Less than 20% of UK’s largest “Wealth Managers” plan to be independent from 1st January 2013

NOTE: This post is more than 12 months old, and the information contained within may no longer be accurate.

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, must decide either 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 this Saturday, shows that less than 20% of firms are committed to independence, with many of the largest firms remaining undecided. With only just over six months to go to this deadline it seems odd not to have clear business plans that cover such a significant change.

Wingate Financial Planning remains committed to independent advice, and has met the revised (post 2013) minimum standards for independence, qualifications and capital reserves for some years. Furthermore, a significant part of our strategy for the forthcoming year 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 (or unwilling?) to offer a cost efficient and valued service.

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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30 Apr 2021

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