Independent Firms are set to benefit from regulation changes
to the wealth management industry. Wealth Management is an industry that
continues to grow in the UK and the rest of the world and with new regulations
coming into play the face of the wealth management industry is changing.
In this blog post Dian Skelton looks at these changes to the
wealth management industry and discusses why it is a good thing, not just for
independent firms, but big banks as well.
Banking Overhauls
Dian Skelton is Director at ViewPoint Software Services
Limited. ViewPoint specialises in wealth and entity management solutions.
It seems that several of the UK’s largest banks have been involved
in structural overhauls in recent months. Barclays’ wealth management division
and Royal Bank of Scotland in particular have made significant changes to their
structuring, in what appears to be an effort to simplify and re-focus their
attention for better results and customer satisfaction.
Royal Bank of Scotland is planning to sell the overseas
operations of Coutts, its private banking branch. While on the domestic front,
it will merge Coutts with its UK commercial lending division.
US banks have also been restructuring; with Bank of America
Merrill Lynch and Morgan Stanley pulling out of the European wealth management
industry to focus on America’s domestic market, which will inevitable result in
them loosing clients.
How Does This Help
Independent Firms
Of Course the restructuring of large banks may bring
positive results in the future, but at this moment it means that relationships
between bank and client will deteriorate temporarily, leaving the window open
for independent firms to hire and poach new clients.
There are numerous examples of this to choose from, perhaps
most notable in this case is Signia Wealth. Signia was set up by former Coutts
Senior Client Partner Nathalie Dauriac-Stoebe in 2010 and specialises in
private banking and asset management.
Stoebe is just one example of how independent firm and
individuals can take advantage of the opportunities that are available in the
wealth management industry.
Dian Skelton’s
Thoughts
As an expert in this industry, Dian understands the
opportunities that are available for independent firms. She agrees with other
industry experts when they say that there is a fertile market to take advantage
of.
Dian also commended these firms on their astuteness in
identifying the gap in the industry and taking advantage of it. As well
learning from banks mistakes and delivering a convincing pitch that bankers are
more concerned with hitting revenue targets than advising clients, a mistake
that independent firms will not make.
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