Amex muscles into wrap market…for some

The reason is Amex wants to target intermediaries it believes will be "dominant" in future, with a focus on wealth management, high net worth clients, and a good approach to regulatory matters says Jamsheed Poncha, head of adviser service at American Express Financial. "This is a niche-driven business model. We are not in the numbers game." Therefore, there will be no blanket road shows or mailshots to IFAs pushing the platform. Additionally, the platform offer will be agnostic on the question of independence, Poncha says. It will not take sides regarding IFAs defined as "indep...