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

Male-dominated image still deters women from financial planning

Male-dominated image still deters women from financial planning

Women’s Wealth Alliance report calls for CPD framework to close gender gap

Sahar Nazir
clock 11 November 2025 • 2 min read
Evelyn Partners exits employee benefits arm to 'refocus on wealth management'

Evelyn Partners exits employee benefits arm to 'refocus on wealth management'

Howden to acquire Evelyn Partners Financial Services

Sahar Nazir
clock 11 November 2025 • 3 min read
Autumn Budget 2025: Budget fears spur major equity fund outflows

Autumn Budget 2025: Budget fears spur major equity fund outflows

'Growing concern' about Autumn Budget anticipated tax implications

Professional Adviser
clock 11 November 2025 • 1 min read