Are UHNW clients being failed by their wealth managers?

At Spear's 500 Live, private client professionals - from wealth management, philanthropy, luxury, law and property - gathered at The Savoy to share insight, strengthen networks and hone their understanding of the forces that shape the lives of ultra-high-net-worth clients.
In a panel titled 'From consolidation to consumer duty - the forces shaping the evolution wealth management for UHNW clients in the UK,’ presented in association with Multrees, top wealth managers say that consumer duty has created an expensive regulatory headache for firms in the UK, but it may help to ‘rebuild confidence’ in an industry that has been ‘on a real journey to improve standards.’
The discussion considered the impact of the rising number of mergers and acquisitions in the UK wealth management landscape, the increasing impact of AI on the industry, and the challenges caused by new regulation.
Panellists included Grant Parkinson(Head of wealth and retail banking for Europe at Standard Chartered), Ross Elder (managing partner at Lincoln Private Investment Office), Ian Woodhouse (strategy adviser at Multrees) and Charlotte Thorne (founding partner at CapGen).
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