Any client entertaining from your wealth manager (£1.4m invested)

[Mumoflovelyboys2]

Hi, I have £1.4m funds invested with a wealth manager that has been taken over and over the last few years the perks have all but disappeared.

I used to get invited to a nice lunch (somewhere of my choosing in central London) to discuss my funds plus other invites such as Christmas afternoon tea, clay pigeon shooting and talks with celebrities plus drinks etc.

All has gone completely and now only get a teams meeting annually - not even allowed into the office for a coffee - I think we’re now below the limit for them to bother. Just wondering if there are any other wealth managers that still perform well but do offer in person meetings and the odd jolly or two?

My DiL hired an art gallery near her office and invited all her clients for wine and cheese. Our own adviser does nothing at all - at least we aren’t invited.

I think Stanhope Capital still take on individuals at that level?

I’m pretty sure this WM UBP will do things just they’re so big we don’t get invited as we’re small fry and they probably want us to leave (but they can’t make us leave). I miss when I was part of a smaller WM and had the more personal touch.

@DameCeliaDo they do things in person?

I suppose "freebies" are a way of justifying the enormous commission they charge. Remember your investment manager has his hand in your pocket when he pays the bill.

Quite ! It would be MUCH cheaper to seek out a WM who charges reasonable fees and does their core job well, and then book and pay for your own lunches and other events.

you've never had any 'freebies'. you've paid for it through the fees you pay every year

Nothing is free you have more than paid for any past perks. You are still haemorrhaging money that could be making you richer. The money saved by self investing could buy you plenty of perks!

Three rules for life:
1 The only certainties are death and taxes
2 There is no such thing as a free lunch
3 If something seems to good to be true, it probably is.

One company invites us to a lovely event in London once a year and we don't get anything from the other. I know it's coming out of our pockets not theirs though!

I have about £1k invested in a high street bank and sometimes when I visit the branch I am able to steal a mini pen. Never got a lunch though.

Interesting that your original WM was taken over by a large company ( if I understand correctly). I am a regular listener to the Meaningful Money podcast and Pete Matthew’s mentions this in the latest issue. It usually goes with a change of culture that is rarely to the clients benefit.

Also agree that if you decide to go it alone and self manage via investment platforms you’ll probably save a ton in fees.

🤣. My local NatWest has a coffee machine. The cappuccino function is always out of order though.

I'd rather they take care of the money than piss up fees with lunches. Culture has changed though, fewer boozy lunches generally.

I’m sure the poster is fully aware of what the fees pay for. How patronising. If you are going to have to pay the fees anyway then is nice to get a freebie.

Mine is via hsbc & there are annual dinners, yearly meeting in person. That’s about it.

My WM, based in Surrey, send me a Christmas card and the team lead has hand written a personal message. BIL tells of calling by their offices in Dec and seeing big gift baskets for the fatter cats. Currently, they are still an 'independent' WM.

When I first came to them, I was newly widowed and they knew of my husband from working on other family members' funds. They waived my initial consultation fee but I am sure they have more than recouped that.

I have never actually met them in person but my ILs have several times. Video calls are more convenient for me anyhoo. There is an annual review meeting - done on video - but if I contact and ask for a video meeting they always oblige and they are good about answering emails.

They are a little more expensive than some other WMs but they know all my UK family's finances and have some specialist knowledge so can advise me on correct investing for US taxpayers.

Long gone are the days of Furniss of the Natwest inviting one for a small sherry while discussing the Rotary dinner.

There is no such thing as a freebie.

I’ve had the odd invite to tennis or a spa thing. Never been though. I do get a cup of tea and a biscuit when I go in for my annual review.

There are many ways to choose financial advisors and managers. I’ve yet to see a causal or even positive relationship with group based “freebies” and successful fund management.

I want my client as a client to be one to one and focused on what helps the manager understand needs and requirements. That may be over lunch or coffee but certainly not in expensive group based activities which will be about selling, not understanding the client.

I don’t want my money being spent on lunches and parties.

We’re with UBP and they still take us out for lunch a couple of times a year - not sure if they still do the group stuff as we always refused anyway so possibly just stopped bothering

Does being pedantic and stating the obvious make you feel smart? How irritating, tiresome and boring. Well done you! I’m so sorry I didn’t use inverted commas around freebie.

Thanks for the helpful replies and for those patronising ones yes I’m fully aware there’s no such thing as a freebie but some people obviously don’t understand the fee structure as I am still paying the same fees but now relegated to annual zoom calls and no lunch or other client entertaining so previously it was part of the service and now not. I was trying to see whether any other WM still valued meeting up with their clients.

@blankcanvas3

I’m with UBP - do you have a lot more invested with them?
I get the feeling from them were such small fry that they have inherited that they would be happy for us to take our money elsewhere as it’s not really worth their while to deal with us but can’t get rid of us.