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Beverly Chandler

WMA calls for more representation for wealth managers

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The Wealth Management Association (WMA) has welcomed the Treasury and FCA’s Financial Advice Market Review (FAMR) and the inclusion of one of their member firms on the expert panel but calls for more representation. 

Liz Field, Chief Executive of WMA said: “The WMA are delighted that one of our member firms is on the panel and the execution only space is represented by the retail banking sector.
 
“We do hope however, that the voice of the traditional wealth manager will be heard.  They are the majority of the members of WMA and have many years of experience in the advice and guidance space with over 13, 000 qualified professional advisers operating from 520 offices throughout the UK, and who particularly want to see changes to enable them to contribute to closing the advice gap.  WMA member firms look after over GBP670 billion of wealth for over four million retail investors and as such are well placed to contribute to this review.
 
“We believe that solutions lie in a combination of technology and face-to-face interaction underpinned by solid investment strategies tailored to individual circumstances. This is a successful strategy employed by the wealth management community.
 
“As the voice of the wealth management industry, the WMA and its member firms will continue to be wholeheartedly engaged in the consultation response process and will aim to assist as much as possible in the evaluation of the existing confines. We also aim to increase the discussion around how to empower savers to access our industry’s professional advisers.”

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