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We are a consultancy that works with financial advice firms to develop their capabilities in the HNW and UHNW client market.
The Opportunity
The majority of HNW and UHNW individuals will initially turn to institutions such as Private Banks to meet their wealth management and tax advisory needs.
However, we are seeing a growing gap in the market where these clients want institutional resources and advisory services with a personalised feel.
The Program
Enhanced capabilities
You already run a successful wealth management business. You may already have high net worth or ultra-high net worth clients or would like to attract these clients.
Our program is designed to help you either start from scratch or develop a proposition to work with these clients. In a sense, it could be seen as helping you set up your own Private Office function to run alongside your core business.
As a prelude to the program, we shall spend some time with you to get to know you and talk you through the steps and share some stories of our experiences of working with UHNWI and the outcomes achieved.
Engagement
Positioning your offering with HNW clients
How to differentiate what you do, to better position yourselves with these clients when competing with other advisors and Private Banks.
The objective is not to pick up fragmented financial planning opportunities on such clients but to become the key central advisor to them, even if they are already multi banked.
Psychology
The psychology behind substanial wealth creation
All clients are different but there are certain traits and characteristics that are typically seen when extensive wealth is created by entrepreneurial families.
There may also be a fairly typical route map that individuals have gone along in their business lives and being able to identify where they are on this, in addition to understanding what they have been through to get there, can help demonstrate that you understand their world.
Wealth Architecture
The wealth architecture process
This is unlikely to be a fact find process leading to the placement of financial product. More likely, it will be a deep get to know the client and family and an advisory process. As well as asset allocation, it will involve the structures that should be used and cover holding passion assets and often philanthropy will be a key objective.
The recommendation around investments is very unlikely to be modelled on an AUM basis, clients will expect you to have access to leading products and instruments and a model based on assets under coordination is likely to work better. We can help you understand how to get access to the key product providers.
Tax Optimisation
Tax Optimisation is a critical element of dealing with HNW and UHNW clients. The asset base will typically be more diverse, likely be multi jurisdictional and may involve numerous family members. This element sometimes gets fragmented in the wealth management process and quite often leads to a disconnect in the client’s eye.
The wealth manager says “we don’t give tax advice” introduce a tax expert but the tax expert usually doesn’t see the bigger picture.
We can help you understand the key elements used in tax planning, the structures used and how compliance is managed for such clients – not to turn you into international tax specialists who sign off on advice, but enable you articulate things properly with clients and control and maintain the relationship.
Fee Model
Implementing fee models for UHNWI
We can help you create the most productive fee model for these clients both in terms of capturing fees for the initial architectural phase but also through the ongoing care and maintenance stages.
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For clients where you are co-ordinating assets of £10m - £50m, these fee revenues can be substantial.
Collaboration
On-going resources for your business
We can sit in the background and provide help and support and, if needed, work with you directly to either attract or develop the clients.
The key thing is that these remain your clients, fee revenues are yours and the clients will hopefully significantly enhance your own revenue and the enterprise value of your business.
Program Outcomes
Value added to your business
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Private Office Function with a tried and tested framework to attract and retain entrepreneurial clients and wealthy families.
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Institutional mindset and resources blended with your personalised approach to wealth management.
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New story to tell with existing entrepreneurial clients and professional connections.
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Generate substantial fees from a small number of clients.
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Average client value increases, boosting future business valuation.
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Provides a contrast to the mainline financial planning services which supports consumer duty.
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​Building a lifestyle business with a small number of HNW clients as future de-coupling strategy.
Meet The Team
Our team have a background in strategic tax advice, behavioural finance, and wealth management.
Founder
Stephen Wren
Stephen is a Chartered Tax Adviser (CTA) and has worked with some of the major international accountancy practices prior to becoming CEO of Tax & Wealth Advisory Services at HSBC Private Bank in London.
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Stephen now acts as a private tax consultant for a number of leading entrepreneurs and families both in the UK and overseas.
Consultant
Jonathan Dawson
Jonathan is a qualified Financial Planner (Dip PFS) and Pension Transfer Specialist (AF3) who has over 10 years experience in wealth management.
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Jonathan's primary role at Prive is to work with financial advice firms to develop their HNW proposition.