Ultra high net worth has been an industry buzzword in the last
year, but there are signs the segment may not be able to support
the growing number of firms setting up businesses in the
area.

While there has been a steady shift up the asset pyramid, research
shows that the most profitable area for wealth management firms
remains in the $500,000 to $20 million segment, generally
considered simply high net worth (see page 11).

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This was one of many issues discussed at PBI’s roundtable on
business models, held recently in London (see pages 6-9).

The main conclusion was that wealth management is an industry large
enough for many businesses to co-exist. There remain concerns about
the ability for private banks to provide truly independent advice
because they are often linked to asset management units and other
product houses.

That conflict means maintaining the integrity of the relationship
between client and private banker is vital at these institutions.
This tension is what lies behind the emphasis in the industry to
promote or to be seen to promote open architecture.

And for this to be credible, private banks need to prove their
clients are getting access to best in class products across all
institutions, rather than paying lip service to the idea.

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It is a tough commitment at a time when margins are being squeezed,
but one which will become more and more important in this new era
of transparency.

PBI ROUNDTABLE

Participants

• Anthony Burrell, investment manager, Mirabaud
Investment Management

• Andrew Fisher, CEO, Towry Law

• Markas Gilmartin, managing financial consultant,
AWD Chase de Vere

• David Maude, independent consultant

• Josh Matthews, managing partner, Maseco
Financial

• Warwick Newbury, chairman, SG Hambros

• Rupert Phelps, director of family office
services, BNY Mellon

• David Poole, UK head, Citi Private Bank

• David Scott, CEO, Vestra Wealth

• Matthew Spencer, head of intermediaries, Credit
Suisse, UK private bank