Reflections from 70 Years in the Profession
70 years after beginning his professional career, Jeff Margolis still comes into the office not out of routine, but because he genuinely enjoys it and values being part of the strong team he has built over the years.
“I enjoy coming into the office,” he says simply, with a warm smile. “It keeps my brain active. Many of the people here are not just colleagues, they are friends.”
As one of the founders of Clermont Trust, Jeff Margolis has seen the trust industry evolve from handwritten ledgers and pounds, shillings, and pence to today’s highly regulated, globally connected environment. Yet when asked what truly defines a good adviser, his answer is remarkably consistent. And disarmingly straightforward.
From Provincial Practice to International Perspective
“There was no eureka moment,” Jeff reflects on the early years of his career. “Accountancy was my chosen profession and that blended seamlessly into the international trust career path.”
What changed everything was perspective. Moving from Cape Town to London in 1979 exposed him to a dynamic international financial centre and new possibilities. “London was a buzzing city. Full of opportunities,” he recalls.
At the time, favourable UK domicile and tax laws created opportunities for international clients, particularly against the backdrop of political uncertainty in South Africa. But beyond technical advantages, what shaped Jeff’s approach was exposure to a broader world.
“The word international never really featured when I started. Things were more provincial. London changed that.”
That shift laid the foundations for what would eventually become Clermont Trust, a business built not only on structures and strategy, but on long-term relationships, deep-rooted ethos and enduring values.
Ethos Before Expansion
When Clermont Trust was formally established in 1996 by Jeff and his former partner Norman Epstein — who had encouraged his move to London years earlier — the foundations were already firmly in place.
“It comes down to the ethos of the company,” Jeff says when asked about staff loyalty and continuity. “Treat people well. Make sure there is an environment where they feel comfortable, safe, and happy.”
He pauses before adding something that reveals more about leadership than any formal strategy could:
“One of the things I enjoy most is hearing the laughter in the office. I know people here are happy.”
For Jeff, culture is not a slogan, it is a daily experience. But warmth does not replace standards.
“It’s not simply a friendship club,” he notes. “The quality of the work and the service delivered is very impressive.”
The balance between professional rigour and human connection has been central to the firm’s identity and remains one of its defining characteristics.
A More Transparent Industry
Over seven decades, the trust and fiduciary industry has changed beyond recognition.
“Regulation has changed dramatically,” Jeff explains. “There is far more transparency today.”
Reporting is now interconnected across jurisdictions, with continuous oversight and compliance requirements. “It’s much tougher than it used to be,” he says. “But it has improved the quality of the industry.”
For Jeff, that increased transparency has strengthened trust management itself. “You cannot get away with improper conduct today.”
In his view, trust must be earned, not assumed.
Listening: The Core of Good Advice
After seven decades in a profession shaped by constant change and increasing complexity, one question naturally arises: how do these experiences influence the quality of advice given? What truly makes a good adviser?
When asked directly, Jeff does not hesitate. “A good adviser is someone who looks, learns, and listens.”
He returns repeatedly to one theme: listening. “This is a person-on-person business. Clients are not numbers.”
Listening, for Jeff, goes beyond technical understanding. It requires patience and restraint. “Rome wasn’t built in a day. You shouldn’t try to reach the top of the tree immediately. Build yourself carefully.”
Advisers must resist the temptation to promise too much. “Don’t make extravagant promises you can’t keep. Service your clients properly.”
Above all, understand the wider context of their lives. “Behind every client, there are families, concerns and personal challenges. The more you understand the clients and their environment, the better you will serve them.”
That depth of understanding is what transforms a transactional relationship into a trusted partnership.
Relationships That Go Beyond Business
In trust management, structures are often created for specific life events such as succession, inheritance, and estate planning. When those events occur, structures may close. But relationships often endure.
“Sometimes you go beyond the dividing line between business and personal,” Jeff observes. “That happens a lot.”
Long-term recommendations and continuity, he believes, are not the result of marketing efforts. “To get recommendations, you have to be delivering the goods.”
Consistency, reliability and discretion build reputations over time. Not headlines. Not shortcuts.
Patience, Progress, and Continuity
Jeff’s philosophy is shaped by longevity. He quotes Abraham Lincoln: “It is not the years in your life that count, but the life in your years.”
He does not dwell on success. “There have been achievements. It’s gratifying.” What matters more, he says, is contribution and continuity. “Everybody in our staff plays a key role.”
Jeff is equally clear when speaking about the next generation of leadership. If there was ever a defining moment in Clermont Trust’s evolution, he says, it was the arrival of Martin Chesler, who has taken the Group’s mission forward as CEO.
“You can’t measure the contribution Martin has made to the company,” Jeff reflects.
He is equally appreciative of Elliot Goodman’s role as Group Managing Director. “Martin and Elliot are a very, very good management team,” he says. “Really good.”
For Jeff, their leadership represents not only continuity, but the strengthening of the ethos that has guided the firm from the beginning.
At nearly 88, his motivation remains simple: “I enjoy being here. It’s part of keeping active.”
There is no grand formula, only steady commitment.
The Power of Listening
Decades of experience have not complicated Jeff’s advice to the next generation. If anything, they have clarified it.
“Take your time. Develop relationships. Listen carefully.” You will face challenges, he acknowledges. You will encounter difficult situations. But patience and attention will see you through.
“Listening is very important,” he says once more. “The more you understand your client, the better you can serve them.”
In an industry shaped by regulation, technology, and global complexity, the fundamentals endure: integrity, patience, discretion. And, above all, the ability to listen.
That ethos continues to shape Clermont Trust today, not as a historical legacy, but as a living principle.
Happy 70th work anniversary, Jeff!
