The Consumer Duty is causing significant upheaval among well-known providers – it transpires they may not even be able to evidence whether they provided the service they charged for, quite apart from whether it represented value for money.
This is a huge moment for the UK’s investors and savers and takes me back to the original foundation of Netwealth. The wealth industry has for far too long relied on clients having little understanding of their charges nor, importantly, the impact these charges have on their financial outcomes. Instead, the emphasis has been on investment performance – typically a result of positive markets rather than expert investing – and products, rather than financial planning.
We launched Netwealth almost eight years ago on the basis that the UK lacked a wealth manager fit for today. There was a severe lack of transparency, charges were high, advice was hit and miss, and the overall upshot was that many investors across the country were having the chances of meeting their financial goals greatly reduced.
Amazingly, not that much has changed among the incumbents. However, Netwealth has been able to demonstrate that wealth management can be delivered in a modern, lower cost, accessible form, with no compromise on quality.
If we can help you further in any way, please get in touch.
Please note, the value of your investments can go down as well as up.
