What are the risks and rewards of expanding into wealth management?

More and more advisory firms are adding wealth management to their service proposition. Advisers who have gone through the process argue the benefits include increased profitability, greater respect from clients and a more comprehensive offering. However, some maintain wealth management should be left to the traditional providers: the banks. They say advisers do not have the knowledge or resources to advise on investment at this level to high-net-worth individuals. Yet banks may not have all the answers, as critics say they do not provide a holistic planning service. One Shropshire-ba...