Although operating under a more severe regulatory environment than their competitors, achieved success in 2015
for a number of reasons.
Unlike competitors who have only recently moved into wealth management, firms in London achieved success in 2015 through:
(i) Long experience. Some of the top companies have been involved in the business of wealth management for decades. Other companies in London saw that wealth management would be increasingly important due to globalization and demographics and moved before their current competitors;
(ii) One of the features of successful wealth management firms is a focus on clients’ needs rather than other factors, such as an increase in shareholder value;
(iii) Although all companies involved in wealth management have invested heavily in computers and technology, the London firms have been in the forefront of such innovation.
The result of such is a spectacular improvement in results. Sadly, this is often at the expense of those with less assets to invest. The average wealth required for a client to be taken on as a private client by a wealth management firm in London increased by 48%.
Despite this, there are some wealth management firms in London that take on less affluent clients.