Freddy David is Managing Director of HBFS, a leading FT100 Wealth Management Company. He has been running the 40 year old Company for 17 years and is formerly a Corporate Manager at Barclays Bank, Knightsbridge. A frequent traveller to Uganda and Mumbai, he has done significant work with offshore wrappers and trusts helping UK and Indian based families plan for income and Inheritance Tax. Freddy is married to Hannah David who stood as the Conservative Candidate for MP for Harrow West in both the 2015 & 2017 General Elections. They have 3 children aged between 17 and 22. He is widely regarded as an expert in offshore wrappers and Inheritance Tax Trusts and deals with large family offices, companies and charities. He has a good relationship with the FCA and HMRC.
One to One Questions
1) Which place or city or country do you most feel at home in?
I was born in Britain and love the country and its ability to allow immigrants and communities to thrive. I feel most at home here and in London which is still and hopefully will be a major financial capital. I do have a strong affinity to Israel, the home of my ancestors and feel a strong connection to the country.
2) What are your proudest achievements?
HBFS was a small company in 2000 when I joined with only £40,000 under management and 2 staff. In 17 years we have grown to hundreds of millions under management and a staff of 15. I am really proud of a fantastic group of people who have worked hard to get us to where we are today.
3) What inspires you?
We have a large client base of people who have built up their wealth from sheer hard work. Turning pennies into millions of pounds. To help these people protect their wealth is a privilege and something I don’t take lightly. People like Alan Sugar who are non-nonsense and upfront are to be admired.
4) What has been the biggest obstacle in your career?
Thankfully I have had very few. The constant changes and pressures from the Regulator in all its forms add time and administration to giving advice. A client still has to sign in 8 places just to do a basic ISA and innovation as Wealth Managers is a challenge.
5) Who has been the biggest influence on your career to date?
The biggest influence on my career must go to my kids. They don't know they have been but they are and everything I do is for them in the end.
6) What is the best aspect about your current role?
I think everyone should get up fired up every morning to go to work, and I enjoy the job immensely. We did 22% for a Cancer Charity in 2016 and there is great pleasure in that compared to the minimal interest they were getting in the bank. To protect a family from millions of pounds of Inheritance Tax and be able to set up their children and grandchildren after they have gone is the real reward.
7) And the worst?
Some people are set in their ways and it’s always hard to try and convince them to take action Inertia is a disease! Doctors in sure despair at telling people to lose weight or stop smoking and I know how they feel. Long nights doing regulatory work which have little benefit to clients are draining.
8) What are your long term goals?
Overall to build up a leading bespoke Financial Services Company that cares for and looks after its clients where the direction of travel is one-to-one advice rather than where many Banks and Wealth Managers are going (roboadvice) - advice given by computers. As with many business owners, to pass it on to the children and give them a great start in life.
9) If you were Prime Minister, what one aspect would you change?
Financially, Inheritance Tax I believe is inherently unfair as its taxed on money normally already taxed. It will do me out of a job (!) but its ‘double-dipping’ by the Government. Otherwise, I would encourage communities to pass on their values and retain faith schools and support communal institutions
10) If you were marooned on a desert island, which historical figure would you like to spend your time with and why?
My Rabbi would tell me to say Moses and I would want to know all about his trip to the top of the mountain!
