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View the article online at http://citywire.co.uk/wealth-manager/article/a745285

WH Ireland could close offices as it launches cost cutting review

by Elsa Buchanan on Apr 08, 2014 at 07:56

‘It’s a reflection of what is going on in the industry. The bigger banks are all saying they want clients of above £3 million or £5 million. There is a finite amount of that business and we are happy to pick up the crumbs from their table.’

Share price boost

After a turbulent year, WH Ireland’s share price has almost doubled, up more than 90% over the period, which Killingbeck said reflects a recognition of the changes the business has already made.

‘Personally, I think we are undervalued, but we are a public company so it’s for the market to judge. The market is waiting to see how our interims go.’

The key focus for the company is organic growth, focusing on the three service proposals it offers; discretionary, advisory and execution-only.

‘We are having success with individuals that are wanting to join us and bringing business with them, but also the large banks in the private client space moving up their minimums and that is presenting us with opportunities,’ he added.

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3 comments so far. Why not have your say?

CoeurDeLion87

Apr 08, 2014 at 08:17

More evidence that private client stockbroking is being killed off and replaced by a new 'wealth' regime that pools and corals investors for a fee. This is NOT what stockbroking was created for. It has little to do with creative and innovative market investing and everything to do with risk averse/suitability re-definitions that are ultimately strangling SME's etc. If RDR isn't an unmitigated failure then I think it's time to define what the benefits are. Excessive regulatory costs and standard overheads are getting out of control.

Can it be any coincidence that many incoming executives in firms like WH Ireland are arriving from banks and with it an obtuse attitude to smaller clients? ALL the old firms pre-Big Bang understood that in order to nurture oak trees there have to be acorns but the current crop of regulators & 'wealth' pro-RDR brigade prefer to squeeze the last remnants from the failed experiment by crushing these next generation clients.

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Anonymous 1 needed this 'off the record'

Apr 08, 2014 at 09:28

And at the end of the day, clients will pay a 1.75% fee to a Fund Manager & further 1% to a "Wealth Adviser", so the cost of advice will be virtually twice the cost of the commission based system of Stockbrokers which it replaced. Is RDR a success ? - make your own judgement on that one ! All it means is that the FCA will have bigger Wealth Management Firms, on which they know they can levy progressively larger fines.

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David Cowell

Apr 08, 2014 at 09:34

Totally agree. Short-termism rules OK. But, isn't that a problem for the whole market?

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