We detailed previously the significant changes facing the Financial Services profession, in particular Financial Advisers, Financial Planners, Private Banks, Investment Managers and Wealth Managers; in short firms, have been required to offer independent, whole of market, fee-based advice from 1th January 2013 or be classed as “restricted” – offering a more limited range of financial products, and/or from a limited range of providers.

A study published by the Financial Times, shows that only 20% of firms are independent 37 of the 47 are restricted. Amongst the key names who offer restricted advice, from who we have attracted clients in the past twelve months are:

  • Citi International Personal Bank
  • Coutts
  • Kleinwort Benson

Notably some substantial names, such as Barclays Wealth, Lloyds and Natwest Private Banking are also conspicuous in their absence.

Wingate Financial Planning remains committed to independent advice, and met the revised (post 2013) minimum standards for independence, qualifications and capital many years ago. Furthermore, a significant part of our strategy is focused on attracting financially sophisticated individuals who value independent advice away from many of the larger Private Banks and Wealth Managers who are unable to offer a cost efficient and valued service. Our advice is holistic, and also can cover tax planning and cashflow modelling which an area often neglected by most banks and wealth management firms.

If you would value a second opinion on your long-term goals and how they fit in with your current financial planning and investment strategy we would welcome a further conversation, initially at our expense. Please do not hesitate to contact Alistair Cunningham, if you require further information.

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