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My current wealth manager tells me they are no longer working with clients at my wealth level. What is this about and what should I do?

Answered by Lee Goggin

Unfortunately, this has become quite a common situation in recent years. Regulatory, cost and competitive pressures are forcing firms to review their businesses and focus on areas where they have an edge and can be most profitable (this is why office closures have occurred too).

So, while it probably won’t have felt nice to hear you’re no longer wealthy enough for the firm to work with, you are far from alone. Some wealth managers (particularly the global ones) are now setting the bar very high indeed.

I sincerely hope the firm in question has handled the situation well. If you are wondering why they have not made a formal arrangement to have another firm take on your business, it is because regulatory rules prevent them from doing so. In any case, surely it’s far preferable to see which provider might now be best for yourself?

Rest assured that the wealth managers on our panel work with clients at all levels of wealth, so you are sure to find several appropriate ones to compare through our smart online tool. In fact, eradicating the “Have I got enough money?” question is one of the reasons users find our service so helpful; all the wealth managers you will match with will be ideal for your level of assets, as well as all the key facts of your financial situation – so that’s one awkward conversation you don’t have when asking friends and colleagues for recommendations.

If you’ve had a happy, productive relationship with a wealth manager then moving on will of course feel quite sad, particularly if this wasn’t your choice. However, this is an opportunity to have your financial situation and objectives looked at with fresh eyes, and it might very well turn out that your new provider and adviser are better than the last.

M. F., 56, Company Director | Asked on Mar, 15

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Lee Goggin

Lee Goggin

Co-founder & UK Head

Phone
+44 (0) 207 193 5691

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