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Wealth Adviser: Tracey Reddings of SGPB Hambros- 'You can't rely on cannibalising other advisers'
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by James Phillipps on Jan 27, 2011 at 00:01
‘If we are moving into an environment of lower levels of wealth creation, you cannot rely on the cannibalisation of business from other wealth managers,’ she says. ‘We have got a very strong proposition but we need to work harder on telling people.’
Reddings says the company is keen to leverage its heritage and tradition, but stresses this is only part of the story and in such a fast-moving industry as finance, the emphasis is very much more on the depth of its research capabilities.
The second growth strategy is to build up the firm’s own financial planning capabilities. One of Reddings’ first moves was to put its financial planning team at the heart of its proposition, having previously been an almost separate division. The advisory team is now anticipated to be a key source of referrals for the group’s discretionary management team.
Allied to this is Reddings’ plan to further grow and build on its regional presence. This third strand of her plan to make SGPB Hambros the dominant mid-tier player is already well under way, with the private bank now having offices in London and Edinburgh as well as Manchester, Leeds, Cambridge, Southampton and Newbury.
‘It is important that we can serve clients where they want to be served, although I am very keen to grow the regional teams further, we will do it in a steady manner. It is an important year for the regional strategy,’ she says. ‘We have invested heavily in resources and infrastructure and 2011 is the year for delivery.
The fourth strand of Reddings’ three-year plan kicked off last October with the launch of what SGPB Hambros believes to be the first open architecture, full service platform for the clients of high end intermediaries.
Obviously tying in with the group’s plans to grasp the opportunities thrown up by the RDR, Reddings says the private bank has invested heavily in the infrastructure of the platform, which is being offered to a select number of IFA firms. It has already signed up several intermediaries and is also being targeted at family offices and wealth managers with more than £50 million in assets under management.
She says it provides a fully integrated suite of private banking services, including lending, foreign exchange, fiduciary and portfolio management. It was more than a year in development and follows on from the launch of similar services by the group in a number of European countries.