The key to client-centric financial planning: David Reynolds, St. James's Place

A key part of the St. James’s Place approach is tailored advice for the individual and their unique personal circumstances, rather than product, sales-driven advice

David Reynolds, Partner at financial advisory firm St. James's Place Middle East, loves to take on a challenge. For the Dubai-based adviser, the more complex a client's situation, the more enjoyable it is to solve their financial issues and set them on the path to financial prosperity.

"I love the technical side, solving puzzles, planning around tax and future outcomes, like inheritance and capital gains taxes," he says. "I'm also fascinated by behavioural finance and the psychology of money. The way the human brain is wired can really act against us. We’re not designed for long-term thinking and planning."

Helping clients navigate their way through complex financial and personal situations - and helping them avoid bad decisions - is one of the most enjoyable parts of the job for David, who thrives on guiding people to a stronger financial position through sound planning.

His attention to detail to client circumstances is a hallmark of the client-centric approach taken by St. James's Place (SJP), a FTSE-listed financial advisory firm with nearly one million customers, which manages US$238 billion in funds under management from London, Singapore, Hong Kong, and the Middle East.

In line with SJP's ethos, David prides himself on close, long-term relationships with clients, taking a decades-long view to investment, planning, protection, retirement and reaching financial goals.

"You have to be interested in people to work in this industry," he explains. "It's the nature of the business, and it’s why I enjoy it so much. A career in wealth management is, like the client's journey, a long path. Take a long-term approach and plan and build. That's where it becomes rewarding."

A personal finance coach

Helping clients think differently about their money, and steering them away from impulsive decisions, is a central part of his role.

"The survival elements in our brain work on short-term risk and reward," he explains. "Most people have heard phrases around investing, and know to, 'Buy low and sell high", but the majority do the opposite, and don’t realise why they're driven to do it.

"We often work as a personal coach to stop individuals hurting their future growth or ensuring their strategy remains in place and for the right reasons," he adds.

With so many direct investment options available to retail investors, people can often rush into poor financial decisions, having a lasting impact on their long-term financial position, he says.

"When access to information is simple and fast, the opportunities for individuals to invest are more available. That's a good thing on one hand, but it can be dangerous on the other."

A key part of the St. James's Place approach is tailored advice for the individual and their unique personal circumstances, rather than product, sales-driven advice. The firm takes a holistic view rather than focusing on a single area as it looks to develop complete financial security for clients.

"In a long client relationship, it is rewarding to become the financial point of contact for everything," he says. "It's important to remember that this is long-term planning, so we can reasonably expect clients to remain as clients for the rest of their lives."

A long-term relationship

David’s own relationship with St. James’s Place goes "way back", he says. His father, who taught him about the importance of money and investing at an early age, became friends with SJP founder and financial advice pioneer Mike Wilson in the 1990s.

"SJP built an all-new business that broke the mould of the traditional financial services of the era," he says. "They created a model that got the best client outcomes, achieved long-term business growth and was a great place for an adviser to be."

After moving to Singapore early in his advisory career, David joined SJP in 2014, after the London-headquartered firm acquired his former employer, Henley Group. David played a key role in the deal.

"We were a relatively small business in a market that seemed to be behind the UK in terms of structures and strategies that were available for clients. We needed a solution for British clients that return to the UK, to provide continuation of service."

"The best UK wealth management and financial advisory business in the UK, was, and still is, St. James's Place," he adds. "So, I introduced the owner of our Singapore and HK business to SJP, and two years later, SJP had bought the business and expanded internationally for the first time."

Having spent several years in Singapore advising a range of clients, from middle-income earners to ultra-high-net-worth individuals, a new opportunity came calling for David earlier this year to move to Dubai.

SJP received regulatory approval from the Dubai Financial Services Authority in May 2023, opening an office in the Dubai International Financial Centre (DIFC) as it looks to expand its presence and deliver quality financial advice across the Middle East.

David is enjoying the change of scene, particularly Dubai's vibrant DIFC business hub and wide array of golf courses, perfect for a lifelong sports enthusiast.

"Singapore is a superbly efficient place in so many ways, and Dubai seems to be right there with it, advancing at a rapid pace," he says.

A timely entrance

St. James's Place's entrance into the Middle East market is timely as the region develops into an international centre of finance and attracts a growing wave of overseas professionals.

With more wealth heading to Dubai and the UAE, David feels it is important for SJP to be a trusted presence on the ground to deliver quality financial advice. An increasingly strong regulatory framework is set to lay the foundation for financial services in the region.

"Within the market I work with, affluent and high-net-worth individuals, typically with UK or Australian financial interests, the UAE has been a challenging region historically," he says. "There is a lot of deserved mistrust of the industry here, which I can understand, but thankfully is improving as regulation improves, such as the welcome recent ban on cold-calling."

As wealth in the region grows, a new generation are set to benefit from a brand of personalised financial advice that has been developed over decades in different continents. David is convinced Dubai and the UAE will go from strength to strength in the coming years and emerge as a winner in a changing world.

"From my early visits to the UAE, it was clear that it has become a serious jurisdiction for so many industries, and was attracting high-calibre professionals away from traditional financial centres. There is a palpable, potentially seismic shift in power and sentiment from Asia to the Middle East."

"It is very much open for business, and there’s an energy about the place, vibrancy of positive attitude and growth mindsets," he adds. "It's as though everyone appreciates the opportunity here - and is out to make a success of it."

To find out more about David and to connect please visit: https://partnership.sjp.asia/partner/davidreynoldsuae

To learn more about St. James’s Place, please visit www.sjp.asia/ae

*The 'St. James's Place Partnership' and the titles 'Partner', 'Adviser', 'Partner Practice', or any variations thereof, are marketing terms used to describe representatives of the St. James's Place Group ('SJP Group'). St. James's Place (Middle East) Limited ('SJPME'), is regulated by the Dubai Financial Services Authority (DFSA) and is authorised to conduct the Financial Services of 'Advising on Financial Products' and 'Arranging Deals in Investments' Investments' in and from the Dubai International Financial Centre (‘DIFC’). DFSA Firm Reference Number F003486.

Registered Address: Gate District Precinct Building 03, Units 706, 707 & 708, Level 7, DIFC, United Arab Emirates. SJPME is part of the SJP Group. Members of the St. James's Place Partnership in the DIFC are appointed by and represent SJPME and may facilitate business with other companies within the SJP Group.