We’re pleased to introduce Richard Truett who recently joined us as Head of The Route – Finance. Richard has a long history in finance having held a variety of senior executive positions within banking and, most recently, as Head of Strategy & Propositions. He is determined to ensure The Route – City wealth club (The Route) navigates the present economic challenges on behalf of Members and comes out of the crisis with a reinforced business model for the future.
Richard wanted to introduce himself in his own words…
I am delighted to have joined The Route – City wealth club as Head of The Route – Finance. In my first month, I enjoyed immersing myself in the business and taking comfort in the skills we are privileged to have access to within both The Route – Finance team and the company as a whole. The Route is celebrating its 20 year anniversary in 2020 and, as Membership continues to grow, it is essential that the proposition we offer remains sustainable for the long term.
The business marketplace is filled with uncertainty. At The Route, we are all now working remotely and scheduled face-to-face meetings have now been replaced with conference calls. The impact of Covid-19 will be far-reaching but we must remain resilient in tackling the issues as they materialise.
Through my experience in supporting the management of £1bn of property-related revenue for a global bank, I am confident that the skills and experience I have developed will generate value for Members in the future. The discovery phase of my new role has now ended and I recognise that change in certain areas can deliver material benefit to both Member investors and developer clients.
The sum of capital under management is sizeable and the risk to generating expected returns has clearly increased. In times of uncertainty, we need to maintain effective communication with both borrowers and loan note holders equally, as the impact of Covid-19 becomes tangible. Site closures due to disruption in supply chains and enforced isolation of key workers are to be anticipated.
Despite government intervention and support, it is becoming clear that the supply of credit in the alternative finance market is now more restricted. In any business facing unanticipated challenges, it is a useful time to reflect on the need for change. With the benefit of a fresh pair of experienced eyes, it is apparent that we can make improvements in the way we source, price and manage projects, and in turn communicate information on those projects. With technological advances, an abundance of data readily available, and an engaged team, I shall be reinforcing a sustainable business model for the future.
I have had great pleasure in reviewing the new Member Portal which has had complimentary feedback from a pilot group of investors. We have listened to suggested improvements, acted upon these, and made further investment in areas that Members deem to be most valuable. The Member Portal is now live for all our Members to access.
Whilst we continue to navigate through these uncharted waters, it is key that we manage the controllable risks proactively and with the necessary fortitude. All businesses are now facing, and will continue to face, challenges outside their control. In uncertain times, we must remain resilient, adaptable and supportive to all of our stakeholders, and the pressures they face, without losing sight of our mission to grow our Members’ wealth sustainably.
Head of The Route – Finance
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