Wealth firms step up 'full service' offerings as client demand grows

Pensions reforms, underserved areas of the market, and economies of scale are driving more investment managers to broaden the type of wealth management service they offer clients.

Earlier this month, Charles Stanley became the latest wealth manager to announce it would increase its focus on financial planning alongside its investment management business, in keeping with an announcement from Brewin Dolphin last year. The prevailing trend among wealth firms in recent years, given falling commission revenues, has been to shift advisory business to discretionary services and exit the low end of the advised space. But firms suggest the introduction of pensions freedoms on 6 April has created uncertainty for clients, leading wealth managers to step up the breadth of ...