Clerical Medical is urging IFAs to seize the opportunity to move in to
wealth management before high-street banks sew up the market.
The life office believes wealth management represents a massive
opportunity for IFAs, as they have the right skills to provide a valuable
service to their clients.
But Clerical says advisers must get in on the act now or face the danger
of letting high-street banks grab the winning formula and dominate the
HSBC, Abbey National, Barclays are some of the high-street banks trying to
make a play in wealth management. IFA Lighthouse is one of the few IFAs to
make a high-profile move into the wealth management arena.
Clerical says current attempts at wealth management are not tackling the
market from the right app-roach and the services should co-ordinate other
advisers such as stockbrokers and solicitors.
It believes that wealth management is about managing high-net-worth
clients by providing a consistent relationship.
Clerical strategic marketing director David Shelton says: “IFAs must take
care or they could miss the boat. The majority of the market is not in the
position to make the most of it but those who are, given the existing
connections they must have, are sitting on a big opportunity. If they do
not act, high-street banks might just get it right.”