[UPDATED] How big is a big financial planning firm? Take Lighthouse. It has 400 advisers and an estimated £5 billion of assets under advice, but it is a mass-market proposition. The ‘adviser of choice to Middle Britain’ is subject to a £46 million bid from restricted national Quilter, which advises on assets of £110 billion across 1,600 advisers. St James’s Place topped £100 billion this year. But are these financial planning businesses?
I am talking ‘proper’ financial planning, which I would define as being somewhere close to the six-stage process set out by the erstwhile Institute of Financial Planning.
This week’s cover star firm
The business headed up by US financial planning guru Michael Kitces (he of the
Size is not everything, not by a long chalk. But the question is
A solution is avoiding intermediation costs. Planning, without products, does not carry the same regulatory overheads, just time and expertise. Planning businesses that use technology smartly to help gather information and communicate with clients could deliver their services efficiently and cost-effectively to a wide demographic of clients.