The survey, which canvassed a total of 40 wealth management firms in the latter half of August, found that 67% require to have in excess of £500,000 of investable wealth.
However, so-called lower net-worth individuals can still find wealth management options, with 26% of firms setting their minimum investment bar at £100,000, while one in 10 will accept sums of £50,000.
Furthermore, 12.5% of firms operate cost-effective semi-bespoke options to lower net-worths, while there are managers that will work with clients below the £50,000 bracket, such as the children of “affluent” existing clients.
Lee Goggin, founder of findaWEALTHMANAGER.com, an online wealth manager platform, highlighted the findings as an indication that lower net-worths are not being forced to utilise ‘robo-advisers’ in the increasingly competitive post-RDR landscape.
“There are perceptions that professional wealth management is increasingly accessible only to those with very large amounts to invest,” he said. “Yet our analysis confirms what we have been saying to our users for three years now – namely, that you may be surprised at the choice available for even quite modest investors.
“While it is certainly true that some clients have been transitioned to cheaper servicing models, or even unceremoniously dumped by their previous providers, we have always been able to find them a new home and, furthermore, one where they get to talk to an actual person about their investment needs.”
The report follows on from a findaWEALTHMANAGER.com survey in Q2, which found that clients who were dissatisfied with their current wealth manager tended to have more investable capital.
