Advanced Wealth Management is designed to compete with private banks and family offices as a “one-stop-shop” for advice and strategic tax and investment planning.
The service will target both corporate and private clients with complex investment and tax situations and a more sophisticated investment outlook with a portfolio of more than £500,000.
So far, AWM has secured alliances with an estimated 10 tax practitioners and total wealth managers to provide clients with specialist expertise.
Advice outside the scope of AWM client service meetings will be charged on a percentage fee basis linked to client aims and objectives with charges reduced if these are not met.
The AWM team comprises two chartered and certified planners and a team of six technical and admin- istrative operations staff and a senior business manager.
AWM managing financial consultant Markas Gilmartin says: “When we started the pre-launch, we had 50 enquiries, some of those at £600m -£700m in size so the appetite is out there. The economic and legislative background is getting increasingly complex so this is the perfect time to be launching.”
IFA Origen recently delayed the launch of a discretionary management service for its less affluent client base due to volatile market conditions.
Premier Wealth Management managing director Adrian Shandley says: “I think wealth management is a very crowded sector at the moment and everyone is fighting over that ground. I think it is a bad time to launch, people are very downbeat about investing at the moment.”