Cazenove has confirmed its private client business will retain its independent status in the post-retail distribution review (RDR) world.
The firm, which offers both investment management and financial planning, said it was able to meet the criteria for independence under the incoming RDR rules, as it offers ‘a whole of market service on the complete range of retail investment products to our private clients if required’.
Cazenove head of wealth management Mary-Anne Daly (pictured) said: ‘Being independent benefits the business in that clients are able to access a complete service under one roof.
‘However, there are many instances when we will work in partnership with clients’ own professional advisers. Indeed, this has been a substantial area of growth for our business over the last few years and one which we are committed to developing further.’
Nonetheless, she acknowledged that the new definitions are not necessarily clear for underlying clients.
‘Badging doesn’t always lead to a greater understanding for the end client. As long as wealth managers continue to offer the most appropriate products and investments to their clients taking into account the clients objectives and risk tolerance, then whether the advice is internal or external it shouldn’t matter.’