A new offering from London & Capital (L&C) aimed at partners at law and accountancy firms provides potential clients with the bespoke and holistic services that other wealth managers have not offered previously, Simon Tuck, head of UK wealth at the firm, told eprivateclient shortly after the launch of L&C’s Professionals offering within its UK Wealth division.
The offering is available to partners at different stages of their careers who work at law and accountancy firms and who need financial advice on a variety of matters.
There are three stages to the offering – stage one which is focused on young partners; stage two looks after the needs of established partners and stage three which is targeted at more seasoned partners.
Mr Tuck, who joined L&C in the summer of 2017 having previously headed wealth planning at Weatherbys for seven years and worked at C.Hoare & Co prior to that, said that with “no offering like this for partners from other firms”, accountancy and law firm partners “have been underserved by the investment community for decades.”
The holistic approach of L&C’s Professionals team led by Mr Tuck - who has historically looked after professionals, mainly lawyers, at previous firms - was unlike other offerings for partners where, Mr Tuck said, they are shoe horned into the same propositions, not given great service and find it quite expensive.
Instead, for a one percent management fee, each L&C client is provided with a personal wealth manager and portfolio manager, is given financial planning as part of investment management services and is not charged for financial advice.
Given the different needs for individuals at varying levels in their careers, the three stages available to partners offer tailored solutions to challenges such as mortgages, partnership loans and school fees for younger partners, Mr Tuck explained.
For established partners who tend to have substantial mortgages, buy to let portfolios or are planning for retirement, Mr Tuck said L&C looks to solutions such as preferential mortgages and wealth structuring in these circumstances. For seasoned partners who maybe making IHT plans or large pension pots to manage, L&C can offer strategies focused on capital preservation or structure wealth for tax efficient purposes.
Mr Tuck explained that L&C “sits between private banks and IFAs” and, as a partnership itself, was experienced in building strong relationships with the accountancy and law sectors.
Mr Tuck said the team builds these close relations with clients by “targeting specific audiences” and it “makes the proposition work by bringing something to the table.”
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