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Astute triangle for &#39new rich&#39

There is a large untapped market in the shape of the “new rich” – lottery winners and dotcom millionaires, for example – who need professional help to manage their wealth but who are considering doing it all themselves.

To counter the barrage of information on DIY investing, we as an industry need to say more about how we add value by the level of service we provide, the individual assessment and the handcrafted investment strategy we can give each client.

As well as sticking to what he or she is good at, the key for professionals breaking into this market is to enhance the level of service provided. This has to be client-focused, with a strong triangular partnership between IFA, client and fund manager. A lot of care needs to go into the choice of these parties.

Advisers and fund managers have a responsibility not to let the “sausage machine” mentality take over. There is a danger that, having assessed an investment house for its credentials generally, an adviser assumes the product is more or less the same for each “average” client.

“The Managed Fund will do for Mr Jones and Mr Smith who are the same age and have the same risk profile and expectations.”

It is the level of service, the individual assessment and a handcrafted investment strategy for a particular client which differentiates the good IFA and fund manager from the average.


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