NEW SERVICE IS RESPONSE TO INCREASING INDIVIDUAL WEALTH IN WALES
Professional advisors Broomfield & Alexander have announced the creation of a new joint venture wealth management service in response to the increasing numbers of affluent people in Wales – where it’s expected there will be 85,000 millionaires in Wales by 2020.
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Broomfield & Alexander Wealth Management Ltd will offer individuals worth six-figures and above in-house stock broking and discretionary and advisory investment management alongside the existing high-level tax advice and planning.
Managing director Ian Thomas said the new venture, with independent financial advisory firm AFH Financial Group plc, was a response to client demands for greater interaction between tax planning and wealth management from individuals whose wealth was increasing.
Higher property values, the first baby boomer wills, higher professional salaries and even lottery winners are all combining to push the assets of an increasing number of people above the million mark, with estimates that the number of millionaires in the UK will be approaching the two million mark in the next six years.
“The personal and business assets of many of our clients are rising to significant levels, often above the £1,000,000 mark,” said Mr Thomas. “Our aim through this exciting joint venture is to be able to offer a complete integrated service to our clients. At the opposite end of the spectrum we can apply lateral thinking to propositions – for example, loan backs from pension schemes can sometimes assist businesses with cash-flow pressures.
“There’s an increase in the wealth of our clients and we saw an opportunity to combine seamless in-house wealth management and tax planning – something that is not covered well by other firms.”
AFH chairman and chief executive Alan Hudson said the joint venture marked the company’s first established foothold within a strong Welsh market.
“I see both Broomfield & Alexander and AFH as two complementary and client-focussed businesses, seeking to deliver end-to-end solutions for a wide range of clients,” he said.
“We are delighted they have chosen us as a partner and we look forward to working with them to grow Broomfield & Alexander Wealth Management Ltd into a leading and recognised brand.”