Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a705380
Bhive network unveils peer-rating service for wealth managers
by Robert St George on Sep 27, 2013 at 12:56
A new ‘Find an Adviser’ service on Family Bhive, a social network for high net worth individuals, will allow intermediaries to rate their peers.
Caroline Garnham (pictured), Family Bhive’s founder and chief executive, said this will enable its users to access specialists in different fields.
Garnham said a typical problem may be a childless couple that wanted to leave their assets to a charitable foundation. An adviser with more experience in the transfer of wealth to relatives would be less suitable than an expert in charity legislation, she said.
Garnham added that as well as helping users to find wealth managers, the new service would offer guidance on how to engage them.
She emphasised, however, that Family Bhive would not select advisers for its users.
‘This would fall on the wrong side of the Financial Conduct Authority’s rules,’ she said. ‘The member needs to find his or her own adviser.’
The new service will facilitate this by disclosing each adviser’s experience and specialisms – allowing them to share research papers and presentations they had published, for example – and a peer rating based on how many followers the adviser has on the network.
‘Although Family Bhive cannot recommend one adviser over another,’ noted Garnham, ‘a practising professional can. This is why professional networking is such a vital ingredient.’
News sponsored by: