Miller has teamed up with Alexander Spencer Churchill to launch a new wealth management proposition called Spencer-Churchill Miller Private, which he believes will both expose and revolutionise the private client wealth management industry.
Miller believes the era of the star fund manager – a culture he was once at the forefront of – is no more, with his new venture launching with two offering based around investing in ETFs. The managed pension fund and absolute return strategy both have a 0.75 per cent annual management charge and a 5 per cent outperformance fee.
However, it is Miller’s comment with regards to the state of the wealth management industry that have caught the headlines, having claimed that the modern age has completely bypassed most private client managers and that the status quo of the City has been maintained by taking advantage of clients’ loyalty through poor performance tied in with high charges.
He says: “In my view, many clients of wealth managers have received a dreadful service and as markets have fallen, the extent of this has become clear. Given this and the current market turmoil, now is a great time to launch a new wealth management proposition that offers access to a fully committed fund manager with a strong track record, extremely competitive charges and a firm commitment to transparency, service and security.”
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