Multrees CEO Chris Fisher speaks with TheWealthNet

For smaller organisations in the wealth management sector, outsourcing back and middle office functions “can help them focus on what they’re good at”, Chris Fisher, the chief executive of Multrees Investor Services, told thewealthnet.

This is particularly relevant in a sector where keeping pace with tech innovation and regulatory changes is resource-intensive but often key to success.

However, choosing a partner to outsource these services to is not always an easy task.

“These are pretty big and complex projects,” Mr Fisher explained. It also requires significant investment from firms, so it is not a decision that should be taken lightly.

Equally, if firms get it wrong and have to switch, further costs and disruption are incurred.

Knowing what a potential partner’s specialism is can help with this. For Multrees it is largely small and medium sized firms, however what is critical is a strong growth mindset.

The firm aims to have a “fewer number of faster growing clients” and currently serves around 25. Having a smaller number of clients helps the firm keep a higher quality of service delivery, Mr Fisher claims.

This is important when operating in the “high touch” business environment of the wealth management sector. Wealth firms’ client relationships are built on trust, so they expect the same level of trust from their service providers.

Building this trust takes time. Additionally, it is not only important for clients to trust a firm, but it is important for the firm to trust its employees and believe that everyone is working towards a common goal.

“You cannot give trust externally if you do not have it internally,” Mr Fisher argued.

As such, when taking on a new client, Multrees invites them in to meet the team and interact with those that will service them if they become a client.

The ideal situation is for the wealth manager to feel the firm is an “extension of their business”, Mr Fisher explained.

This connection is further supported by the fact that Multrees’ own journey mirrors that of many of its clients, which can help the firm better understand clients’ pain points and concerns.

A fast-growing firm, Multrees has roughly doubled its assets under management (AUM) in the past three years and the company now has around 140 employees, the majority of which are in Edinburgh and Glasgow.

Looking after these employees is of great importance to the firm.

“You’ve got to be happy at work to be happy in life,” Mr Fisher stressed. And this view is reflected in the positive culture the firm aims to have.

Of course, it is easier to create a good culture in a small company, where no one feels like a “small cog in a big machine”. Instead, everyone’s contributions are recognised.

As the firm grows, maintaining this culture is very important, which is why the firm is keen to invest in people and help them develop at all stages of their careers.

Hiring is also a really important part of this.

In particular, Mr Fisher pointed to the success the firm has had in hiring young people, especially apprentices. Some of these have now been at the firm a number of years and are “very strong employees”.

To help support these young employees, Multrees encourages them to move around departments and learn about all aspects of the business. The firm also tries to give them responsibility early on as it finds people respond well to this.

It is also important to ensure the firms Multrees work with have a similar culture. Mr Fisher acknowledges they did not always get this right in the early years and had to part ways with certain clients.

Now, the firm is more confident in what to look for in prospective clients and aims to maintain positive relationships.

Going forward, the firm is focused on developing its products and services and “continually improving,” Mr Fisher said.

He also noted that supporting clients is an intensive process, particularly when servicing fast growing firms. This is a key focus for Multrees and it will continue to invest in its customer service.