Investment migration and education

Thought leadership by Richard Merriman, RP Merriman British & International Education Ltd.

HOW INVESTMENT MIGRATION FIRMS CAN CAPITALISE ON CLIENTS’ DEMAND FOR EDUCATION

The history of pandemics tells us they bring change! Changes that bring opportunities. Anne Keeling, Communications Director for ISC Research has reported on a growing interest in investor/school brand partnerships and new investment within the international school sector from high-net-worth individuals with philanthropic motivations often related to their alumnus connections or to their own international education experience.

As for the market itself, Anne sees current trends focusing on the use of technology, particularly within teaching and learning as well as ‘well-being provision’ for the entire school community, and alternative routes to recruiting and upskilling teaching staff to meet the specific needs of international schools. The market as a whole hasn’t suffered significantly from the pandemic; in fact, new demand has come from families who no longer want to send their young children abroad to board and families who have seen how international schools responded quickly and effectively to distance learning needs and education provision throughout the pandemic.

It remains clear from my engagement with the investment migration industry that few RCBI businesses have anything more than a superficial knowledge of the landscape of international education. There appears to be a paucity of understanding from many across the whole age profile from kindergartens to universities.

It remains clear from my engagement with the investment migration industry that few RCBI businesses have anything more than a superficial knowledge of the landscape of international education.

As all RCBI businesses know, one of the primary motivating factors for clients in seeking second citizenship is to open educational opportunities for their dependents particularly in prestigious markets and marquee destinations, including the world-class UK Independent Schools market.

What can RCBI consultants and advisories do to help themselves capture a bigger part of the immigration value chain? Currently, many businesses offer no educational advice. Some may generate certain ideas and links from within their organisation and others may refer the client to an educational agent or consultant for a small fee or retainer.

Establishing a reputation as a top provider in educational service as an auxiliary advice service for clients will ensure those RCBI advisories which provide this service will distinguish themselves from the pack and reap the rewards of their investment and interest.

RCBI consultants need to recognise a detailed knowledge of the educational systems and possibilities not only within the jurisdiction of the new citizenship, but also within the territory of the desired educational provision or destination. This is key and requires in-depth sector knowledge. Local agents should be able to provide local knowledge and direct child-centred advice, but businesses should seek recommendations as the quality of educational agents can be very variable.

The new residents or citizens who now have access to jurisdictions beyond the country of their citizenship will need specific advice from expert advisers, preferably resident in the country of educational choice, and who will be able to assist with appointments, travel arrangements and visits to appropriate choices based on the child’s current educational experiences, performance, interests and potential. High-networth individuals require a bespoke provision and service, specific to their needs, expectations and desires.

There are a myriad of educational agents or consultants within most countries, so how do you select the right one? In my opinion, it is key to engage with agents and consultancies who have either a proven track record, have worked professionally as leaders or teachers within the required sector, or have been established for a considerable amount of time. There are many agents who appear and disappear very quickly. As with all consultancies, quality will out!

Others may decide they wish to bring this essential service in-house. To attract the right individuals who are able to provide the expert knowledge will require a quality package. The business which can offer specific, dependent-focused, detailed expertise directly or indirectly will elevate itself above the competition. The pandemic has truly shown that choosing the right education for our youngsters is the future. Clients like entrepreneurs know the educational world is changing dramatically; Artificial Intelligence, increased digitalisation and a focus on skills and personal growth, service and responsibility - both locally and globally - is the new ‘norm’. Knowledge will no longer be power. Anything for which an algorithm can be written will result in an app or non-human resource.

The human condition and so-called ‘soft skills’ will be the defining criteria of the future. Informed internationalist parents seek these opportunities and possibilities for their children.

The best of modern education worldwide is evolving with the new opportunities and challenges our global society is experiencing. By evolving, they remain relevant, they pioneer, and they succeed. The very best RCBI businesses are doing the same, and yes, the parents of the clients are actively seeking these new opportunities. An investment in market understanding, time and resources is required.

The best of modern education worldwide is evolving with the new opportunities and challenges our global society is experiencing.

My advice is a new three Rs: recognise, reflect and respond. Recognise and understand your market and clientele needs, reflect upon your current practice and your strengths and shortfalls, and respond by creating a quality, honed and specific educational service. By doing so, you will gain the rewards of your investment in time and resources, winning, keeping and developing more clients and your reputation.

Establishing a reputation as a top provider in educational service as an auxiliary advice service for clients will ensure those RCBI advisories which provide this service will distinguish themselves from the pack and reap the rewards of their investment and interest.