Wealth managers at a leading Midlands practice are celebrating helping more than 500 people and businesses over its 10 years of operation.
Glen Callow, managing director at Prime Wealth, which is part of Prime Accountants Group and has offices in Solihull, Coventry and Birmingham, said collaborative working is at the centre of the company’s progression.
Since launching in 2012, Prime Wealth has grown from a team of two people to six and has worked with more than 500 people, including 120 retained clients.
Prime Wealth was launched because the team at Prime Accountants Group saw a need for their existing clients and wanted to be able to provide a unified approach to their finances
Glen said: “From the outset, we have remained steadfast in our passion to remain an independent wealth management firm, ensuring we offer our clients a truly unbiased service. With no ties to other companies or set services, we can do whatever is in the best interest of our clients.
“The entire Prime Wealth team understand that personability is paramount when it comes to trusting wealth managers, which is why by working alongside Prime Accountants Group, we can offer a holistic approach to client finances, retaining them within a trusted environment.
“Having a deep and long-term client relationship leads to a more meaningful and better-focused financial planning solution, which can be delivered alongside the services of the wider accountancy group for a genuinely joined-up approach.”
Glen said that much had changed in ten years, with a new wave of investors emerging who think differently and bring new attitudes and expectations.
He said since the Retail Distribution Review (RDR) in 2012, the digitalisation of the financial world has exploded, creating the gamification of investment. With more people wanting to ‘get rich quick’, they have taken to investing in non-fungible tokens (NFTs) and virtual worlds.
He added: “RDR had the unintended consequence of creating the ‘advice gap’ – the term used to refer to a growing section of society that cannot afford or do not see the value in paying for proper independent financial planning.
“As the advice gap came into play, the rise of digital has led to the ‘gamification’ of the investment management experience. This has seen the rise in investments in some of the highest-risk assets such as cryptocurrencies and NFTs, rather than more stable and diversified solutions that a licensed financial planner would advocate. Personally, we see this type of trading as more akin to gambling than investing and has led to people making losses with money they can ill afford to lose.
“The challenge for the next 10 years will be for technology to enable advisers to reach consumers with a mobile-first solution, offering the reassurance of regulated advice in an engaging and cost- effective way.
“The wealth management industry is undergoing some big changes, both in its clientele and its working practices. We know the next 10 years will come with its challenges, but we are excited to see how we can continue in our upwards trajectory.”