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Tax guru and author launch wealth arm for accountancy firm
by Dylan Lobo on Mar 05, 2013 at 07:51
Tax expert Ross Badger and author Ben Sherwood have been recruited by accountancy firm Hillier Hopkins to launch a wealth firm.
Badger (above right) and Sherwood (left) - an experienced financial planner who co-penned The 7 Secret of Money: the insider's guide to personal investment success – have formed Satis Asset Management (SAM). The pair are partners at Hillier Hopkins and will aim to build on their long-standing relationships with the firm’s clients.
SAM, which is entirely fee-based, will provide asset management and tax solutions to Hillier Hopkins existing clients, while trying to identify new business opportunities. It has 130 families on its books and will target those aged over 55 with between £500,000 and £10 million in investable assets.
In particular the firm believes its ability to offer access to ‘high quality’ US mutual funds will attract interest from US citizens residing in the UK.
The US Foreign Tax and Compliance Act (Fatca) of 2009 saw many wealth firms turn away US clients due to the increased regulatory burden and SAM sees this as a significant opportunity to exploit.
‘SAM is well placed to take these [US] clients on, offering both wealth management and tax advice to ensure they are making the most of their finances while reporting correct returns in the US and the UK,’ it said in a statement.
Badger added: 'We identified an opportunity to improve the quality of service and products on offer to the market. Firstly, we are one of the few wealth managers that can offer both tax and investment advice.
‘Furthermore, by working on a fee-based structure rather than working on a commission basis, we are able to ensure that our interests are entirely aligned with our clients rather than encouraging transactions for their own sake in order to accrue commission.’
Meanwhile Sherwood pointed out that individuals are increasingly looking for a ‘simple’ and ‘rationalised’ approach to financial management.
‘In both our transparent fee structures and the fact that we integrate tax and investment consultancy, we satisfy that requirement,’ Sherwood said.
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