Enthusiasm. This is what jumps out when David Guild talks about his lengthy experience within the financial services sector. While intellectual stimulation is prominent on his list of highlights of working in investment management, engagement with ‘real people’ is a side of the job that he is truly passionate about. “I can be chatting on the telephone to a wonderful elderly lady, whom I’ve had the pleasure of looking after for 25 years, about her garden. Five minutes later I can be talking to some expert about a specialist investment area.” It is this diversity that is both challenging and rewarding. 

David’s zeal for meaningful social interaction extends beyond the workplace. As chairman of Belgravia’s Caledonian Club and the charity ScotsCare, David – in addition to executive responsibilities within these roles – interacts regularly with people from all walks of life. “It helps to give you a greater understanding of life in a general context [which means] you don’t become too narrow-minded or closeted.” Add two young “very stimulating” children into the mix, a girl of 13 and boy of 11, and that’s a lot to keep a man occupied.
A keen eye for business David has always had a curiosity for what you might loosely call ‘commerce’. He spent his school years at an all-boys academic institution in Glasgow. “The boys were processed to go to university to study law, accountancy, medicine, or another academically orientated discipline. But people like me [who weren’t destined for this] weren’t really catered for.” 

With careers advice being “embryonic”, and with little interest in the rather narrow list of career options, David found himself at the age of 17 working as a clerk in a group pension schemes documentation department. “I saw an advert in a newspaper one day inviting school leavers to apply for a job with life insurance company Scottish Mutual.” This threw him into the wider world of financial services. 
The big City During a later stint at insurance company Sun Alliance, David began to understand the “growing osmosis between life insurance and investment”, and there was only one place to explore this further: the City of London – a place that, to a boy from Glasgow, had once seemed like the “dark side of the moon”. At the age of 20, David’s integration into the City was smoother than he expected. “You think you’re coming into a centre of excellence, and everyone else outside London is just a country bumpkin. But actually, when I came here I found the levels of knowledge and expertise were no better than anywhere else.”
"Young people come out of school very well rounded in certain ways, but inadequately equipped in what are almost common sense situations: how do you manage your money? How do you insure things? How do you plan for the future? It’s very gratifying to see that the industry is moving ahead with some purpose on this front" David’s career then took a significant turn. The 1980s – a time when investment concepts were intersecting with insurance policies, and tax planning became more complex – saw him move to Brewin Dolphin to join the then very small financial services team and then to stockbroking firm Laing & Cruickshank, to perform a similar role before moving into private client investment management. This was no mean feat. “Stockbroking was a rather aloof profession then, nepotism was quite rife and it was almost like a closed shop,” he says.

Major market events – the Big Bang in 1986 and the Great Storm of October 1987, followed by the infamous stock market crash – punctuated the early stages of his career. “In many respects it was a baptism of fire, but it was a wonderful opportunity because once-in-a-lifetime events happened right at the start of my career.” However, the acquisition of Laing & Cruickshank by UBS in 2004 ultimately triggered the dissipating of Laing’s investment management team, and in 2011 David moved with a small team of four – a team that is still intact today – back to Brewin Dolphin.

This journey into investment management has been circuitous, but each aspect has been a valuable learning experience. “The background that I had in financial services was, and still is, invaluable in terms of my day-to-day work.”
Spreading the word Knowledge, and knowledge sharing, is, in David’s view, integral to the future of financial services. “Young people come out of school very well rounded in certain ways, but inadequately equipped in what are almost common sense situations: how do you manage your money? How do you insure things? How do you plan for the future?” However, there has been some strong progression in this area. Work experience, internships and workshops are making waves in encouraging engagement with young people. “It’s an important part of the business, and it’s very gratifying to see that the industry is moving ahead with some purpose on this front.
The CV

2011–Present: Divisional Director, Brewin Dolphin
 
2006–2011: Executive Director, UBS

2004–2006: Investment Director, UBS

1991–2004: Investment Director, Laing & Cruickshank
 
1986–1991: Investment Trainee evolving to Associate Director, Laing & Cruickshank

1985–1986: Financial Planner, Laing & Cruickshank
 
1982–1985: Financial Planner, Brewin Dolphin
 
1978–1982: Life Assurance Administrator evolving to Unit Linked Investment Adviser, Sun Alliance
 
1977–1978: Pensions Documentation Clerk, Scottish Mutual 
“It’s also encouraging to see that the CISI has set up its own educational trust, which will not only assist with the education of those who might want to join the industry, but also give young people a rudimentary knowledge of how the whole financial services side of things works.”

And it’s not just about the youth. Education and support – on compliance, regulation and procedures, to name a few – is vital to the industry. “In terms of financial services, we’re talking about £127bn in contributions to the UK economy in 2014 [approximately 8% of the economy]. So it’s a massive force.” To David, information and regulatory assistance from accredited bodies such as the CISI is invaluable, as is their support in maintaining a positive public image. “Everything that can be done to maintain confidence in the industry is important.”
Looking to the future  Being prepared, knowledgeable and well equipped to deal with the unknown are David’s crucial rules for navigating the investment markets – and there is a lot of uncertainty ahead. Major geopolitical events – Brexit and the EU generally, Donald Trump’s presidential win, Middle Eastern instability and terrorism – will upset both stock markets and sentiment generally. But there are several other impending issues too. 

“Looking at the UK in isolation, we’ve got to wade through Article 50 (assuming it comes to that) and we also have the whole issue of passporting – how is that going to impact on how we conduct our affairs? Then there’s the economy. We’re running large deficits and accumulating debt at an alarming rate. What are the consequences of this going forward? How do we factor external influences into what we’re doing for our clients? That’s a fundamental aspect of what we do.”

Next up are regulatory concerns, including MiFID II, which is due to come into effect next year. While it may introduce a degree of improved transparency, David is doubtful that it will benefit clients in any significant way. “No client of mine has ever asked for more [regulation]. But more and more of it is being put upon us.”

Market setbacks, interest rate cycles, passive investment, cost pricing pressures, competition from overseas and low-cost providers, and now robotics – the list of potential influences goes on. While this may seem daunting, to David it is fundamentally a case of proper management. “Many of these [challenges] you can’t predict. But you have to be ready for these things, and you have to be able to explain how they will have an impact and react appropriately. One sometimes feels that regulators and other bodies do not realise that clients actually appreciate the services we provide, and how we help them. Believe me they do!”

The year ahead will be bumpy, so David’s go-to way to relax and unwind – “rugby, cycling, reading and the warm company of friends” – will undoubtedly come in handy after a long day at the office.


Seen a blog, news story or discussion online that you think might interest CISI members? Email rosalie.starling@wardour.co.uk.