are paid to the trustees, rather than to the estate of the settlor or to beneficiaries direct. In this way, the proceeds of the policy are held by trustees, who may then have discretion as to who is paid from the policy proceeds and to what extent. Such funds would fall outside of the deceased settlor’s estate and could, for example, be used to meet any IHT bill due on their death.

Whatever the format of the trust, a letter of wishes from the settlor is recommended as it gives the trustees guidance as to how the settlor might wish the trust fund to be administered.

Whilst trusts can be very effective in estate planning, trust law and the taxation of trusts is complex, and specialist advice should be taken in every case.

09 @7IM_PRIVATE

If they survive seven years from doing so, they may add another £325,000 to the trust.

The creation of such a trust for these purposes means that income or capital can be paid out at the discretion of the trustees to meet educational expenses.

An advantage is that income from the trust can be paid net of income tax to the beneficiaries, who may then reclaim the tax paid by the trustees via their own personal tax returns or repayment claims.

In addition to the nil rate band, a settlor can gift to trust assets that are free of inheritance tax, which qualify for either 100% business property or agricultural property relief. For those individuals holding such assets it is worth reviewing your affairs to ensure you are making best use of the reliefs. This is particularly the case for those who are considering selling their business, as there are opportunities for tax planning that may be lost following a sale.

Another valuable relief for gifts, including gifts to trust, is the exemption for normal expenditure out of income. For those with an excess of income over expenditure, provided they meet the conditions, they can

Alix Storrie is a Partner and Head of Turcan Connell’s Tax and Succession department.

She specialises in tax and estate planning for private clients, their families and trusts. She advises primarily on Wills and succession planning, including lifetime and post death tax planning, trust law and asset protection.

Alix is the immediate past Chair of the Scottish branch of the Society of Trust and Estate Practitioners’ (STEP), an editor of the Scottish Private Client Law Review, and was previously named one of Private Client Practitioner’s UK Top 35 Under 35.

EDITION 6

ARTICLE

When is the best time to start thinking about inheritance tax planning?

10

Let’s be honest, no one likes to think about their own demise. But equally, many people can’t bear the thought of a large portion of their wealth being swallowed up by the tax man when that time does come (hopefully many years from now).

This is a common topic of discussion with clients, but when is the right time to think about inheritance tax (IHT) planning?

IHT stands alone in the tax regime with a couple of unique characteristics: 01

It is a tax most individuals will not pay

INBRIEF

The first point may sound peculiar, but it makes sense when you consider that, generally, people will not pay IHT during their lifetime, but rather it is charged to their estate when they pass away. There are some instances where lifetime IHT applies, but this is generally the exception rather than the rule, and most commonly occurs when large gifts are paid into a trust.

02

It is a completely voluntary tax

The second point is slightly tongue in cheek, but the headline is that, with proper planning, IHT can be avoided. Of course, this may not be the right course of action for everyone, particularly those with valuable family homes, where IHT planning can be difficult.

The information and / or any reference to specific instruments contained in this document does not constitute an investment recommendation or tax advice. Capital at risk.

The value of your investments and the income from them may go down as well as up, and you could get back less than you invested. Tax rules are subject to change and taxation will vary depending on individual circumstances.

Yasmin Wales Financial Planner

WWW.7IM.CO.UK

11

There is an element of tapering between years three and four, but a common misconception is that this reduces the value of the gift, whereas it actually applies to any IHT that may subsequently become due on the gift. In this sense, the nil rate band (NRB) becomes important.

The NRB is the value of an estate that is not subject to the tax. The base level is currently £325,000, ignoring a possible Residence NRB addition. For example, if an individual made a gift of £300,000 to their daughter, and then passed away within seven years, the value of the gift would erode the available NRB, resulting in only £25,000 remaining to set against the estate. As such, the full value of gifts made within the NRB impact the potential IHT liability for the full seven year period. >> @7IM_PRIVATE

A high level principle for IHT planning is simply the earlier the better, with the slight provision that this should perhaps be guided by when individuals first become aware of the concept, and their exposure to IHT – we would not expect someone in their 40s to be particularly concerned.

Often, individuals we speak to are aware of the basic mechanics of IHT, including the seven year rule around gifts.

Quite simply, any gifts made either directly or into trust, which reduce the value of the donor’s estate, fall into the IHT equation if that individual were to pass away within seven years.

EDITION 6 INBRIEF

12

What is the best time to start thinking about inheritance tax planning?

Continued

The NRB also plays an important role when individuals want to take steps to mitigate IHT but are concerned about the responsibility of beneficiaries.

This is where the use of trusts can become important. Our partners in Turcan Connell have produced a helpful article on this which you can find on the previous pages.

Gifts into the most flexible trusts are, however, subject to restrictions that are not applicable to direct gifts given to individuals. Gifts to trust in excess of the NRB (£325,000 per individual) are subject to a lifetime IHT charge, so it is generally sensible to limit gifts into these flexible trusts to this figure, or double (£650,000) for a couple.

After seven years, the original gift becomes exempt and falls out of the IHT equation, reinstating the available NRB. The process can then start again with a further £650,000 available to be gifted into trust, where the donor retains full control of the assets and how they are distributed to beneficiaries.

This point reinforces the ‘earlier the better’ statement above, particularly for wealthy individuals, where it is possible to pass large sums of money into trust over time, through rolling seven year periods.

Early stage IHT planning, perhaps for those in their 60s or 70s can also be beneficial, when considering gentle steps towards IHT mitigation. It’s important to note that planning around IHT is not an all or nothing scenario, in terms of keep it all or gift it all. There are various solutions that allow steps to be taken to mitigate IHT while still having access to income and capital.

This also involves the use of trusts but instead of gifting funds, assets can be loaned. In this case, the short-term IHT benefits are less prevalent, with the IHT liability reducing over the longer term. In this scenario, the individual retains access to capital and income while building a fund for beneficiaries, that sits outside of the estate.

Finally, let’s consider the position where someone is only starting to consider IHT as they are aging, perhaps someone in their mid-80s with health concerns. In this case, options are much more limited. Seven year planning around gifting and the use of trusts may be problematic, with a reduced life expectancy that won’t see the full benefits of any gifts made out for the estate.

WWW.7IM.CO.UK

To discuss your IHT options, get in touch with your Private Client Manager, Financial Planner or call us on 020 3823 8678 and we will be happy to assist you.

13

It’s important to note that planning around IHT is not an all or nothing scenario, in terms of keep it all or gift it all.”

Yasmin Wales Financial Planner @7IM_PRIVATE

However, there are still options. Certain trusts can offer immediate IHT benefits, while specific investment structures can offer IHT relief after a two year holding period. But, in this scenario, it is important that the investment itself is a suitable solution for the client and they are not being driven entirely by the tax benefits of IHT mitigation.

In summary, the availability of options for IHT mitigation for someone in their 60s and 70s, in relatively good health, are potentially far wider than those who have started to consider estate planning later on in life.

To bring things full circle, it is no one’s favourite subject to talk about how long they might have left, but proper consideration of planning options can mean that those left behind are not faced with a significant – yet avoidable – tax liability.

EDITION 6

ARTICLE

14

When good weather is bad news

INBRIEF

We all have stories about the hot weather of the last few years.

Mine isn’t about the toasty summers, but about the warm winters. In 2020/21 I did not bring out my winter coat or scarf. Not once. I walked around in sweaters and light windbreakers, no problem.

I’m based in Central London which is not exactly Arctic territory. All the same, when I lived here in the 1980s, I used to wear my thick coat and scarf for weeks on end. I reckon London is getting warmer every year.

In a few years the world’s best champagne might well come from Kent and Sussex. North-East France will be too damn hot.

WWW.7IM.CO.UK

15

Toasting Global warming is no longer a scientific theory. It’s rapidly becoming a fact in our everyday lives.

We saw this with the heat waves across the Mediterranean and North America earlier this year. In June, the temperature in Portland in the North-West USA hit 46.7°c, the highest ever recorded there by more than five degrees.

Power cables melted, pavements buckled. Wildfires surged across the countryside. People suffered and died in the terrible heat.

The Intergovernmental Panel on Climate Change (IPPC) produced a Working Group Report1 recently that confirmed the world is warming up. >>

1

https://www.ipcc.ch/sr15/

@7IM_PRIVATE

Terence Moll Head of Investment Strategy and ESG

EDITION 6 INBRIEF

16

When good weather is bad news Continued

This was no surprise to people who have been following climate research over the last 20 years or so.

But the numbers were scary: 234 scientists from 60 countries have reviewed 14,000 papers and found that temperatures are rising even faster than we thought.

Why? Largely because of the soaring carbon dioxide and other greenhouse gas emissions that humanity produces. These gases sit in the atmosphere for between 10 and 10,000 years and absorb the sun’s heat, just like in a greenhouse.

If we want to limit global warming to 1.5 degrees compared to preindustrial times, then emissions of carbon dioxide and other greenhouse gases need to be slashed. Beginning yesterday.

At the rate the world is going, that won’t happen. Right now, we are heading for global warming of between 2°c and 3.5°c by the end of the century, relative to pre-industrial levels. Expect more heatwaves, wildfires, extreme rain and flooding, no more coral reefs, and rising sea levels.

The good news But let’s not despair, for two reasons. First, policymakers are beginning to take global warming seriously. For decades they’ve been mostly blasé about it, but the action may be beginning at last. The UK, Europe and USA have all committed to net zero emissions by 2050 and have begun to implement serious climate-oriented policies.

The simplest route, of course, would be to have stiff taxes on greenhouse gas emissions, but nobody’s had the guts to do that yet.

Second, clean technology is increasingly competitive. Solar and wind electricity is now the cheapest in the world and costs continue to fall fast. Fossil fuel producers will gradually be taken out by cheaper competitors.

Competitive technologies already exist to slash emissions in areas like power generation, construction and transport.

We should close down coal plants and replace them with windfarms. Make buildings more energy efficient, using electricity rather than gas. And so on.

Opportunities from climate change Dealing with climate change and reducing emissions is a huge challenge for the world, which will provide abundant opportunities for investors.

We have incorporated a Climate Change Solutions theme in the 7IM portfolios. The basic idea is that dealing with climate change – led by decarbonisation – will take lots of effort, investment and spending. Companies that lead the way are likely to perform well, possibly for many years. This is a structural growth story that could be in portfolios for a long time, so we have a sizeable amount of our equity allocation here.

We’ve defined it to cover four areas: • Clean energy, like wind turbine companies • Businesses becoming more sustainable, like airlines reducing emissions • Green technology, like electric cars • Companies making mass consumer products more sustainable, e.g. meat substitutes, recyclables.

WWW.7IM.CO.UK

The simplest route, of course, would be to have stiff taxes on greenhouse gas emissions, but nobody’s had the guts to do that yet.”

Terence Moll Head of Investment Strategy and ESG 17

We have implemented this theme via the Ninety One Global Environment Fund. This fund overlaps little with global equities and gives us exposure to this growthy area of the market, through a manager with lots of experience and a bias towards China and the emerging markets.

As it happens, the fund’s emissions are quite high at the moment. This might seem odd but makes sense. Some companies in the portfolio are cheap and dirty but have begun to decarbonise fast – and that’s precisely where the best investment opportunities are!

@7IM_PRIVATE

EDITION 6

7IM INTERVIEW

Introducing Kris Barclay...

INBRIEF

18

Kris Barclay recently joined 7IM as Head of Private Clients in Edinburgh and, in this Q&A, we get an overview of what he hopes to achieve in the role, and an insight into who he is and what he enjoys outside of the organisation.

How did you get into the wealth management world, and what’s kept you in it?

My journey into this profession was rather unique!

During a gap year after school and before going to university, I had applied for a bursary to study Italian in Florence. Without any savings, I naturally got a temporary job to fund the trip, and it transpires this was in the office administration department of what is today known as Brewin Dolphin, an investment management company with offices in Edinburgh.

Later that same year, having returned from Italy and having previously demonstrated competence and hard graft, I was able to come back to Brewin Dolphin and move into the front-office operation.

With some guidance from there, it was apparent that university was superfluous since I would do my professional exams in-house. On reflection, having enjoyed checking Ceefax and Teletext at the age of 10, monitoring shares that my working class parents never owned, I was clearly destined to fall into the industry!

As if making investment decisions autonomously wasn’t satisfying enough, I grew to appreciate the satisfaction I would get from managing client relationships by conveying what we were doing behind the scenes for them and having insightful discussions. Increasingly, this has led away from individual investment decisions and more on broader planning matters as the industry itself has evolved. Heavier compliance controls and more centralised investment operations have irked some, but I have really embraced this to allow us to focus on how best we can service clients.

It’s important to acknowledge that the business has gone through a period of change, but it is just as important to understand that these changes will ultimately lead to improvements across the board.”

Kris Barclay Head of Private Clients – Edinburgh

WWW.7IM.CO.UK

19

What excites you the most about this opportunity?

I have seen the industry evolve and have naturally worked with a number of firms. So, make no mistake, I could not be better qualified to scrutinise and get under the skin of the investment function and service delivery at 7IM. When I carried out my own due diligence before accepting the opportunity, questioning if this is the framework I want behind the management of my long standing clients’ investments, I was remarkably impressed.

The improvements to both 7IM’s processes and procedures has allowed us to grow from being a ‘very good’ firm to being almost ‘best-in-class’.

However, I am not convinced clients have seen this yet, with some positive changes still to be implemented and COVID-19 hampering the ability to conduct face-to-face meetings and events.

Since joining 7IM in June of this year, I’ve been pleasantly surprised with the progress that has already been made in working towards our goal of delivering an unrivalled experience, and to ultimately succeed together.

What opportunities have you identified in the Edinburgh market?

In today’s industry, companies are plagued with greater regulatory requirements, which has led to traditional stockbroking firms hiking their fees or saving costs, without providing better investment returns. At 7IM, I believe that we are in an ideal position to add significant value to our clients owing mainly to the fact we have a dedicated Investment Team of the smartest investment minds in the industry, leaving the Private Client Team to focus on service delivery and financial planning. >>

@7IM_PRIVATE

Kris Barclay Head of Private Clients – Edinburgh

EDITION 6

20

Introducing Kris Barclay...

Continued

Our service is unique in the sense that we limit the number of clients that we can serve – something rarely observed at fellow investment firms. Each of our Private Client Managers and Financial Planners have a maximum number of clients that we cannot exceed, granting us the ability to really meet their needs and provide a tailored service.

This robust design ensures that we do not use all of our resources in making every individual portfolio bespoke for the sake of it, but instead allows us to focus on more important issues for the client.

This business model simply would not work at larger firms that cater to the mass market, but we are renowned and thankful to have a high-caliber client base that we must continue to work hard for.

Our vision as a firm is to deliver an unrivalled experience, and I believe the model that we operate on puts us in a great position to do just that.

What message would you like to send our valued clients?

Firstly, and most importantly, I’d like to assure our clients that we do not take their trust for granted.

It matters dearly to us that we continue to service our clients in a manner that meets, and hopefully exceeds, their expectations.

Secondly, I should be confident in conveying to clients, thank you for entrusting us with your investments; we are humbled for the opportunity of adding value, and please sleep easy knowing we are a steady hand at the tiller.

It’s important to acknowledge that the business has gone through a period of change, but it is just as important to understand that these changes will ultimately lead to improvements across the board. We continue to invest heavily in both our systems and our people, and we have considerably strengthened our financial planning presence through a number of key hires and service enhancements.

Outside of 7IM, what are you passionate about?

At the start of the first lockdown, I had an epiphany and realised that my daily commute to Glasgow, and endless sifting through investment research to make better decisions for my clients, was not conducive to my responsibilities as a father and a husband, so with a modest change of direction I’ve managed to dedicate more of my spare time to making memories with my young family.

This, unfortunately, also meant giving up a small board role at a children’s charity, something I only thought I would do in retirement, but it was remarkably rewarding to be able to give something back to those far less fortunate.

Equally, I do still make time to help coach my two sons’ local community football teams when I can.

I also compete (albeit very poorly) in the very low divisions of the East of Scotland tennis leagues.

If you’d like to learn more about any of our team, visit our website: www.7im.co.uk/private-client/aboutus/meet-the-team

INBRIEF

You should address any questions to your financial adviser. The value of investments can vary and you may get back less than you invested. Tax rules are subject to change and taxation will vary depending on individual circumstances. Past performance is not a guide to future performance.

Seven Investment Management LLP is authorised and regulated by the Financial Conduct Authority, the Jersey Financial Services Commission and the Guernsey Financial Services Commission. Member of the London Stock Exchange. Registered office: 55 Bishopsgate, London EC2N 3AS. Registered in England and Wales number OC378740.