Wealth management uncovered – clients will be the winners and it’s long overdue

Last week, SJP, the largest wealth manager in the UK, saw its shares fall 30% in a single day. The catalyst is increased regulatory concern about fees and ongoing services driven by the introduction last July of the Consumer Duty. The regulator is, once again, having to introduce legislation to ensure that financial consumers are being treated fairly and getting value for money.

The Consumer Duty is causing significant upheaval among well-known providers – it transpires they may not even be able to evidence whether they provided the service they charged for, quite apart from whether it represented value for money.


This is a huge moment for the UK’s investors and savers and takes me back to the original foundation of Netwealth. The wealth industry has for far too long relied on clients having little understanding of their charges nor, importantly, the impact these charges have on their financial outcomes. Instead, the emphasis has been on investment performance – typically a result of positive markets rather than expert investing – and products, rather than financial planning.


We launched Netwealth almost eight years ago on the basis that the UK lacked a wealth manager fit for today. There was a severe lack of transparency, charges were high, advice was hit and miss, and the overall upshot was that many investors across the country were having the chances of meeting their financial goals greatly reduced.


Amazingly, not that much has changed among the incumbents. However, Netwealth has been able to demonstrate that wealth management can be delivered in a modern, lower cost, accessible form, with no compromise on quality.


If you have any doubts about how much you are being charged and the service you’re getting from your wealth manager – for your ISAs, SIPPs, taxable accounts and more – please get in touch. I am sure you will be positively surprised.



Please note, the value of your investments can go down as well as up.

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