Private banks miss adviser trick

About 73,000 out of the 135,000 people classified by Tulip as high net worth have accounts with one or more private banks, but only 22% use them for investment management, with most simply using them for basic current or savings accounts. With an average wealth approaching £4m in liquid assets, the HNW group owns about half the UK’s total pool of liquid assets, or nearly £530bn. John Clemens, Tulip Financial Research (TPF) managing director, says private banks are not taking advantage of the demand for investment advice because they fail to sufficiently promote their additional servi...