Endeavour
Magazine interviews Luigi Wewege, CEO of Vivier & Co on the outlook of
Boutique Financial Services
Auckland, New
Zealand
The Global
Credit Crunch had relatively little effect on the New Zealand banking sector.
In part, this fortunate stability was a result of the health of the country’s
financial market and lending sector, which always faced much sterner regulation
and control than many other countries during the boom years between 2002 and
2007. For such reasons, since the 1990s,
New Zealand has been the destination of choice for global investors, who have
been well rewarded for their faith. Particularly, those from countries such as
Japan and China, who flocked to place their household savings in New Zealand,
have since received interest rates well above their domestic offerings.
“This has seen a global uptake in investors who want
to enjoy the attractive rates offered from New Zealand, without exposing
themselves to exchange rate risk,” says Luigi
Wewege, CEO of Vivier & Co, one of New Zealand’s most prominent financial
companies.
Founded in 2001,
the company was heavily focussed on domestic assets and New Zealand clients. “More recently,” Luigi tell us, “the management team has found a way to
obtain secure, higher yielding investments. It therefore decided to take
advantage of the company’s good reputation and efficient cost base to offer our
services worldwide. These include above average deposit rates, coupled with
security and lasting stability.”
This boutique
financial institution now services the unique needs of an international
clientele. While headquartered in Auckland New Zealand, Vivier Group enjoys a
presence on virtually every continent with offices in Johannesburg, Lima,
Orlando, Dublin, London, Paris, Munich, Dubai and Hong Kong, “We also have many clients outside these main hub cities,” Luigi
is quick to point out.
He continues to
note that, as a Financial Service Provider, Vivier & Co’s business is
relatively straight forward. Put simply, they offer a higher interest rate on
savings - in any major currency - than available almost anywhere else. The
company also maintains a Bankers Blanket Bond with Standard and Poor's A+ rated
insurers, providing a NZD2,000,000 indemnity on any one claim/loss in the
aggregate. This is a simple and
effective product that satisfies a global problem for investors seeking a
higher yield but with complementary safety.
Additionally, they offer bank accounts to companies and individuals who
wish to do business outside their country but face difficulties opening an
account abroad.
“As regards to distribution, we have an international
advisory board, with members based around the world,” he says. “And we offer local
customer service directly through teams responsible for each major language
and/or jurisdiction.”
While New
Zealand may have dodged the worst of the global credit crunch, institutions
like Vivier & Co still face their share of hurdles. The underdevelopment of
a buoyant financial service sector in multiple locations is one of them, “Outside of highly developed hubs such as
Singapore and London it is difficult for people to gain access to boutique
financial services,” Luigi points out.
The other hurdle
is a lack of consumer awareness about the meaning
of boutique financial services, which means that Vivier staff often face the
challenge of explaining the advantages to clients. But when it comes to personal service, they
are very well looked after.
The staff
working at Vivier & Co benefit from a companywide devotion to their development.
“We are offering products that are not
available via the usual high street banks,” Luigi says, “so it demands a more personal level of
customer contact, in particular when dealing with clients that look for
tailored solutions going beyond the scope of traditional services.”
“A Boutique
Financial Institution must attract and retain staff who are incentivised to
deliver these investment solutions efficiently and effectively,” he adds. “Smaller than a
traditional bank, we can be more flexible and focused with our staff as well as
with our clients.”
Development
includes a full scope of industry training, as the financial regulators in New
Zealand set strict rules in relation to anti-money laundering and ‘knowing your
client’. All of Vivier & Co’s staff
are well versed in these rules and apply them in their day to day work. Examinations are also available for RFAs and AFAs,
Registered Financial Advisers. The company also has to belong to a dispute
resolution scheme. This ensures clients can have confidence when they deal with
a financial adviser: that they are professional and meet appropriate standards
of competence, care and diligence. Training takes the form of attendance at
seminars on compliance and related matters.
Luigi points out
some of the specific customer services for which Vivier & Co are renowned: “We offer above average returns along with
far higher security than normally available. Interest can be paid gross without
any deduction of tax,” he says. “We
have also limited the amount of costs for transfers on inward and outward
deposits, minimalized account charges and removed market risk volatility.”
And,
importantly, Vivier offers a more personalised customer contact that can be
found almost anywhere else. This particular aspect of the company, their
person-to-person approach, is one of the keystones to its position in the
industry. Luigi explains that after-sales service and customer commitment are
critical elements of the business, “We
cannot and do not take our clients for granted, as happens with many high
street institutions,” he says. “We
listen to each client’s particular needs and develop a deep understanding of
his or her financial goals.”
In this way,
they can work together to make the best financial decisions, something that is hard
to achieve with a retail bank. It’s yet another reason why Vivier & Co is
so highly respected and enjoys relationships with such a great number of
satisfied customers who not only return, but also spread the word: “A positive recommendation from a client is
worth its weight in gold,” he adds.
Of course,
Vivier & Co is not the only financial operation offering boutique services
but has found the best solution to outplaying the competition is by offering
far higher quality. Thusly, they continue to make highly selective loans,
secured directly or indirectly against real estate located in the UK and
Ireland, both of which are stable members of the European Union, while at the
same time, ensuring costs are contained by providing straightforward products and
keeping a close eye on overheads.
“This winning combination allows us to continue
offering above-average interest rates and thus staying ahead of the other
players in the market place,” is the company’s
mission statement.
With 2014 almost
at an end, Luigi is looking at the next year with anticipation and excitement,
as there are a number of new developments on the horizon.
Earlier in 2014,
after several months of negotiations, the purchase was completed of Vivier Mortgages Limited, a Dublin
based home loan company. This will enter them into the mortgage industry, as
well as offer a chance to take part in the fast moving Irish economy.
Similarly, the Vivier Property division has
recently established an association with first rate, experienced developers in
the United Kingdom. This will allow the group to invest in a wide range of
residential real estate that will expand the asset side of the balance sheet
and offer even more security to their clients. Finally, the Vivier Technology division has entered
the scene as a crucial part of the offering, “A short while ago, the company mandated a top design firm to rewrite
the entire website.” Luigi explains, “At
the same time, we have signed up with a new debit card organisation, affiliated
with VISA and MasterCard. This will allow us to simplify account opening
procedures and online banking as well as to improve data protection and
functionality from anywhere in the world.”
Each of these
projects has demanded significant human resources, Luigi explains, “The group has called on experts and
specialists worldwide to accomplish these goals, which have required
considerable capital.”
This capital was
sourced by the shareholders and demonstrates the level of confidence they have
in the company’s long term goals, “Quite
rightly they trust that this investment will be vindicated by stable expansion
of the client base, growth of the balance sheet and ultimately the success of
the group as a whole.” Luigi concludes.
About Don Campbell
Don
Campbell is the Director of Editorial and Business Generation at Littlegate
Publishing LTD where he has facilitated the growth of the internationally read
publication Endeavour Magazine as well as a number of standalone, industry
specific publications available at Littlegate.
About Littlegate Publishing
Littlegate
Publishing LTD is the publisher of choice for corporate decision makers and
boardroom icons seeking the latest business news, profiles and opinion
articles. Our benchmark publication Endeavour Magazine adorns the desks of some
of the world’s most iconic corporate leaders as well as the fastest growing
businesses in a range of industries.
About Luigi Wewege
About Vivier & Co
Vivier and
Company Limited (‘VCL’) is incorporated and registered as a Financial Service
Provider in New Zealand under registration number: 1130618. VCL is a member of
Financial Services Complaints Limited a New Zealand Government approved Dispute
Resolution Scheme and maintains an Insurance Policy with Standard and Poor's A+
rated insurers, providing a NZD2,000,000 indemnity on any one claim/loss in the
aggregate.
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