Interest in the offshore market from UK investors could be set to decline over the coming years as r...
Interest in the offshore market from UK investors could be set to decline over the coming years as research written by Datamonitor suggests the complexity of dealing with tax constraints and placing products offshore could be substantially altering investment returns.
High-net worth individuals based in the UK are less inclined to place their assets offshore these days - says the new research which also predicts growth in the number of millionaire Muslims - as tax constraints placed on many investors alters performance enough to make it more cost-effective to keep products closer to home, where investors say they can be readily accessed and where they can get advice from their high-street adviser.
Researchers are also predicting UK private banks will place a greater emphasis on advertising than they have done in the past to attract the new money-making set as part of the drive to shake offer the old image of private banks.
The digital TV revolution in the UK is likely to mean more sectional interests can be catered to than has previously been the case on UK television, so channels such as BBC Knowledge, BBC Parliament, Artsworld, Bloomberg and Film Four are likely to attract a higher concentration of high net worths than the likes of ITV or Sky One might.
However, research suggests that those high net worth individuals based outside London do not feel effectively serviced because the majority of people need more access to information about their assets than is currently available, and online facilities are not a sufficient substitute.
Datamonitor says there is a service gap outside London for millionaires, which will go largely to high street banks unless the financial services industry is prepared to act.
For a copy of the UK High Net Worth Customers report, which costs £1,995, contact Datamonitor sales on +44 207 675 7073.
Putting the tech into protection
Square Mile’s series of informal interviews
Fallout from Haywood suspension
Launching later in 2019
£80bn funds under calculation