Increasing aspirations, falling state and company provisions and the growth in regulation are combining to create opportunities for expansion for companies like Investec Wealth & Invesment.
“The market in which we operate is undoubtedly a growing market,” says Jonathan Wragg, who heads the UK business.
It employs around 580 people in offices in Edinburgh, Glasgow, Belfast, Liverpool, Leeds, Manchester, Cheltenham, London, Farnham and Reigate, in addition to the 45 in Sheffield, where he is based.
“There are going to be more people with a reasonable element of wealth that needs management.
“Often people have bits of pension pots that they want to pull together in a self-invested fund.
“People are realising more and more that they are going to have to make provision for themselves, rather than thinking they will get to 60 or 65 and someone will have a pension for them.
“And, look at the proportion of the workforce that was in final salary schemes or government schemes. Now, hardly a week goes by without reading that some company has stopped its scheme.
“Looking 15 to 20 years down the line, people who are 40 to 50 now are thinking that perhaps they haven’t got the provision they will need.
“It’s a gradual thing, but I think people generally realise that the have got to start thinking a bit more for themselves about long term financial planning, setting down what they want to achieve, when they want to retire and how we can get you there.”