George Winters

Senior Director, Private Clients

George joined 7IM in 2004 and has been serving as a Senior Director within the Private Client Team since 2020. Prior to that, he was Director of 7IM’s Intermediary Discretionary business. George possesses more than 25 years’ worth of financial services experience and has developed longstanding, trusted relationships with a range of clients and families across the country, supporting them in achieving their financial goals and aspirations.

Outside of his work commitments, George enjoys being out and about and can regularly be found on the side of a rugby, lacrosse or cricket pitch supporting his three children, as well as when he finds time for himself, a round of golf, game of cricket or a trip to The Rec to support his favourite rugby team, Bath.

7 Questions with George

1. How did you get into wealth management?

I got into Financial Services by accident. I didn’t know what I wanted to do after finishing my History & Archaeology degree at university. London and ‘the big smoke’ seemed like a good place to start and, after some work experience at a Financial Services PR company, I got to see how The City worked and the range of different companies and roles. I then secured a job at Barclays Global Investors (BGI). It was a great learning ground, but I was dealing with institutional clients and I wanted to deal with ‘real’ people. The co-founders of 7IM Tom Sheridan and Justin Urquhart Stewart worked two floors above me in the same building for Barclays Stockbrokers, and one day I remember reading in the City Diary column how they had left to set up their own company, 7IM. I followed the company for a year or so, then applied for a job and the rest is history.

2. What’s the biggest highlight of your career in wealth management?

Whilst to some, working 20+ years at a company, like I have at 7IM, it might seem dull, I have been on the most amazing journey with the company. When I joined, I was about the 15th employee through the door, and we only managed £400m of assets. Now we are over 500 employees and run over £22bn of client monies.

I have done several different roles at 7IM, but the highlight must be working with clients and families all over the UK and helping them achieve their financial goals and aspirations. The highlight is not that one specific moment, it is rather the result of building relationships with my clients, many of whom I’ve been looking after for more than two decades.

3. What do you find most rewarding about managing people’s wealth?

As my clients go through different stages of their lives, and new events happen, I see myself as their Financial GP, there to help guide and advise them in making the right financial decisions – whether that be tax optimisation, income plan or a Lifetime Wealth Model. I particularly enjoy working with families and the different generations.

4. What’s the worst non-financial investment you’ve made?

The worst was followed by one of the best. I loved the first car I bought – a Mini Cooper S was perfect for nipping around London. But this car is hardly the best for a family, and when my wife gave birth to our first child two weeks early, I had to quickly switch to a more family-friendly car.

In a panic because the baby seat hardly fitted in the Mini, from the hospital ward I sold our Mini and bought a car off a dealer who had bought it at auction – a 3 litre Audi R6. The insurance and tax were huge, and it was ‘thirsty’ going through petrol like there was no tomorrow!

A few months later I woke up one day to find our front door open and the car gone. Someone had broken in, stolen the keys and then the car in the driveway, and we’d slept through it all. I agreed a payout from the insurers, and it was more than the dealer had paid at auction. Brilliant, I thought, that terrible investment had turned good!

That very same day I got a call from the police. The car had been used in a robbery and was involved in a chase and ended up being dumped. They asked if I wanted the car back. I said no thank you, and I took the money and got a much more sensible family car!

5. If you could pick one financial habit for everyone to have, what would it be?

Run a basic budget spreadsheet of all your household incomings and outgoings and keep an eye on it. On top of that, review and regularly renegotiate with providers things like mobile phone, Sky, broadband, gas and electricity contracts. You’ll be surprised at how much you can save yourself.

6. How important is it to perform a financial MOT/check?

It’s as important as having a health check-up or getting your car serviced annually. You wouldn’t drive around in your car not knowing that it is safe to be on the road.

A financial health check will let you know if you’re on track to be able enjoy a comfortable and fulfilling retirement. Following that check, we can help you build a robust financial plan that is tailored to your individual circumstances and that will meet your goals.

7. Are there any cases you’ve particularly enjoyed working on?

I have enjoyed many cases over the years. In a recent one, a couple who got in touch with us was looking for help with consolidating their pensions and investments with numerous providers and developing a suitable investment strategy.

Over several conversations with the couple, who were in their late 50s, we understood their position and ambitions. So initially, we worked on optimising their tax position across their holdings, which involved amalgamating their pensions into a 7IM SIPP, allocated to portfolios that were in line with their appetite for risk. Then, to reduce costs for them, we also consolidated their various ISA and general investment accounts, and to optimise their tax position we recommended further investment into their existing venture capital trusts (VCTs). VCTs are higher-risk investments, and therefore it’s important to seek financial advice.
The clients, who had also been saving to buy a holiday home in Italy, have also started benefitting from the returns on cash from 7IM’s cash management partner.

Just one year in, our annual review revealed that these steps we’d taken together had enabled the client to grow through tax optimisation strategies, saving on management fees, and a portfolio positioned in line with their attitude to risk.
This is just one of the examples of how the 7IM team can make an impact on clients and add value to so many aspects of their lives.

Tax rules are subject to change and taxation will vary depending on individual circumstances. The value of investments can go down as well as up and you could get back less than you invested.