Meet Derek Mills, ambassador for Justice & Care, a charity that combats slavery and sex trafficking, and author of leading personal development book, ‘The 10 Second Philosophy®.’
The son of Jamaican immigrants, Mr Mills was born in Birmingham and currently lives in Worcestershire, where he runs a thriving HNWI-focused managing partner practice at St. James’s Place.
Despite struggling terribly with a stutter as a teenager following his mother’s death, Mr Mills has spoken and delivered his keynote speech on four continents and works with several FTSE100 companies, business owners, entrepreneurs, and global organisations.
He shares his experiences and thoughts below.
What was your chief challenge in building your wealth management practice?
The biggest challenge in building my wealth management practice was to accept that wealth management should be fundamentally rooted in relationships. I had to find the confidence to focus on embracing the right quality of client relationships – prioritising only those steeped in authentic alignment.
Hesitant at first about how I could show up as my truest self in a wealth manager capacity, once I trusted the value I was bringing to others’ lives, a shift occurred. I no longer questioned, “will these clients want to work with me?” and instead asked, “how can I add value to my clients’ lives by understanding their needs, values and helping them align with their future goals?”.
To truly serve my clients to the highest standard, I have understood, and helped them understand, the necessity of delving into a deep comprehension of their motivations; because I believe what matters most in my role is the intangible, 'added extras'—those personal touches that demonstrate a profound understanding of clients' needs, their identity and to help them get what is truly important to them.
Learning to trust my instincts, I realised I didn't need to take on every client but rather choose those with whom the relationship was most authentic and aligned.
Do you have a particular client segment that you focus on?
My emphasis on relationships transcends categories or target demographics. However, a significant portion of my clientele comprises finance directors (FDs), former FDs, and CIOs — individuals characterised by their intelligence and logical approach, and not naturally reliant on instincts and deeper intuition.
The common thread among them is a deeper understanding of the attributes which played a pivotal role in their initial success, albeit at a mainly unconscious level.
How do you incorporate the ethos from your book into your work with clients?
The ethos of my book, 'The 10-Second Philosophy', serves as the guiding principle when it comes to client interactions – and this is to communicate with the client’s authentic self. This is the outcome of infusing my work with personal values and ensures that I am my best and most authentic self. This involves discernment, ensuring that I can meet client needs while being true to myself.
The key lies in having the courage to show up for my clients fully, creating a safe space for them to do the same. Initiating a dialogue around core needs and true values is paramount, as it forms the basis for understanding clients' goals and meaningful priorities. Successful relationships are built on alignment with what's truly important to everyone.
Do you add a coaching element when working with clients, and how does this add value to your advice?
Coaching is an integral part of my approach. The emphasis is on recognising that achieving long-term goals is deeply tied to the daily standards one adheres to in our day to day lives. So, I help my clients identify incongruities and align their actions with their financial standards.
What is the most important consideration for a client when choosing a financial adviser?
Relationships take centre stage. An authentic desire to understand clients and genuinely help them is the linchpin. Embracing the principle of seeking first to understand, then to be understood, forms the cornerstone for delivering valuable advice over the years.
My commitment is a promise to work to understand a client more and deeper as the years go by because this will lead to better advice based upon that understanding.
How has the SJP Private Clients division helped you and your clients?
The SJP Private Clients team provides invaluable additional resources, underscoring the credibility of my services to clients. Their support lends substantial kudos to the team, further enhancing the trust and credibility associated with my proposition.
Tell us about your work with the Justice & Care charity, and what else motivates you every day
My involvement with Justice & Care began when I attended a meeting at my local church, where I was profoundly stunned by the shocking reality of the sex trafficking and slavery trade, which takes place in and around every UK city as well as globally. It's a pervasive issue that often goes unaddressed, and I quickly realised I wasn't alone in my lack of awareness.
The staggering fact that approximately 40 million individuals worldwide are currently ensnared in the sex trafficking system, with a significant proportion being children, was both alarming and disheartening. Equally disturbing is the speed at which victims can be trafficked (according to UK police force data, abusers can arrange a sex trafficked individual in about eight minutes) in and out of UK cities.
My commitment to Justice & Care is rooted in a genuine desire to be part of the solution, whether in my lifetime or for the benefit of future generations. Beyond financial support, I am driven to raise awareness about the issue and the impactful work being done by Justice & Care.
What else motivates me each day is a desire to make, as Steve Jobs stated, ‘a ding’ in the universe of the lives of the individuals and families whom I serve. Naturally, the same philosophy applies with anyone I meet whether it be personally or professionally. I genuinely want people’s lives to be enhanced or their path made easier because of knowing me.
How important is the topic of philanthropy when advising your clients?
Whilst philanthropy is not a primary focus in my current advisory capacity, I am actively developing a family office service in the background. This move is intended to incorporate philanthropy seamlessly into the suite of services, ensuring that it becomes an integral part of the holistic financial strategy.
You used to be a keen polo player; what do you enjoy outside of work now?
I find joy in continued engagement with polo, particularly the events held at Cirencester and Beaufort. Additionally, I am a Shotokan karate enthusiast.
Outside of physical pursuits, my interests extend to writing, coaching, the neurosciences, success philosophies, public speaking and membership of my local church and supporting its Foodbank—endeavours that allow me to authentically express myself both personally and professionally.