Management, Wealth A Crowded Space
by Ben Sherwood, Director, Satis Asset Management.
The wealth management space is crowded. There are hundreds of firms all seeking to serve the moderately wealthy and the very wealthy. We like to think that Satis is unusual for a number of reasons.
Like many other wealth managers, Satis offers access to highly experienced advisers that seek to form lifelong relationships with clients, their families and their other advisers. What distinguishes Satis comes under at least nine headings:-
1) We are CEFEX certified. This means that we do not just say that we put the client first, we are certified on an annual basis and have to demonstrate that at every turn we always put the client first. If any potential conflict of interest arises, we put the client’s interests ahead of our own. The certification involves a detailed analysis of every part of our service – how we take clients on, how we charge for our services, how we conduct due diligence on our custodians, how we design portfolios, how we engage with clients, how we disengage with clients and so on. There is also a random selection of files that the inspector then scrutinises to see whether we execute all our processes to the standards of best practice in our industry. There are only four UK firms who have been certified by CEFEX – we are now in our fourth year.
2) Combined tax and investment expertise. Most financial advisers have some basic tax qualifications. Satis was born from an established top 50 accountancy firm (Hillier Hopkins) so Satis advisers have access to many tax specialists who spend their professional lives working full time on private client tax matters. Our colleagues include Chartered Tax Advisers and STEP members. We believe it is a basic error to consider investment structures without considering the tax consequences of such investment decisions; similarly making tax planning decisions without properly considering the overall effect on investment planning is negligent.
3) Specialist expertise. We do not act or seek to act for everyone. We serve a small number of families (226 at the last count) who will generally have between £1m and £10m to invest. All care about someone other than themselves and all appreciate good value services. The vast bulk are over the age of 45. This niche focus enables us to be expert in the specific difficulties that can trouble this group of clients. Due to our tax expertise and experience we are also very used to serving clients who have international affairs. This includes those who are American citizens resident in the UK, those who are British but working overseas and all nationalities of non-domiciled individuals.
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20/20 - Finance
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