The number of people that are members of PBWMG was not disclosed, but the group has the support of advisory firms and private banks keen to ensure that the value of private wealth is better understood in Westminster circles.
According to David Harvey, chief executive of Step, "The private wealth sector needs to have a united voice with government, and one which encourages growth for everyone’s benefit. It is vital that the government understands our sector brings with it a significant number of jobs, inward investment and tax revenues."
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As the group will be representing the interest of the whole sector, including advisors, private banks and wealth managers, it plans to work for a collective development of the reputation of the private wealth sector.
"The partnership is a logical move for Step, given the strong business links between advisors, private banks and wealth managers, and Step’s substantial policy experience," Step said.
