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Smith & Williamson to advise members on new Family Bhive investment platform
by Elsa Buchanan on Aug 23, 2013 at 09:57
Family Bhive, the social network for high net worth (HNW) investors, is launching an investment platform for its 500 members who each have in excess of £5 million in assets.
Caroline Garnham, founder and chief executive pointed to Baker Tilly and Smith & Williamson amongst others to help advise members regarding investments promoted on the site and to screen the opportunities. The platform will facilitate direct investments across a range of assets, including private equity, pooled investments, real estate, private equity, commodities, art and antiques.
Garnham told Wealth Manager the launch followed an internal survey that found 95% of members wanted to be able to deal online.
Both HNW members and individuals or firms promoting investors are screened and under the platform’s terms, the promoters can put forward investment opportunities with or without having had due diligence done.
‘In a situation like this, we would go back to the investor and make it clear that they should find a professional adviser for due diligence,’ Garnham said.
‘Essentially, we’re a lead generator, not a deal maker. We are different from a number of platforms, such as banks, because they only make the introduction. We screen both sides.’
Access is free for members, but promoters will face an annual fee ranging between £3,000 and £10,000, depending on the deal size plus a ‘success fee’ of 20%-50% of the promoter’s fee.
On the back of this, Family Bhive is launching its ‘Find an Adviser’ service in September. The platform, ‘a mix between a directory and networking site’, will enable HNW investors to find and connect with wealth managers.
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