The research, by consultants Scorpio Partnership, showed that of the £2.2 trillion of assets managed by advisers, private banks, high street banks, and private client investment managers, IFAs advised on £591 billion.

This was second only, by sector, to private banks, which managed £886 billion, with high street banks responsible for £501 billion, and private client investment managers handling £217 billion.

The survey also showed that financial advisers servicing clients with between £100,000 and £1 million of assets typically enjoyed gross profit margins of up to 35%.

The UK wealth management industry employs 124,000 people, with the IFA sector accounting for the second most of any sector, with 22,611.

Only private banks employed more people than the IFA sector with 22,700. High street banks employed 20,000, and private client investment managers 17,900. Life companies employed 5,800 people and platforms 4,237.

The survey showed the UK’s wealth management industry generated 1% of GDP, employing 12.5% of financial services workers, and influencing the wealth of nearly 9% of the UK population.

Andrew Fisher (pictured), Towry chief executive, said the aim of the research had been to show the importance of wealth management to the UK economy.

‘The industry needs to communicate in concert. This initiative is aimed at determining the core value of the wealth management industry and clearly shows the important worth of wealth – both personal and corporate – to the wider future story for the UK economy,’ he said.

Source: http://www.citywire.co.uk/new-model-adviser/research-reveals-ifas-control-591bn-in-assets/a561402

“We can help you prepare for tomorrow”

People are living longer and the number of retired people is growing. In the future the state will only be able to provide a basic level of pension for people when they retire. This amount of money will not be enough to maintain a decent standard of living.

By twenty fifty the life expectancy of a man will be 89 according to the institute of actuaries. Women will on average live longer, age 91.

This shows the need to save for retirement.

• How do you see your future after you retire?
• Will you be enjoying life to the full or just getting by?

Note: The value of the investment can go down as well as up and you may not get back as much as you put in.

Our Diamond Pension Service has helped many of our clients. We can help you to understand and put together a financial plan that will achieve your financial objectives.

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