Dissatisfied with your private bank…
Tuesday, 24 June 2008
There is often a misplaced feeling of security with private banks..they rely on Mr and Mrs Inertia to simply remain invested with the bank as they have done for years..and years! But there is a growing trend for investors to move elsewhere. However, jumping from the one private bank to another…frying pan into the fire comes to mind…was the only real alternative. But the world is changing.
The ultra high net worth individuals..those with the spare £100m or so, there is a movement away from private banks.
In fact, Matthew Vincent wrote in the FT "Wealthy want more bank for their buck" ,on June 21 2008, has exactly this point...
“Some high-net-worth families aren't willing to wait, though. Scorpio Partnership, an adviser to the wealth management industry, already reports evidence of wealthy clients seeking alternative solutions. It cites the creation of up to 250 new family offices in Europe in the past year - staffed by dedicated investment managers hired directly by wealthy families - as an indication of the dissatisfaction with private banks.”
So what does this mean? The private banks have increased their marketing lower down the net worth spectrum. But if the ultra high net worth investors are doing something different, why don't investors with £1 to £25m do the same?
The answer is they can. The family office concept is available with firms similar to ours.
The key is to segregate the advice from the investment. The problem for investors is the search for like minded firms such as ours is difficult. The private banks have millions at their disposal to market themselves and tell everyone how great they are…but for investors who do want to follow a trend led by ultra net worth, they can start with a name like Murray Round.
Categories: Asset Class Management, Wealth Management
posted by Murray Round Wealth Management @ 17:33,
The Authors
Nicholas Round
Nic is the Managing Director of Murray Round Wealth Management Limited, who seeks to ensure the advice provided is truly independent. Based in Shropshire with clients local, national and worldwide, Nic has strived to find the best possible service for his clients needs, by researching and studying the market, trends and philosophies. Nic strongly believes Asset Class Management will bring his clients Financial Freedom, Independence and Happiness.
Kirsty
Kirsty is our communication guru. Managing information requires considerable due diligence and her passion for organisation gives the clarity we all seek. From Shropshire, with a Psychology Degree and much travelling, she is now back in Shrewsbury...and London often, keeping us all at Murray Round focused.
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