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Pro planners taking on wealth managers

Top-end advisers are making steady inroads into client business which has previously been the domain of private banking institutions, says Transact.

Head of marketing Malcolm Murray says professional financial planners are now offering a service to compete with private wealth managers.

Murray says the development is a result of growing professionalism and firms are compete more for multi-millionaires and entrepreneurs.

He says: “Recently, I have seen advisers who use our platform picking up clients in what was previously outside their territory.

“To get a client worth in excess of £2m four or five years ago would have been quite rare. But now, the professional financial planner is not deterred from saying that he can look after all of that money.”

Transact recently announced a near doubling of profits from £4.11m to £7.75m for the year ending September 2007.

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