Seven Investment Management has denied its recent purchase of a wealth manager matchmaker website represents a conflict of interest despite the fact users of the website could be paired up with the firm.
Portfolio Adviser learned the wealth manager acquired Findawealthmanager.com earlier this month.
The online matchmaker, founded by ex-Citi UK vice president Lee Goggin and private banker Dominic Gamble, aims to help affluent individuals navigate the “confusing wealth management industry” and find an appropriate match for their needs in a matter of minutes.
Findawealthmanager.com touts its “impartial” assessment of firms as a key selling point on its website, as well as its ability to drive down costs for clients as wealth managers compete for their business.
Since launching in 2012 it has matched up over 10,000 customers with pots worth £250k and above, connecting them with the 30-plus investment management and private banking clients it represents, including 7IM. Other wealth managers represented on the website include Cazenove Capital, Quilter Cheviot and LGT Vestra among others.
7IM confirmed the deal but has denied that it could lead to a potential conflict.
A spokesperson for the wealth manager told Portfolio Adviser Findawealthmanager.com will continue to be structured as an independent company from 7IM, “retaining its brand, impartiality and leadership under Lee Goggin”.
The website will continue to generate leads for other firms in similar numbers and value as it has done previously, they said.
The spokesperson added that the deal forms part of 7IM’s long-term growth strategy by generating greater revenue that can be re-invested into the wider business.
Findawealthmanager.com is 7IM’s second acquisition in a matter of weeks. At the beginning of October, the wealth manager snapped up London-based financial planning firm Partners Wealth Management, a move which bumped its assets under management to £17bn and took its headcount to 400 employees.
In May 2018 it acquired Edinburgh-manager Tcam Asset Management and in the ensuing year saw a spate of senior departures including CEO Tom Sheridan and the last of its original founding partners, Justin Urquhart Stewart.
