How crucial is to control all your client's wealth?

Financial Advisory

Charlie Martin

DiscretionaryFinancial adviserFinancial AdvisoryFinancial servicesPersonal Indemnity InsuranceWealthWinning Advisers

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 is an avenue for growth and there are no issues introducing business to other firms of expertise so long as control of the client is maintained
  • We are moving to a world where the adviser is the biggest part of the value chain
  • There is a preference to insource CIP and Discretionary services where possible

Key Issues and Challenges:

  • Clients want a strong relationship with their IFA and require accessibility, expertise, technical knowledge and how this can be applied to their specific circumstances – bespoke advice!
  • Be aware of increasingly important issues - brand and values, ethical and environmental strategy, digital services
  • MIFID II requirements – monitoring and reporting of on-going service delivery
  • Increasing scrutiny of charges and costs as a result of regulation changes – price comparison is starting to bite
  • Changes in FOS limits – increased limits will result in greater financial risks and PI implications
  • Increasing PI costs and scope of cover – number of firms withdrawing from DB market as unable to secure cover
  • Technology adoption – high value clients going direct and firms not developing digital services
  • Ageing client demographic – attracting and retaining next generation clients is key

Conclusion and Solutions:

  • Client forums – feedback sessions to improve services
  • Investment proposition review – in-house/outsource/investment philosophy and strategy – evaluation of performance/cost/time – ongoing due diligence to suit firm and client demographic
  • Review of digital services – client engagement, on-going services, communications and marketing including website
  • Design and develop multi-channel services – face to face/digital/other
  • Review resource allocation – improved business efficiencies and delivery of advisers and client services

Roderic Rennison, Rennison Consulting

Dave Edwards, Independent