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Coutts Launches “Purpose Of Wealth” Podcast

Jackie Bennion, Deputy Editor, 1 October 2020

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In interviews with clients, the bank says it is aiming to lift the lid on different attitudes towards wealth – what it means to have it, how best to use it. This service also spoke recently to Coutts about its role managing sports and entertainment clients during a difficult time for the sector.

Coutts is launching a podcast talking with clients about their life experiences and what got them to where they are today.

Called "Expect Better", the six-part series opens with musician and philanthropist Sir Richard Stilgoe in conversation with Coutts Institute's Rachel Harrington about his charitable work and achieving the right impact.

Talking to this news service in the summer about managing clients through a period that has dealt a massive blow to sport and entertainment, managing director at Coutts Simon Hopes said the firm's mantra has been “contact, contact, contact."

"When you can’t have events, and touring is off the map, revenues are going to be hit really hard. But you also know that this will be a finite period and in terms of recovery and resilience, the sector is going to be pretty strong," Hopes said.

The firm has a list of clients across sport, music, TV, film, and the arts, representing subsets in theatre, fashion, celebrity restaurateurs, and a fast-rising segment of gaming and vlogging talent, Hopes said.

A team of around 32 serve the segment. "We go right through the hierarchy of industries. You may be a promoter, a writer, a venue owner, a ticketer, producer, so we have a whole range of services." It is this infrastructure that has needed the most help over top-end talent for obvious reasons, Hopes said. Given that it is in people's DNA to want to go to gigs, watch live sport and theatre, he believes recovery prospects for the sector "are huge". Typically, the entertainment industry nets the UK economy around £70 billion annually. Cultural buildings have been lit up in red again this week signalling the stress the sector is under.

For now, "people are busy on content recording, taking the time to be in the studio, "and it has been 'the easiest time" to get a hold of people, he said. This fact has probably laid the groundwork for the bank's venture into podcasting, and engaging with high-profile clients and industry contacts with more time on their hands.

Shifting to managing clients entirely through digital means the last few months has accelerated the bank's online transacting capabilities. It was very much "meetings, paper advice, sign it, send it back," he said. "We have accelerated our modernity in terms of how we are transacting and fulfill things and that’s made it a lot slicker and easier."

With its own philanthropic and charities team, Coutts says the younger generation of talent across the business are hugely socially aware, which is playing into these times.

"You can take the actions of Marcus Rashford and multiply that across a whole subset of players," he said, of sports figures the team represents that are engaged in particular causes. The Manchester United and England striker mounted a successful campaign this summer to extend free school meals. "The younger ones are becoming positive activists, which is brilliant to see," Hopes said.

The first episode dicussing charitable giving comes as UK charities are facing a £4 billion shortfall as the virus continues to curb fundraising.

In creating the series, Coutts head of wealth management Camilla Stowell insists that the bank hasn’t shied away from realities. “When you hear our guests talk about their cancer battles, their charity work, as well as their hopes and dreams for their kids, it puts a different perspective on things."

The podcast is availalbe on third-party platforms, including iTunes and Spotify, with a new episode released each Friday.

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