There are potentially great opportunities for advisers and intermediaries with clients who are leaving private banks, delegates at the Accredited Financial Planning Firms Conference were told this morning.
Stewart Sanderson and Robert Poulten from Seven Investment Management discussed why clients are leaving private banks and suggested how delegates can improve their service offering.
They told the audience about the changes firms can make to gain more HNW clients.




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He spoke about building a high net worth client base and suggested doing joint events with other high quality firms.
He recommended networking with luxury good providers, chambers of commerce, local accountants, investment managers lawyers working in property and trusts. He said this can be valuable to businesses.
He said: "We are very keen to work with the IFP. In our view it's about working with high quality clients focusing on what you do, which is what you already doing, but just with a little bit of planning around these private client opportunities which will be around for the next few years minimum."
There will continue to be client opportunities from providers such as Barclays, HSBC, he predicted.
He said: "These are high quality people who if you can build a strategy and focus on them they are absolutely ripe for dealing with, looking after and will be very loyal long term clients.
"One of the troubles of getting these clients is that they are so impregnated in the banking system unless someone triggers their attention and focuses on some of their shortfalls they will just stay where they are for another cycle."
Mr Sanderson added that it was great to see so many delegates in the room.
He said: "It's busy times at the end of the tax year and that you've come is to be applauded.
"Everyone has told me that it's because of the quality of the people in the room."