Citywire printed articles sponsored by:
View this article online at http://citywire.co.uk/wealth-manager/article/a713124
Wealth Manager: how a new CEO brought 'flat-lining' Bestinvest back to life
News sponsored by:
by James Phillipps on Oct 31, 2013 at 00:01
When Peter Hall joined Bestinvest in 2010 the company was ‘flat-lining’, but after a period of restructuring and rebuilding, it has now tapped into multiple markets and is firmly on the acquisition trail.
‘When Bestinvest approached me I was attracted by the fact it was a unique company in how it helps clients, whether they want to do it themselves or have us run their money for them, but it had slightly lost its way in terms of strategy,’ Hall says.
‘When I joined the business was flat-lining, but it had a very strong client culture and the core of what the team had – they were real consumer champions – were real strengths, and my aim since I have been here has been to unleash that potential.’
Hall brought a unusual level of experience to the role, having previously headed UBS’s wealth division and Barclay's Stockbrokers on the execution-only side.
He describes joining Bestinvest as a process of ‘bringing that experience together’ and it has been a busy three and a half years for the chief executive.
Hall immediately set about restructuring the management team and honing the company’s proposition ahead of the retail distribution review (RDR) in a three-pronged growth strategy.
This has seen it create new managed portfolio and advisory services, and in the last leg of the major overhaul, its execution-only platform was relaunched earlier this month.
‘We have invested a lot of money in new services,’ Hall says. ‘Our online investment service is designed to try to help clients who have either been abandoned by advisers – for example, bank advisers who have exited the industry, or clients who have abandoned their adviser because they don’t want to pay a fee.’
In a move that garnered a lot of publicity last year, Bestinvest launched a free investment review service, which has since been used by more than 35,000 people and resulted in ‘thousands’ signing up as clients.
More about this:
Look up the shares
More from us
- Update: Swedish bank Handelsbanken acquires Heartwood
- Schroders agrees to £424m Cazenove Capital buy
- Standard Life secures super clean terms from Old Mutual