‘Shift back to basics with the boutiques’ Financial Times

Rich individuals who got their fingers burned in the financial crisis are moving back to basics in search of transparent, simple, low-cost products, shifting from private banks to smaller, independent wealth managers and boutiques to get them.

“Wealthy investors are disillusioned with private banks and being locked into structured products,” says Andrew Steel, chief executive of James Hambro & Partners. He believes they are also moving away from big wealth managers that fail to provide “a tailored service”.

The value of your investments and the income received from them can fall as well as rise. You may not get back the amount you invested.

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