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Brewin Dolphin plans simplified wealth management offering




By Daniel Lanyon on 1st December 2017

https://goo.gl/6TS24m

The wealth manager is looking to serve the broader ‘unadvised’ market.

 
 

Brewin Dolphin, a leading wealth manager with £40bn of assets under management (AUM), is developing a new investment solution for clients with smaller investment pots not currently served by financial advice.

The firm currently manages clients’ money across several different platforms including its discretionary managed service but in a bid to attract new investors from the ‘unadvised’ segment of the market it is looking to a new service WealthPilot.

Chief executive David Nicol said: “To prosper and remain competitive, successful businesses must constantly seek to innovate, change and improve. At the core of our current strategy is an appetite for innovation and constructive change.”

“While I consider our record in this regard to be good, I also believe the rate of change in our market environment is accelerating, driven by changing client needs and the continued evolution of financial regulation and government policy towards savings and financial advice.”

Therefore, he says during 2018 the firm will focus on innovation in two new areas:

“We began the design and test implementation of a new needs-based wealth planning and investment advice service (‘WealthPilot’) for clients with simpler needs. This is aimed at a much wider market segment than our traditional services, at lower cost with simpler investment solutions.”

“Secondly, we have approved the development of an advice-led proposition designed around the requirements of clients with more sophisticated and complex needs.”

Whether not this will involve any element of automation in customer on-boarding or in general in offering advice is unclear but seems likely to help bring down costs.

Brewin Dolphin has not given any further details as to the nature of WealthPilot but the strategy clearly focuses on the same part of the market as many robo-advice platforms and other digital wealth managers.

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