How crucial is it to control all your client’s wealth?

Financial Advisory

Emily Landless

Advisory DistributorsExperienceFinancial AdvisoryJourneyReputationalRisk

Might it be a better strategy to be your client’s key financial adviser? Increasing the amount of your client’s wealth on which you advise could be seen as an avenue for growth. However the counter argument is that having a smaller share of wealth presents a lower risk to your company and indeed the rest of your clients.

Headlines:

Increasing the amount of your client’s wealth on which you advise could be seen as an avenue for growth. However the counter argument is that having a smaller share of wealth presents a lower risk to your company and indeed the rest of your clients.

  • The delegates felt they were the clients' trusted advisers.
  • They were prepared to introduce business to other areas of expertise where they didn’t offer it, so long as they had control of the client.
  • They felt they demonstrated value to their clients.

Key issues and challenges:

  • Demonstrating value of their propositions was a key point.
  • There was not much real understanding of the opportunities offered by Open Banking or a willingness to embrace it.
  • The value of having a client portal was discussed, however some feared the challenge of keeping it up to date and how information could mislead clients.

Conclusions and solutions:

  • Everybody felt that they were their clients trusted adviser and didn’t really see competition as an issue.
  • No real feeling that having less of the assets was a good thing from a risk perspective.
  • The firms in the room didn’t see the banks as a threat.

Expert: Vincent Tiseo - Goldman Sachs Asset Management

Facilitator: Brod Whiting - JoyndUp


Owen James Group

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