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Coutts’ Morley: why we are reviewing every investment since 1957

by James Phillipps on Jun 05, 2014 at 11:19

Despite this, he does not expect the exercise to stunt growth in the short-term and backs the review to ultimately help attract and retain assets.

‘In the UK we are looking to lead the market in private banking and wealth management. I sense that by going back to clients and ensuring that the advice is based on their needs, we will build trust and this will help grow the business,’ he said.

‘This particular year the wealth managers have their hands full, but the private bank carries on as normal.’

Coutts split wealth management and private banking roles as part of a revamped Wealth Management Advice Service, which was launched in November 2012.

Morley sees the potential for growth on several fronts, including its lending facilities and building its market share in both the resident non-domiciled and small and medium-sized enterprise markets.

Lending is up 35% year to date and parent group Royal Bank of Scotland is looking to offer a more integrated service to the small and medium-sized enterprise market in which it has a 30% market share. This will see the executives of these client firms offered private banking through Coutts.

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2 comments so far. Why not have your say?


Jun 05, 2014 at 12:11

How will you assess if an investment made in 1957 is suitable when you do not have detailed information on the client's total financial position and requirements in 1957 (or for that matter 2007) ?

What is essential is detailed regular ongoing review of the clients portfolio where the IT generated is reviewed and signed off by a thinking human being i.e 40% in bonds may be within the client's agreed strategic asset allocation but may not be acceptable if it consists entirely of bank cocos.

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Anonymous 1 needed this 'off the record'

Jun 06, 2014 at 08:38

You only need to go back as far as the Royal Bank of Scotland 2008 Rights issue I reckon to see inappropriate investments.

The cream of clients conned perhaps even the Queen was done over as well I would not be surprised the lack of honesty integrity and trustworthiness has long since gone from RBS and I expect Adam&Co and Coutts was pushed the same way. Who ever proposed them for Knighthoods should propose them for the stocks at the Tower of London.

Both companies had a leap in profits recently and a purge so I expect more trustworthy employees were shown the door. Perhaps that was commission based too?

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A brave new world for wealth management

on Aug 01, 2014 at 10:58

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