A client services director at UK-based wealth manager London & Capital has launched a stinging attack on the service standards that prevail in "too many companies" active in the wealth management arena.
"When [our clients] review their needs, often on the back of a business disposal, many will approach a private bank, and the frustrations for us have been clear to see," said Sean Doyle.
"One of the main criticisms we hear is that they never get to meet the investment team, the professionals responsible for the management of their hard-earned assets, and that they feel they are treated as simply a number."
Doyle made his comments as London & Capital announced a refocusing of its private client division by pushing what it claims is a more open approach to single and multi-family offices.
"We offer clients full access to our investment team," continued Doyle. "We are offering [family offices] access to our long-established and proven absolute return strategies – strategies which have delivered annualised returns of more than 10% per annum over the last 17 years – and by putting in place a more flexible and tailor-made process."
Each private client and family office will get a dedicated portfolio manager with direct access to the underlying fund manager for specific asset classes. The firm will also create bespoke multi-asset investment portfolios to ensure the specific family office requirements, including its tax position, are met.