A graduate scheme is a reliable route into the investment industry for young professionals looking for their place in the City. Philippa Fielding, Chartered MCSI and Will Dobbs, Chartered MCSI both found their way onto the graduate scheme at investment management group Charles Stanley, having graduated from prestigious universities and after plenty of gruelling interviews. Like most graduates on corporate schemes, Philippa and Will made the rounds in several Charles Stanley departments, learning the ins and outs of the company before settling in investment management.
“When we joined, the graduate scheme was always geared up to people becoming investment managers,” explains Will. “Certainly for the two of us, that was always the intention. So you do your rotations to get a feel for the business and also to meet everyone who we now interact with on a daily basis but who are based in different offices. It’s really to familiarise ourselves with everyone and what each department does. I did a few weeks in back office and then two months in compliance and a bit of time in the dealing room.”
Both Philippa and Will graduated with unrelated degrees – history from Edinburgh for him, Latin and Ancient Greek from Bristol for her. Philippa did an internship in the corporate broking division at Citigroup in her gap year and placements at Deutsche Bank and Rothschild whereas Will did not have aspirations to work in the City before his studies. “Before university, I had no real understanding about the City nor had any ambitions to work in it,” admits Will. “But at university I went along to a meeting of the Edinburgh University Trading & Investment Club with a friend of mine out of interest and quickly became hooked. We had a lot of interesting speakers come along to talk to us about finance, and then the members spent time researching companies for the club’s investment fund, which was an exciting process. That’s what made me want to go into financial services.”
After making it onto the graduate scheme, both were keen on Charles Stanley’s unique approach to investment management and client relations. “What is good about Charles Stanley is that you do both roles,” says Philippa. “I went to lots of different interviews and at most places, you either had to choose to be behind the scenes doing the investing, or be the client relationship person. Whereas, at Charles Stanley, you actually do both. I think that is much more attractive.”
"One of the reasons I wanted to take an active role in the Young Professional Forum was to build relationships with people across different industries in order to enrich my professional contacts and experiences"
“I believe it is important for our clients to be able to speak directly with the people ‘pressing the button’,” Will adds. “This presents opportunities and challenges: many of our rival firms split up these roles and it is often one of the things unhappy clients cite when moving to us. Being able to have a direct relationship with your investment manager is very important and always will be.”
Both have their own clients and assist other investment managers within their teams. For Philippa and Will, a big focus of the job is to keep clients abreast of their trades and the health of their portfolios through reports. As well as being confident investors, both have to be able communicators in order to support their clients’ needs. The unusual model practiced at Charles Stanley is rewarding for investment managers and clients alike, but does present some challenges as well. “Some clients require more hand-holding than others,” says Will. So while they are at the meetings and on the phone with clients, Will and Philippa are also the ones making the investment decisions. When things go wrong they don’t pass clients over to a relationship manager who deals with questions; they take responsibility for everything to do with the service clients receive.
Youthful aspirationsAs young investment managers in the City, both have been eager to prove themselves in an industry that doesn’t necessarily reward youth. “People like to see an investment manager with grey hair,” Philippa says. “But as soon as you are in front of someone it actually doesn’t matter.”
The thirst to establish their reputations within a highly competitive industry led both Philippa and Will to get involved with the
Young Professional Forum, a networking member-only organisation designed for younger City workers looking to develop strong business connections and raise their professional profile. “One of the reasons I wanted to take an active role in the Forum was to build relationships with people across different industries in order to enrich my professional contacts and experiences,” says Will, “and it works. I find once you get in a room with someone and have a conversation with them, any initial doubts about your age tend to be forgotten.”
Both are involved in the running of the group and have tried to ensure that all events and functions are more than just wine-tasting events or drinks parties. Forum networking events try to focus on something a bit more specific or provide attendees with an interesting experience. Under Philippa and Will’s stewardship, it has organised a variety of events, such as a private viewing of Tracy Emin’s exhibition at the White Cube, tours of the Royal Courts of Justice, and debates about Brexit with key figures from both sides of the campaign, as well as fundraisers at the Honourable Artillery Company. The goal is for people to come away from the events thinking they have either learned something, met some interesting people or had a good time – perhaps doing something or being somewhere they wouldn’t normally go to.
Philippa is particularly passionate about getting more women investing, and this has been a focus of her work with the Forum. “Even with some female clients, they come in and say, ‘Oh no, just talk to my husband about it; I don’t really know’ and they kind of put on this funny air when probably they’re good with their own money,” says Philippa.
She has organised women-only events designed to empower women to be more active in business and finance at a grassroots level. “It’s more just getting women comfortable with knowing about Charles Stanley, and that they can invest. We don’t want to ram it down people’s throats, but it’s a way to get people to know about the industry a bit,” she says.
The CISI connectionWill has been a member of the CISI for five years and is particularly interested in the networking that the organisation provides for people in the industry. “It is also key to career progression,” he adds. “I think given the amount of scepticism around financial services following 2008, it is important to have a body that ensures professionalism among its members and strives to improve people’s knowledge and experience through events and exams.” The CISI has been a significant asset for the Young Professional Forum as well, such as when Philippa and Will hosted a debate on Brexit at the City of London Club for their members and those of the CISI.
Both Will and Philippa are looking forward to evolving in the field of investment management and building strong relationships with clients and peers – but they recognise that there may be challenges ahead. “It is clear our industry is undergoing significant changes at the moment, as are most other industries. Technology is creating new opportunities, but it also presents challenges. It will be interesting to see where we are in five years’ time,” says Will.