How we won clients from private banks

NEW BUSINESS

clock

Dynamic financial planners have been busy taking on private banks. But why haven't more been doing the same?

When Andy McLaughlin met staff at one major private banking group to complete a client transfer, he was staggered. “It was jaw dropping how primitive its methods were,” the Astute Wealth Management adviser said. His new client had never had a proper discussion on attitude to risk (ATR) – surprising given he had more than £5.5m worth of investments. “The company used the pyramid method of ATR, which was dumped years ago,” he said. “If the FSA saw it they would throw the book at them.” Desirable targets Canny firms are beginning to realise that private bank clients are easy – and d...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Professional Adviser TV: IHT 'uncertainty' and a pigeon hole warning

Professional Adviser TV: IHT 'uncertainty' and a pigeon hole warning

Key message is ‘not to panic’

Professional Adviser
clock 15 August 2025 • 1 min read
Titan Wealth losses widen to £44.7m following acquisition costs

Titan Wealth losses widen to £44.7m following acquisition costs

Revenues climb 44% to £77.4m as group continues expansion drive

Sahar Nazir
clock 15 August 2025 • 2 min read
Feel Good Friday: Benchmark encourages young people to foster financial literacy

Feel Good Friday: Benchmark encourages young people to foster financial literacy

Wesley Harrison shares ‘guide to talking about money’

Professional Adviser
clock 15 August 2025 • 1 min read