Dobson acknowledged that while much of the industry is fortunate in its knowledge of the financial sphere, "There's absolutely nothing new for crew." The Captains' Family Office, which will be officially launched at the Virage restaurant this Friday, will provide crew of all levels with regulated financial advice as to their current and future funds - something Dobson believes is an absolute necessity in this increasingly regulated industry.
The Captains' Family Office is teaming up with UK training provider UKSA, and will invite all UKSA cadets to join the financial advisory service. Blackstar is even offering its own financial training to UKSA cadets and will run the courses in this particular area, as offered by UKSA.
The advice is part of an initiative to encourage crew to view their career in the context of the long-term - an ideology, unfortunately, at large lacking across much of the crew industry. In this context, the advice provided will not be contained within the remit of the crew and on-board industry but will provide today's crew with financial options and alternatives for when they decide to move ashore. The service will also appeal to those crewmembers who are worried about their tax status and their residency, added Dobson.
"Hopefully if we do put in the right work with these people when they're young, they'll want to work with us in the future," explained Dobson, who added that many retired captains have bemoaned the lack of such a service during their time at the helm. And, for Dobson, feedback from the captains is crucial. "One of the key things we're looking for is feedback from the captains. We know what we want to provide, but we want to take this service further," said Dobson, who elaborated with suggestions as to how, in the future, this service could be utilised via apps and the social media.
Moreover, in today's ever-regulated industry, regulation in this particular sector is crucial and was something Dobson, when speaking with SuperyachtNews, was keen to convey. "The area we are coming from is very much regulated, in terms of tax, wealth management, fund management and, from a legal perspective, we are so heavily monitored in terms of how we advise clients."
The financial advisory service has been trialled with a number of captains and so far the feedback has been very positive, explained Dobson. "It is a profession now and there is a distinct line of progression, they need a valid, structured financial and legal tax tool to go alongside that to make sure they have their target of where they want to be in the future. The time is now, while they are still crew."
The Captains' Family Office launches this Friday at the Monaco Yacht Show, at the Virage restaurant at 8.30am.
SuperyachtNews.com is the official media provider for Monaco Yacht Show.
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