Writing in the commentary alongside the wealth manager’s full year results, Nicol highlighted the group’s scale as a key factor in the future – it currently has £28.3bn in assets under management across around 100,000 account holders.
He said it is this scale that provides the firm with the foundations and resources to pursue its growth ambitions as well as the resilience to “absorb the impact of regulatory changes”.
However, he was quick to add that, while there remains growth to be had in the traditional areas that have in the past proved rich hunting grounds, it is in other areas that the group plans to focus.
“We are seeing the market evolve as more people seek more advice to better understand the options available to them. These individuals, often younger, are saving and acquiring wealth, and need new approaches and ways of engaging,” he explained.
Technology
One of the areas the firm continues to invest in is technology, albeit in an incremental fashion and on a modular, off-the-shelf manner.
Pointing out that ongoing developments to the firm’s technology and infrastructure are key elements and drivers of planned further improvements to its efficiency Nicol said the firm recognises “that future clients currently have fewer assets today than a traditional wealth manager might usually address. We are developing different products to attract such high potential clients at an earlier stage in their lives, thereby seeding tomorrow’s business and assets. Undoubtedly, the relationship will be supported by technology.”
He said the firm also recognises the advice gap that currently exists and is “developing alternative delivery mechanisms to allow us to assist those with smaller portfolios”.
He added: “In April 2015, we launched Brewins Portfolio Service (‘BPS’) on the BrewinsDirect platform, which widens our offering by providing a non-advisory investment service for clients with smaller sums to invest. This service will evolve, as it grows, and it will help in our offer to attract tomorrow’s core clients.
