A moderately wealthy person seeking to invest in a wealth management firms london may find that his/her assets are insufficient for such firms.
Prospective clients now need nearly a million pounds (£809,000) to interest such companies in their business to be a private client. This is a 48% increase since 2014.
Customers without enough to invest will be told that they don't fit the correct profile.
Existing customers with insufficient funds may be gently removed. This is usually done by letter and rarely by phone.
Reasons include an ever-increasing customer base that makes firms more selective plus a much tighter regulatory framework. The latter has probably peaked and is a less plausible excuse.
By refusing possible clients with less assets, wealth management firms in London are probably not being very far-sighted, because many of these currently less well-endowed younger people will not return when their assets are far more appealing.
Some wealth management firms in London are realizing this and taking on clients with much smaller portfolios.