8: Helen Watson – CEO Rothschild & Co, Wealth Management, UK

Money Maze Podcast

Business, Investing, Management, News, Business News

4.8 • 216 Ratings

🗓️ 14 July 2020

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

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Summary

Helen Watson describes her untypical journey into finance. After attending multiple schools and then being advised to go to secretarial college, Helen finds a job in finance in Gibraltar before moving and being hired by Morgan Stanley in London.

From there, starting as a sales assistant, she overcomes initial resistance to win a place on the Morgan Stanley graduate training programme and becomes a broker. She describes the “terrifying” experience of beginning to call clients, and her subsequent route to become the first female Managing Director in their Private Wealth Division in Europe. Her journey then takes her to Rothschild & Co’s Wealth Management business, where she rises to become CEO, a Partner and member of their Group Executive Committee.

She talks about the consistent problem of wealthy families losing their wealth within two generations, the underlying causes and suggestions to overcome this including; candour, communication, clearer planning, good partners and a dose of discipline in staying the course!

She discusses the Rothschild & Co investment approach, the importance of preserving real purchasing power, setting the right benchmarks and expectations, as well as managing difficult market episodes.

Finally, Helen offers some invaluable insights for women in the work place, advice for progressing, encouraging cognitive diversity in the hiring process and why portfolio and wealth management are well suited for women. Finally, she discusses the relevant topic of the cost/benefit of attending university and why it may be becoming a less inevitable path than has traditionally been thought.

Transcript

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0:00.0	Welcome to the Money Maze podcast. I'm Simon Brewer, and we've created this show to explore and unravel some of the mysteries surrounding the investment business.
0:19.3	And we hope through direct and insightful interviews with
0:22.3	masters of the real-life money maze, we're going to learn about different approaches to
0:27.5	allocating capital, making investment and business decisions, and navigating the pitfalls that line
0:34.2	the paths to prosperity. Whether you're a current or aspiring investor or a student
0:39.3	exploring career options, we hope you gain some helpful insights and enjoy the shows. Thank you for
0:45.6	listening. It's estimated that 70% of wealthy families lose their wealth by the second generation
0:53.9	and 90% have lost it by the third.
0:57.5	However, one family in Europe stands out, particularly for over the last 200 years, showing how
1:03.8	it's possible not to squander the previous generation's endeavours, and instead prosper and build
1:09.5	further wealth through discipline, dialogue and taking the
1:13.2	long-term view. The subject of two volumes by global historian Nal Ferguson, the Rothschild dynasty
1:19.4	is synonymous with banking, investment advice and philanthropy. So with the immense challenge
1:25.3	of preserving wealth, and now with the investment outlook being
1:28.5	as difficult as any can remember, I'm delighted to have with me the chief executive of Rothschild
1:34.0	and Co's wealth management business in the UK and member of the Rothschild and Co Group Executive
1:39.0	Committee, Helen Watson. Welcome to the Money Maze podcast. Thank you. Helen, today's a different sort of
1:45.5	conversation. I know you well. We work together at Morgan Stanley and in the spirit of full
1:50.4	disclosure and I'm an advisor to the Rothschild wealth management practice in Europe. But I've never
1:55.5	sat down and done a podcast with you, so I'm intrigued and really looking forward to it. Me too.
2:00.5	Let's start with your upbringing,
2:01.6	I believe. Born in Birkenhead, near Liverpool, the daughter of a private in the army,
	...

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