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Get to know the 50 Most Influential: Richard Thomas of EFG Private Bank

News Team, 28/01/2021

The PAM 50 Most Influential is an annual list of those at the forefront of shaping private client wealth management in the UK and Crown Dependencies.

Today we hear from Richard Thomas MBE, chief executive of EFG Private Bank, as part of a new Q&A series with our 2021 '50 Most' constituents.

Mr Thomas joined EFG from Barclays UK in January 2019, where he was chief operating officer.

During the pandemic Mr Thomas has been able to navigate the fine balance of protecting his colleagues’ mental and physical health, whilst also overseeing a business that has continued to grow and provide an excellent client experience.

Mr Thomas’s nominator describes him as “sincere, decisive, approachable, empathetic and direct” and “a genuine leader who cares genuinely about his people, our business and our clients”.

Richard Thomas MBE

What team or personal achievement over the past year are you most proud of?

The team stuck together in adversity – it speaks volumes for their character and of those in their support networks.

We were able to totally re-engineer the business to enable our staff to work from home, whilst also maintaining the highest levels of client experience and service.

As part of that I asked a great deal of the business against a backdrop which few of us would have ever anticipated and am therefore very proud of what our people have achieved.

What piece of advice would you give your younger self?

Easy one for me because I am still saying it to myself: We are all going to the same destination so start by enjoying the journey.

What do you find most rewarding about your role?

The opportunity to see others flourish in the conditions you create.

We have just finished our first Leadership Academy for the UK business, a 12-month programme of self-development to help circa 50 of our leaders hone their leadership skills. Some of the feedback made me quite emotional.

What challenges do you see your firm/clients facing in 2021?

The old saying that ‘anybody can lead in a crisis but it’s the day-to-day that finds you out’ has much truth in it.

Bringing the best version of EFG to our clients every day is our challenge, and doing that in whatever context we find ourselves in is a real test of leadership.

If you couldn’t work in wealth management/private banking, what other career appeals?

I am an old sailor so something charitable and to do with the sea. I hope this question isn’t a hint.

What luxury item would you want with you on a desert island?

A still…

What is a valued hobby or interest of yours outside work and how did you get into it?

All my hobbies come about because I have a need to learn new things (and then rapidly lose interest before moving on). The bike and the guitar have stood the test of time because both have an eternal challenge in them.

What’s a cheesy pop song that you love?

All my musical taste is cheesy. I introduced my kids to The Darkness recently – they were suitably unimpressed.