Lorraine Wheeler, Director, Private Wealth at IQ-EQ Jersey features in Jersey’s Gallery magazine. Here Lorraine shares what a typical day is like and her goals for 2021.
I began in the fiduciary sector in 1986 in a bank-owned trust company based in the UK. Over the years, I worked for various bank-owned and independent trust companies in the UK, Bermuda and Switzerland before moving to Jersey in 2002.
What do you do day-to-day?
I lead a team of eight and there is a real mix of experience and skills. As a team, we look after assets held in trusts and companies.
I still find it as interesting today as I did when I started out. You never know what is going to transpire throughout the day and every day is completely different – it really is. The assets we look after range from residential and commercial property, through operating businesses, to luxury assets such as aircraft, yachts and artwork to name but a few.
Our duty is to look after these assets as if they were our own. For instance, we may be involved with the purchase of property, ensuring the valuation is fair, dealing with lawyers, tax advisors and our clients to ensure that everyone is on the same page. We also need to make sure there is suitable insurance in place, that property managers with the requisite skills are appointed and, when delegating our powers in this way, that the delegates provide sufficient reporting to enable us to carry out our fiduciary duties. We have to ensure that all of our structures have financial statements prepared; that tax returns and annual returns are up to date in the relevant jurisdictions and that governance in those structures is strong.
Which female do you find inspirational?
This may sound a strange choice – Beyoncé! A fierce Christian, she uses her public profile to promote her faith rather than being afraid to speak up. As a Methodist local preacher myself, I admire her courage.
Best bit of your job?
I love working with people, whether clients, colleagues or advisors. I relish building rapport and gaining trust, which is very important in our industry! I am also very passionate about learning and development. Whilst I may have had 34 years in the industry, there are still surprises. I do not believe that you can sit back and declare that your studying days are over because you know it all. Legislation and regulation never sit still and neither should we!
Hardest bit of your job?
Managing my inbox… It seems to be a constant battle!
Do you think there are any benefits to being a female in your industry?
I would say no. Being a female has never hindered me or my career progression, but equally there are no added benefits to being a female in this industry. You are respected for your skills and experience and I would say gender plays no part.
What would you say is your greatest professional accomplishment to date?
I am currently President of the Jersey Association of Trust Companies (JATCo), which represents trust companies across the island. I have also previously chaired the Jersey branch of STEP, the industry association that represents individual practitioners, and I am the first person to have held both roles, which is an honour.
Do you have any work goals for 2021?
I am studying for my Institute of Directors exams and am on track to finish the Certificate and Diploma level by April to achieve Chartered Director status. These studies have assisted me greatly and I am already practising the skills I’ve learned, particularly around the reviewing of financial and non-financial information. As I am not a qualified accountant, I had always found this area of my work the most challenging but I am pleased to say that I now feel much more comfortable in this area.
Director, Private Wealth