How we won clients from private banks

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...