Wealthy put their faith in individuality
Monday, 11 May 2009
A rising number of rich individuals are distancing themselves from private banks in search of more independent advice, favouring smaller wealth managers or boutiques to manage their money says Ruth Sullivan of the FT
“Clients are feeling the best advisers will be independent,” says Michael Maslinski, a director of Maslinski & Co, consultants to the wealth management sector. “There is an erosion of confidence in banks especially now they have invested in products they don’t understand.”
Having read this article I am not surprised, especially when more evidence shows that Banks are not really the people to talk to about your investments. According to Money Marketing “Barclays advisers at different branches across the country have been advising clients to cash in with-profit funds, bonds and other investments and put the lot into a single, high-risk unit trust. The advisers all chose the same unit trust in fact, which, incidentally, has high levels of trail commission.
The fund that was recommended by Barclays was the Aviva (formerly Morley) balanced global income fund. It is featured in the Investment Management Association’s specialist sector and invests in convertibles, call options, non-investment grade bonds and equities. The fund has seen huge losses of 45 per cent in the 12 months to March 2009.”
Is it any wonder then that investors are waking up to the banks selling of products and instead are seeking proper financial advice. Investors can then leave the banks to lending and saving. Horses for courses!
posted by Murray Round Wealth Management @ 16:00,
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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