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Canaccord Genuity’s Darke: We are preparing to hit the acquisition trail again
by Elsa Buchanan on Oct 02, 2013 at 10:04
The system will enable CGWM to better integrate all its divisions and cover multiple jurisdictions.
Darke also pointed to a major focus on financial planning, which he said regulatory pressures and suitability issues are forcing wealth managers to consider.
Although only 8.6% of the firm’s client base is currently using the full spectrum of the managers’ services including financial planning, advisory and investment management, they generate 22.7% of its total revenues, Darke said.
‘This is not the percentage of revenues coming from financial planning, but rather the total revenues from clients who receive financial planning,’ he said.
‘To deal with clients properly, you now need to offer all three disciplines [financial planning, advisory and investment management].
He anticipates the demand for financial planning will ‘increase substantially’, adding: ‘It’s inevitable.’
Additionally, CGWM, which has an extended offshore network in the Channel Islands and Switzerland, is looking to seize opportunities in both overseas and the non-domiciled markets.
Stephen Massey, Eden’s founder who was appointed head of UK wealth management at CGWM in July, told Wealth Manager.
‘Supported by our global 360° service [which offers financial planning services to clients with a total net worth in excess of £1 million], we are looking to attract non-domiciled clients, as well as clients from the Middle East-especially Israel, and South Africa, the rest of Europe, and the US,’ he said.
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