Close Brothers Asset Management is in the process of launching a host of initiatives which the firm said would help wealth managers communicate key issues to clients and prospects.
The firm is gearing up to launch the smaller business dining club as part of its UK roadshow, where its wealth managers will meet with family business owners and finance directors to talk about their needs and how they can be better supported by advisers.
The move comes after the Family Business club was officially launched by CBAM in January, to provide support and networking opportunities for these businesses.
'The Family Business club brings people together to discuss their issues. To hear about people who have got things right or wrong and plan how to get things better,' Penny Lovell (pictured), Close's head of private client services said.
'We have been delighted by the interest and the dining club will be bringing smaller businesses, wealth managers and advisers together informally to talk about key issues,' she added,
The first dining club will take place during the company's road show in May, and then take place once a quarter.
These initiatives follow the suitability review, where the FCA warned Wealth Managers that the services they offer clients must be tailored and fit for purpose.
'Everything we do, we are very proud we do with a framework of best practise. We really looked at suitability and said 'what is the regulator getting at here?' We hope what we have done has gone above and beyond,' Lovell, who joined the firm from Rothchilds in 2012, said.
Close sent out a client survey at the end of last year and got some 'very honest feedback about the services they received' which Lovell said was used to 'validate that what we were doing is what the clients wanted from us'.
'We have got the basics, but what we did do with suitability is take it to the next level and build sophisticated reporting tools,' Lovell said.
'At the end of last year we had an independent compliance consultant to come in and make sure what we were providing is sophisticated, detailed information, not just off shelf reporting and financial planning,' she added.
The family business roadshow will start in Yorkshire in early May, before making its way down the UK, visiting businesses in the Cotswold on 18 May. On 19 May, the roadshow is visiting Westons Cider before finishing up on the 21 May at Pimlico Plumbers, and concludes with a dinner in London.
The group is also speaking at the Great British Family Business conference today.