A marked push into Scotland has been one of the UK wealth management sector’s biggest themes in recent times – and for good reason. Here, we explore the drivers behind the trend and detail some of the many Scottish locations wealth managers are operating from.
Those new to wealth management would be forgiven for assuming that the sector is completely London-centric, but nothing could be further from the case. The incredible diversity of wealth managers on our panel means we can offer access to hundreds of regional offices throughout the UK. And it is not just the big cities which are gaining coverage; you may be surprised to learn just how local esteemed wealth management brands can be.
New or expanded offices north of the border have been coming thick and fast in the past few years, with both domestic and international players keen to stake their claim to Scotland’s burgeoning high net worth market
However, as wealth managers follow the money and push out into the regions, it is Scotland that has been top of the agenda. New or expanded offices north of the border have been coming thick and fast in the past few years, with both domestic and international players keen to stake their claim to Scotland’s burgeoning high net worth market.,
Edinburgh – and beyond
The immense wealth of the Scottish capital is clearly key to this story. Edinburgh is the third wealthiest city in the UK1, home to 10,900 millionaires, 420 multi-millionaires and 4 billionaires who together hold $140 billion in wealth. The capital also claims eight of the country’s top ten most expensive streets.
Being the financial capital of Scotland, wealth managers have naturally gravitated towards Edinburgh for their first forays into the country. Yet many wealth managers have opted for the Glasgow as their second (or even first) Scottish base. The fact that the second city has been named the country’s millionaire capital in recent years is no doubt a big part of the attraction, but firms also cite Glasgow being a better centre from which to serve clients on the west coast (and better accessibility to the north and south).
However, firms have been busily eyeing other hotspots of Scottish wealth to be close to where their clients need them and here Aberdeen is of particular note. Although the Granite City is known for its astronomical property prices, its residents are thought to have the highest disposable income levels in the UK2 due to higher salaries. It is not just new arrivals either, as wealth managers on our panel have had Aberdeen offices for many years.
The pandemic lockdown has made us all very much more comfortable with remote ways of working, yet looking ahead many will still gravitate towards wealth management advisers close to home. Through our extensive panel of wealth managers, we can introduce advisers in hundreds of locations throughout the UK. Find out how close your best-matched firm could be with our smart search tool.
In fact, while the sector’s Scotland push has been a noteworthy trend, this should not obscure the fact that innumerable firms have had thriving operations in its cities (and towns) for a very long time indeed. This means that their advisers boast all the local networks that make having a personal wealth manager so invaluable, and particularly so for entrepreneurs.
While the sector’s Scotland push has been a noteworthy trend, this should not obscure the fact that innumerable firms have had thriving operations in its cities (and towns) for a very long time indeed
And entrepreneurship is at the heart of the Scottish wealth story, wealth managers tell us. Although many of the country’s millionaires have made their money in financial or professional services, Scotland has an illustrious heritage of creating wealth through entrepreneurship that endures to this day. Rounding out the picture is the academic excellence of Scottish institutions: St Andrews and the University of Edinburgh alone account for 8% of all the high net worth individuals which are produced in the UK3.
According to the 2020 Sunday Times Rich List, Scotland can claim 82 of the UK’s wealthiest 1,000 people – including 12 billionaires – and wealth managers on the ground confirm that this dynamism can be seen up and down the country. As a result, we can only expect more and more wealth firms to add to their coverage of Scotland.
Over half of the wealth managers on our panel have one or several Scottish offices, so local advice is easily accessible irrespective of the type of firm or services you seek
Over half of the wealth managers on our panel have one or several Scottish offices, so local advice is easily accessible irrespective of the type of firm or services you seek. If you require local wealth management advice just indicate this when conducting your free online search. Whether you are in Scotland or any other of the UK regions, we’ve got you covered.
1 New World Wealth
3 New World Wealth