www.wealthadviser.

co
May 2015

Wealth Adviser
Awards 2015

Coverline 1 Coverline 2 Coverline 3

 Contents

In this issue
03 Wealth Adviser Awards 2015 results

04 The rise and rise of the wealth manager

By Beverly Chandler

06 London & Capital Asset Management

Best Ultra High Net Worth Team

08 Smith & Williamson

The 2015 Wealth Adviser awards at Sketch were filmed. Here is Best Multi-Family Office
montage of the event itself and the winners receiving their awards
10 Quilter Cheviot Investment
Management
Best Boutique Wealth Manager

12 Black Brick PropertySolutions

Best Property Adviser

14 St. Jamess Place WealthManagement

Best Private Client Investment Manager

AWARDS 2015 16 Third Financial Software

Best Technology Provider

17 KYCme.com
Most Innovative Product

Publisher
Managing Editor: Beverly Chandler, beverly.chandler@globalfundmedia.com
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Investment Warning: The information provided in this publication should not form the sole basis
of any investment decision. No investment decision should be made in relation to any of the
information provided other than on the advice of a professional financial advisor. Past performance
is no guarantee of future results. The value and income derived from investments can go down as
well as up.

Wealth Adviser Awards Special Report May 2015 www.wealthadviser.co | 2


AWARDS 2015
The winners
The Wealth Adviser Awards 2015
were determined by the votes of
Wealth Advisers readers, who
include wealth managers, IFAs, fund
managers, family offices, law firms,
accounting firms and other industry
professionals.
The winners of the Wealth Adviser
Awards 2015 are:
Best UK Client Team
Close Brothers Asset Management
Best International Clients Team
Socit Gnrale Private Banking Best Asset Manager Income
Best HNW Team
RBC Wealth Management
Best UHNW Team
London & Capital Asset
Management
Best Wealth Planning Team
Bordier & Cie (UK)
Best Boutique Wealth Manager
Quilter Cheviot Investment
Management
Best Private Client Investment
Manager
St Jamess Place Wealth
Management
Wealth Adviser Awards Special Report May 2015
Best Investment Product Provider
Tilney Bestinvest
Best Asset Manager Charities
Cazenove Charities
Best Asset Manager Cautious
Portfolios
Kames Capital
Best Wealth Manager Growth
Portfolios
Saltus Investment Managers
Portfolios
Aberdeen Asset Management PLC
Best Asset Manager
Alternative Investments
GAM Alternative Investment
Solutions
Best Multi-family Office Asset
Manager
Smith & Williamson
Best Marketing Campaign
BNP Paribas Wealth Management
Best Law Firm (Family)
Boodle Hatfield
Best Law Firm (Defamation and
Reputation)
Harbottle & Lewis
R e s u lt s
Best Tax & Accountancy Team
Dixon Wilson
Best Property Adviser
Black Brick Property Solutions
Best Trust Services
RBC Wealth Management
Best Technology Provider
Third Financial Software
Most Innovative Product
KYCme
Best Technology Provider
Transaction Processing
SunGard
Best Global Custodian
Northern Trust
Best Private Client Legal Team
Mourant Ozannes
Best Brand Launch
Elian
Wealth Adviser Leadership
Award
Daniel Pinto, Stanhope Capital
Best Wealth Management
Jurisdiction
Jersey
www.wealthadviser.co | 3

The rise and rise of the
wealth manager
By Beverly Chandler
Speaking at the Wealth Adviser awards
earlier this month in the glorious elegance of
Sketch in Mayfair, Sunil Gopalan, Chairman
of Wealth Advisers parent company, GFM
Limited, said that chief concerns for the
wealthy and their advisers were the low
interest rate environment, the increasing
cross border nature of regulation and the
need for growth in investment technology.
The wealthy need old fashioned merchant
banking services, Gopalan said.
Key note speaker at the awards was
Daniel Pinto, chief executive and founding
partner of Stanhope Capital, who commented
that wealth managers are survivors, surviving
the tidal wave of regulation which has
occurred since 2008 which had forced some
of them back to school. We have endured a
compliance blitz which means that we spend
more time with our compliance officers than
clients, he said.
He commented on the slight fall from
grace of hedge funds which have faced
more questions over their performance in
recent years, but have left their challenging
legacy of clients expecting to make money
Wealth Adviser Awards Special Report May 2015
and others who have blamed them for all the
year. (Wealth Adviser: www.wealthadviser.
The 2015 Wealth Adviser
awards at Sketch were
filmed. Here is montage of the
event itself and the winners
receiving their awards:
https://vimeo.com/128371847
Overview
in good times and not lose money in bad
times. Fund managers have also experienced
a carpet bombing of criticism from politicians
ills of the economy, he said.
Why are we so resilient? he asked. We
are alive and kicking and thriving because at
the end of the day we give a good service
to clients which means most investment
firms have grown. We have taken the blows
silently and now its time to speak out that
what we do is positive.
And there is a lot to do. The rich are
getting richer; they like buying property
and they like collecting things. These
were just some of the results in Knight
Franks wealth survey published earlier this
co/2015/03/05/219496/investments-passion-
beat-fixed-income-super-rich-aspirations)
Their survey of global wealth managers
and private banks found that 2014 had
proved to be a more profitable one for the
worlds ultra-high net worth individuals
than had been expected. In 2013, just 63
per cent of the surveys respondents had
www.wealthadviser.co | 4

expected their clients wealth to increase but
a year later, 82 per cent said it had actually
increased during 2014.
Things may have been looking rosy in the
ultra-high net worth individuals garden over
2014 but even the super-rich share concerns
with those with smaller fortunes. The Knight
Frank report found that according to the
wealth managers and bankers surveyed,
family and business succession issues most
concerned them beating even worries of
potential hikes in wealth taxes.
The wealth management survey from
Ernst & Young in 2014 equally found that
the wealthy are principally concerned with
holistic goal planning and wealth transfer.
Holistic goal planning has a fairly limited
impact on client acquisition and retention,
yet its the most important trend influencing
clients decisions to seek out wealth
management firms the report said. This
suggests that clients see little differentiation
across firms planning approaches and are
not fully aware of the benefits of their current
firms planning offering. Capitalising on the
client desire for goal planning requires not
just a differentiated offering that attracts
clients but one that communicates the value
proposition to clients.
And in the UK, goal planning and wealth
transfer became even more important in 2015
when post 6 April, one of the biggest changes
in pension regulation came into force.
Whatever the wealth of the individual, Aprils
new pension freedoms spelt out a wealth of
opportunity and potential new business for
sophisticated investment advisers.
Wealth Adviser Awards Special Report May 2015
Overview
Dont buy the Lamborghini
It was Chancellor George Osbornes
changes in the 2014 Budget that meant that
clients aged over 55 who represent an
age group that is often the most affluent
in the UK would no longer be forced to
buy an annuity, designed to provide rest
of life income, and would now be able to
dip into their pension pots, taking as many
withdrawals as they wished, each time
getting 25 per cent tax free with the balance
taxed as income.
The Chancellor also got rid of the 55
per cent 'death tax' on pension pots left
invested, a change that again chimed with
client concerns about the succession of
wealth through the family.
Building up to the pension freedom date,
there were estimates that these changes
could result in some GBP6 billion in cash
being pulled out of previously locked-up
pension pots in the first four months of the
new regime.
A Channel 4 Dispatches programme found
that almost half of the over 55s, roughly two
million people, were planning to take some
or all of their money out of their pensions
after the April 6th deadline and identified a
rising worry that it would all be spent by the
following April.
Roadshows were planned, training was
conducted, new products were created but
in fact, not so many newly liberated young
pensioners did buy the Lamborghini.
April 2015 research from PwC
(Wealth Adviser: www.wealthadviser.
co/2015/04/09/221238/new-research-finds- 11
www.wealthadviser.co | 5

London & Capital
AssetManagement
Best Ultra High Net Worth Team
1986 saw the foundation of London &
Capital, established by its two founding
partners and created to provide a framework
for wealthy families that were time poor,
drawn from the entrepreneurial, newer
makers of money.
Iain Tait, Partner and Head of the Private
Investment Office at London & Capital
explains that these families were already
well banked and well advised from a tax
and accountancy perspective but needed a
framework for their liquid wealth that wasnt
going back into the family business or
needed for other objectives.
The original partners quickly began to
offer an international service, focusing on
the UK, US and across Europe and London
& Capital has now grown to a business that
looks after USD4 billion for first or second
generation wealth generators drawn from
several hundred families.
Tait joined London & Capital ten years
ago and the evolution to offering the Private
Investment Office service grew out of the
firms realisation that there was a new level
of service required for families that are
London or UK-based, often resident non-
domiciled, with larger assets, who needed a
more bespoke and detailed service.
Tait calls this group the forgotten rich
with family assets of
between GBP10 million to
GBP200 million, putting
them above standard
wealth management and
yet below family offices.
We felt that it was a level
of family wealth that was
not being particularly well
looked after, Tait says. We
realised there was a gap
in the market which was
not well serviced by our
competitors.
Wealth Adviser Awards Special Report May 2014
Lo n d o n & C a p i ta l A s s e t m a n a g e m e n t
Iain Tait, Partner and Head of
the Private Investment Office
at London & Capital
Jessica Crane receives the
award from Beverly Chandler
London & Capitals Private Investment
Office clients get pure investment support,
without necessarily the full concierge
services. They look after some 70 families
and the largest ten have a dedicated
investment committee and board with
London & Capital representatives, regular
minuted meetings, external advisors,
consolidated reporting and full visibility on
the level of risk within a portfolio.
We think that the market has forgotten
about this particular segment there is a
focus on the super wealthy within family
offices and the mass affluent that are looked
after very well, Tait says.
His clients tend to be newer wealth and
people in their 50s and 60s who are thinking
about their legacy and are more comfortable
of letting go. We try and find this moment
where they are happy to let outside expertise
into their world, Tait says.
The other area that has proved successful
for them is looking after their fellow money
managers who have made money in the
investment space. We are proud to be the
investment manager of choice for those in the
investment management business, saysTait.
He notes that clients are getting younger
and the transfer of wealth within a family is
happening at a younger age. You need to
cater for the next generation
who are interested in how
their wealth is managed
the whole approach is more
hands on, up to date and
the clients are comfortable
with technology and dont
tend to switch off so much,
he says.
We need to be fleet
of foot and nimble. We
are constantly upgrading
our reporting and cyber
security. n
www.wealthadviser.co | 6
 Were delighted to have won the award for
Best Multi-Family Office Asset Manager

Bespoke excellence as standard

A Private Client service built around your needs.
We have been helping to manage the financial affairs of Please remember the value of investments can go down
private clients, together with their family and business as well as up and you may not receive back the original
interests, for more than a century. amount invested. Past performance is not a guide to
Uniquely placed in the industry, Smith & Williamson future performance.
combines a firm of chartered accountants, an If you would like to find out more, please contact:
investment management house, a financial advisory Nick Richards
practice and a private bank. Partner
There is a dedicated team in the London office that is 020 7131 4095
dealing with a comprehensive range of private client nick.richards@smith.williamson.co.uk
services. Drawing on the expertise of our financial smith.williamson.co.uk
planning, investment, tax and accounting specialists, we
offer a bespoke financial advice service tailored to meet
your needs.
We put an emphasis on developing a relationship of
trust and integrity, and our clients have direct access to
the team of dedicated professionals from each service
area ensuring specialist advice on a wide range of
financial issues.

Smith & Williamson LLP Regulated by the Institute of Chartered Accounts in England and Wales for a range of investment business activities. A member of
Nexia International. Smith & Williamson Investment Management LLP and Smith & Williamson Financial Services Limited are authorised and regulated by
the Financial Conduct Authority. The Financial Conduct Authority does not regulate all of the services referred to here. The word partner is used to refer to
members of Smith & Williamson Investment Management LLP. Smith & Williamson Holdings Limited 2015.

Smith & Williamson
Best Multi-Family Office
Independently-owned investment
management, tax and accountancy group,
Smith & Williamson, was established by
its eponymous pair of tax accountants in
Glasgow some 130 years ago. While the
firm moved south to London shortly after, it
enjoys a substantial presence in Glasgow
even today.
Smith & Williamson Partner, Frank Akers-
Douglas, explains: We have concentrated
on private clients and tax and wealth
management throughout the history of the
firm. Many members of the original family,
which led to the establishment of the
investment department a century ago, are
still clients of the firm six generations later.
Akers-Douglas feels that it is that continuity
in providing a holistic financial service in
such a specific sector of the market that has
allowed the firm to grow substantially. Our
services to family office clients have been the
genesis of the Smith & Williamson business.
We have concentrated on presenting this
suite of services to clients of that nature to
support them in their medium and long term
financial strategy, he says.
Partner Charles Gowlland says: One of
the things which remains key is that we
provide a service rather than a product. And
if we do launch new things, its because the
demand is there, not the other way around.
Gowlland also believes that the historic
shape of the firm, which is majority owned
by present and past Partners, Directors and
staff adds to its strength. Our partnership
structure differentiates us from other firms
and makes us masters of our own destiny.
That ability enables us to focus on how best
to serve our clients over the long term.
In his experience, many family offices
suffer from being sold products. Instead,
clients want trustworthy people who
will be around to serve them and their
descendants, Gowlland says. Because we
have the continuity of Partners and staff we
also have continuity of clients.
In terms of trends, Akers-Douglas has
Wealth Adviser Awards Special Report May 2014
Smith & Williamson
identified a significant change which has
occurred over 2014 and into 2015 in terms
of tax advice. There have been changes to
giving tax advice, he says. Formerly my
role was to ensure my clients avoided the
bear-traps of an increasingly complex tax
system and paid the correct amount of tax,
but matters are now more complicated. The
clear distinction between tax evasion and
avoidance has been blurred and as a result,
Frank Akers-Douglas, partner, people are understandably increasingly
Smith & Williamson cautious in their approach.
Akers-Douglas finds this a major shift
which has affected clients attitudes and the
way they look to manage their affairs.
For Gowlland, a big change has been
the huge overhaul in regulation which has
affected the sector and which continues
to have its impact. Brussels is planning
further legislation, he says. So again the
compliance costs for a lot of businesses are
ratcheting ever higher.
In investment terms, many Smith &
Charles Gowlland, partner, Williamson clients are looking for yield. The
Smith & Williamson
chase for yield will continue Gowlland says.
We still think there are opportunities in some
areas, for example structured credit, otherwise
the main option is equities. Investing in these
assets classes will bring additional risks to
capital values, so clear communication is
more important than ever, so as to calibrate
the clients risk/return appropriately. We aim
to have long term relationships so there is no
point in promising something that cant be
delivered.n
Disclaimer
By necessity, this briefing can only provide a short overview and it is essential to seek
professional advice before applying the contents of this article. No responsibility can be taken
for any loss arising from action taken or refrained from on the basis of this publication. Details
correct at time of writing. The tax treatment depends on the individual circumstances of each
client and may be subject to change in future.
Risk warning
Investment does involve risk. The value of investments and the income from them can go down
as well as up. The investor may not receive back in total the original amount invested. Past
performance is not a guide to future performance. Rates of tax are those prevailing at the time
and are subject to change without notice. Clients should always seek appropriate advice from
their financial adviser before committing funds for investment. When investments are made
in overseas securities, movements in exchange rates may have an effect on the value of that
investment. The effect may be favourable or unfavourable.
Smith & Williamson LLP
Regulated by the Institute of Chartered Accountants in England and Wales for a range of
investment business activities. A member of Nexia International. The word partner is used to refer
to a member of Smith & Williamson LLP or Smith & Williamson Investment Management LLP.
www.wealthadviser.co | 8
 INVESTING IN
RELATIONSHIPS GETS
THE BEST OUTCOME

SEE HOW WERE DOING

THINGS DIFFERENTLY
TEL. 020 7150 4005 OR VISIT
WWW.QUILTERCHEVIOT.COM

Investors should remember that the value of investments, and the income from them, can go down as well as up. Quilter Cheviot
Limited is registered in England with number 01923571. Quilter Cheviot Limited is a member of the London Stock Exchange and
authorised and regulated by the UK Financial Conduct Authority.

Quilter Cheviot
InvestmentManagement
Best Boutique Wealth Manager
David Loudon, director and head of regional
offices for Quilter Cheviot Investment
Management, believes that the most
important element in the business is
maintaining the high personal standards of
service for direct clients and intermediary
introducers around the country.
Along with many in their sector, the firm
has experienced a number of corporate
changes over the years, the most recent
two seeing the 2012 merger of Quilter and
Cheviot and the 2015 purchase as a specialist
branded unit within Old Mutual Wealth.
Individually, Quilter was originally Quilter
Goodison, a stockbroking firm led by Sir
Nicholas Goodison who was chairman of the
London Stock Exchange right up to the Big
Bang deregulation of the London financial
markets. Cheviot Asset Management
was launched in May 2006, following the
recruitment of 92 investment professionals
and support staff from UBS.
The united firm has GBP17.5 billion (as at 31
March 2015) of funds under management and
the largest source of new business is via the
financial adviser route, where Quilter Cheviot
is part of a selected panel of investment firms.
In many cases we will win the business and
it is important to add value to underlying client
portfolios and also form a lasting relationship
Wealth Adviser Awards Special Report May 2014
Q u i lt e r C h e v i o t I n v e s t m e n t m a n a g e m e n t
David Loudon, director and
head of regional offices for
Quilter Cheviot Investment
Management
into the Old Mutual Group as a standalone
David Loudon collects the
award from Beverly Chandler
with the intermediary, Loudon says.
Quilter Cheviot has over 160 investment
managers. Loudon says: We have a firm wide
investment process, providing a disciplined
framework throughout the firm. Therefore,
investment managers across all our offices
work with a standard investment process.
Whether its Manchester, London or Jersey,
consistency is very important from the point of
view of the client, the introducer and also the
regulator who is looking for a robust process.
The average client size is over GBP500,000,
ranging from a direct portfolio to their SIPP,
a charitable or family trust, ISAs and so on.
SIPP and Charity assets are increasingly
important to the firm and in many cases
trustees might be direct clients as well.
As a specialist investment house,
we have maintained that our investment
managers have the dual role of managing
money and also meeting clients and talking
on a regular basis, Loudon says.
Some firms manage the money from an
ivory tower but we have found that clients
like their investment manager to be sitting in
front of them and explaining their portfolio.
This year has seen Quilter Cheviot moving
part of Old Mutual Wealth, offering services
to the high net worth client and picking up
increasing amounts of business as more and
more financial advisers appoint discretionary
fund managers.
It is important to remember we are
nothing without our clients, Loudon says. It
is up to us to add value and an increasing
number of independent financial advisers
are looking at outsourcing discretionary fund
management. We also need to recognise the
changes in society and the way clients wish
to do business and its important that we
respond.n
Click here for the video interview with David Loudon:
https://vimeo.com/128371848
www.wealthadviser.co | 10

5 fewer-spendthrift-pensioners-feared) found that
just 1 per cent of 50-75 year olds said they
would use the entirety of their pot to treat
themselves, while just over a quarter (27 per
cent) of those surveyed intended to spend
some of their money on general expenditure,
treating themselves or on home improvements,
unsecured debt and mortgages.
The report found that those approaching
retirement were well aware of the need for
their money to be used to fund an income,
with 67 per cent of respondents factoring
certainty of income into their retirement
decisions. Annuities, however, were not
the preferred option for those looking to do
so, with only 28 per cent of respondents
planning to purchase one.
Wealth Adviser Awards Special Report May 2015
Overview
Commenting on the pension changes,
Andrew Humphries, marketing director, St
Jamess Place, winner of Best Private Client
Investment Manager in the Wealth Adviser
awards, says: First of all there is no doubt
that we are living in the age of responsibility.
The recent pension changes are another
perfect example that people have to take
greater responsibility for their own financial
wellbeing.
And while it is true that changes in
pension legislation dont have quite the same
effect on the portfolios of the truly wealthy,
everyone has to be individually responsible
in the new world.
Humphries says: While guidance is
a good starting point, people want to be 15
www.wealthadviser.co | 11

Black Brick
PropertySolutions
Best Property Adviser
Camilla Dell, chief executive officer, founded
her property buying agency Black Brick back
in 2007. I wanted to create a firm that was
completely independent she explains, not
owned by an estate agent or a private bank.
Its one of our key strengths and unique
selling points.
High levels of service and professionalism
were also important to her. My industry
suffers from small one or two man bands
with people sort of playing at it thats not
what I set out to do I wanted to take things
to the next level and we set the bar higher
and higher every year Dell says.
In financial terms, since 2007, Black
Brick has successfully secured in excess
of GBP0.6 billion in residential property for
its clients. Originally all the business came
from an international client base but now the
mix of clients is more balanced with 60 per
cent of them coming from overseas (from 35
countries) and 40 per cent from the UK.
Its changed to that degree Dell says,
and shows our services are needed just
as much for people who live and work
in London and are struggling to find the
property they want.
There is no typical client Dell says. They
range from the lower end, who are seeking to
buy a house for half a million all the way up
Wealth Adviser Awards Special Report May 2014
B l a c k B r i c k Pro p e r t y s o l u t i o n s
to GBP50 million and everything in between.
One of the nice things about Black Brick is
that we are not pigeonholed we cover huge
areas of London from Hackney in the East to
the North London suburbs, down to Battersea
and Clapham and out to the West. Its not just
high end central London.
The firm became market leaders in
educating private banks that they need to
use a buying agent. If the private bank finds
Camilla Dell, founder and CEO out that their clients want to buy a property,
of Black Brick they can see value in using a buying agent
Dell says.
Black Brick is on the panel of a number of
private banks who recommend their services
to their clients. Our principal role is to
ensure our client gets the possible deal they
can Dell says. The firm does not directly
sell but offers a managed sale service to
help facilitate the sale of a property, often
educating foreign investors on how the
system works in the UK.
Black Brick also offers a complimentary
concierge service, helping buyers move in
to their new property, hooking up utilities,
internet and advising on removals.
In a conscious decision to evolve, the firm
also now offers other key services such as a
Casper Harvard-Walls
collects the award from
vacant care service for houses left empty for
BeverlyChandler a period of time and a housekeeping service
to reopen them again when they are needed.
Post completion for houses that have been
bought to let, Black Brick can also manage a
house acting as a managing agent.
Due to the fast-growing Chinese client
base, Grace Ding joined Black Brick in
December 2014 to focus on this and
developing the business network across
Asia. Grace speaks fluent Mandarin and
holds an advanced diploma in translating and
interpreting, making her the perfect point of
contact for all the firms Chinese-speaking
clients. Dell says: With Graces arrival, we are
now better placed than ever to fulfil the UK
property ambitions of our Chinese clients.n
www.wealthadviser.co | 12
Putting clients at the centre of everything
we do is core to our culture
St. Jamess Place is delighted to receive the
2015 Best Private Client Investment Manager Award
from readers of Wealth Adviser
Our relationship-based advice service means that we are committed to helping our clients
manage their wealth in a way which reflects their personal circumstances.
The advice we provide to individuals, trustees and businesses ranges from investment planning
through to tax planning, helping our clients grow and protect their wealth.
If you would like to find out more about our award-winning service simply request a copy
of our complimentary Guide to Wealth Management please contact us.

0800 0138 137 www.sjp.co.uk

AWARD WINNER 2015

The value of an investment with St. Jamess Place will be directly linked to the performance of the funds
you select and the value can therefore go down as well as up. You may get back less than you invested.
The St. Jamess Place Partnership and the titles Partner and Partner Practice are marketing terms used to describe St. Jamess Place representatives.
Members of the St. Jamess Place Partnership represent St. Jamess Place Wealth Management plc, which is authorised and regulated by the Financial Conduct Authority.
St. Jamess Place Wealth Management plc, St. Jamess Place UK plc, St. Jamess Place Unit Trust Group Ltd and St. Jamess Place International plc are
members of the St. Jamess Place Wealth Management Group. St. Jamess Place UK plc is authorised by the Prudential Regulation Authority and regulated
by the Financial Conduct Authority and the Prudential Regulation Authority. St. Jamess Place Unit Trust Group Ltd is authorised and regulated by the Financial
Conduct Authority. St. Jamess Place International plc is authorised and regulated by the Central Bank of Ireland. St. Jamess Place Wealth Management plc
Registered Office: St. Jamess Place House, 1 Tetbury Road, Cirencester, Gloucestershire, GL7 1FP, United Kingdom. Registered in England Number 4113955.

St. Jamess Place
WealthManagement
Best Private Client Investment Manager
Business models within the wealth adviser
space vary but the structure of the FTSE 100
listed St. Jamess Place Wealth Management
structure remains truly distinctive.
Andrew Humphries, marketing director,
explains: The fundamental business model
has remained the same since 1991 aiming
to provide the highest quality face-to-face
personal financial advice we can through the
St. Jamess Place Partnership, the in-house
advisory channel of St. Jamess Place.
The 2,132 St. Jamess Place Partners
(the marketing term used to describe St.
Jamess Place representatives) are self-
employed wealth managers running their
own businesses closely linked to St.
Jamess Place in a vertically integrated
business model. St. Jamess Place Wealth
Management effectively acts as a central
hub, provides the products and service, while
the Partners provide the financial advice.
The reason we only distribute through
the Partnership is that we believe in face- to-
face advice, Humphries explains. And the
best route to that is by ensuring high quality
advisers, so we have very strict criteria in
terms of who is eligible to join St. Jamess
Place. We recruit from existing high quality
advisers and increasingly train and develop
our own.
The company runs a successful Academy
programme, Over the last two or three years
we have recognised that there is a dearth
of new blood coming into the industry so
we have established our own academies in
London, Manchester and the Midlands. We
take second careerists who want a career
change, show a keen interest in our face-
to-face advice based approach and wish
to gain the opportunity to build their own
business, Humphries says.
St. Jamess Place has a distinctive
approach to investment management. It has
Wealth Adviser Awards Special Report May 2014
S t. J a m e s s P l a c e W e a lt h M a n a g e m e n t
no in-house team of investment managers,
believing that no single investment house
can have a monopoly of investment
expertise. Instead, it selects a number
of leading external managers to manage
its broad range of funds. These choice
of managers is made by the St. Jamess
Place Investment Committee, advised
by a number of independent investment
consultants including Stamford Associates
Andrew Humphries, marketing and Redington.
director, St. Jamess Place A combination of high quality face-to-face
Wealth Management
advice and best in field fund managers has
resulted in the firm having over GBP55 billion
of funds under management.
In addition to the Investment Committee,
there are other specialists who select in
specialist areas such as the venture capital
or EIS sectors, along with those specialising
in life assurance, protection and mortgages.
There is a combination of products we
manufacture ourselves such as ISAs,
pensions and bonds, Humphries says. Plus
other products and services where we will
perform due diligence to identify who we
think are the best in those markets.
The key point is to ensure our Partners
can focus on what they do best giving
bespoke face-to-face advice without having
to spend significant time worrying about the
quality of the underlying providers, notes
Humphries.
While remaining focused on the UK, the
company sees opportunities to expand
their services to the expatriate community.
Building upon the successful integration
of our newly acquired team in Hong Kong,
Shanghai and Singapore, we are also in
discussions with the relevant authorities
in the Middle East. We hope, to progress
the provision of financial advice to the UK
expatriate community there in the near
future, says Humphries.n
www.wealthadviser.co | 14

11 advised on what they should be doing the
changes re-emphasise the need for good
quality advice in the UK. The St. Jamess
Place annual survey of their clients asked
what their key concerns are and number
one at 75 per cent was ensuring they had
enough to live on in retirement.
In a low yield low interest rate
environment that search for income has
been with us for four to five years and
investors expected interest rates to turn
around from 2009 lows, but the fact they
havent has emphasised to people that
they cant expect rates to rise significantly
anytime soon Humphries says.
With rates the way they are, Humphries
feels that investors cannot expect a greater
than 4 per cent income from a well-
diversified portfolio.
Humphries believes that the pension
changes have brought the issue forward in
many investors minds.
It is dominating peoples thoughts
and highlighted by the change in pension
legislation that investors want to manage
their own retirement funds and not just buy
an annuity, he says. There is no panacea
that combines the best bits of annuities and
with-profits, people need a well-diversified
portfolio across a range of different asset
classes.
Matt Philips of Thomas Miller Wealth
Management, interviewed in Wealth
Adviser in March (www.wealthadviser.
co/2015/03/27/220561/duty-care-means-
clients-are-advised-not-buy-lamborghini-quite-
yet), says: For the wealthy, pension reform
does not have the same impact in that they
Wealth Adviser Awards Special Report May 2015
Overview
might not have the same need for income in
retirement.
In these cases, Philips believes that the
pension can become an inheritance tax
vehicle, allowing a tax efficient handing down
of a pot of money to the next generation.
Best Multi-Family Office winner Smith
& Williamsons tax partner Frank Akers-
Douglas says: The pension changes caused
a huge amount of lead activity up to 6th
April. However the ability to withdraw from
a pension arrangement is less attractive in
the context of our client base who are likely
to have assets in their own hands anyway.
The fact that you hand on your pension
now is very useful and for people with fewer
assets and smaller pension pots it is an
attractiveoption.
Principles of good governance for
familywealth
Smith & Williamson recently conducted a
survey of high net worth individuals, seeking
to establish what makes good governance
of the family wealth. Their central theme was
the need to manage family dynamics, both
in the relationships within the family and in
dealings with professional advisers.
They found that those surveyed felt that
good communication, trust and the ability
to take the long view were crucial to the
protection and enhancement of wealth. David
Cobb, Head of Investment Management
& Banking at Smith & Williamson says:
Looking after the familys financial affairs
was widely viewed as a responsibility that
cannot be dispensed with until the next
generation has been fully prepared to take 18
www.wealthadviser.co | 15

Third Financial Software
Best Technology Provider
Third Financial Software is a family owned
company, founded in 2008 father and son
team, Roger Foster, non-executive chairman
and chief executive Stewart Foster. Foster
Senior started in the IT industry in 1965 so
brought a wealth of experience to the new
business, while Foster Junior had 14 years of
experience of financial services.
They founded in the midst of the global
financial crisis, which, at the time, seemed a
challenge but with the benefit of hindsight,
chief executive Foster feels enabled them to
catch the wave of regulatory change in the
wealth management industry which for Third
Financial Software brings opportunities.
We wanted to own a privately owned
company in this marketplace and felt
the investment management market was
not well served at the time, Foster says.
What we have is a modern system, built
in the last half a dozen years, that has all
the mandatory regulatory and compliance
changes you need in a single data source.
They spent some GBP6 million developing
the product. Whereas traditional wealth
management systems were traditionally
investment management based, the Third
Wealth Adviser Awards Special Report May 2014
Stewart Foster, CEO, Third
Financial Software
Andy Milne collects the award
from BeverlyChandler
Th i r d f i n a n c i a l Sof t wa r e
Financial Tercero Software Platform system
is front to back. It has everything you need
so a smaller investment or wealth manager
in the UK can run our system with nothing
else needed, the strength is the integration,
Foster says.
Terceros clients range from having assets
under management of GBP100 million to
GBP10 billion, encompassing the smaller
mid-range of wealth managers in the UK.
The firm is UK and Channel Island centric
and estimates that there are about 400 to
500 firms in its sights, of which 50 already
are their clients. We have sold more wealth
systems than anyone else in the last few
years, Foster says.
We want to stay in our market place and
leverage from that position so we are setting
up a new company to supply UK clients
who outsource their back office, Foster
explains. The new third party administration
platform will be headed by Matt Aylward,
ex-Brooks Macdonald, who brings pedigree
from the investment management side of
the marketplace. We are focusing on being
number one in our chosen marketplace,
Foster says.
Trends that Foster has observed
developing over the last few years in the
wealth management industry are the rise
of the direct to consumer approach, such
as MoneyFarm or Nutmeg. The market is
changing and I am a big fan of it, Foster
says. We will be making further investment
in some of our digital capability to be able to
support the direct to client service.
Looking forward, Foster believes that
the market will split into two. We think the
whole market will change as money moves
with people going from pension companies
to the investment management community
with direct to client services and then going
to traditional companies for advice, Foster
says. Its an opportunity for my clients and
quite exciting.n
www.wealthadviser.co | 16

KYCme.com
Most Innovative Product
The problems of securing primary know
your client information were the driving force
behind Mehul Kotedias launch of KYCme.com
in 2009. Kotedia, a Channel Islands based
accountant and tax adviser had observed the
laborious process of gathering a potential
clients primary know your client information
to fulfil due diligence requirements for anti-
money laundering and other regulations.
Its a laborious exercise, he says as
clients have to provide passports, utility bills
and other documentation. We said there
must be a simple way to do that where
people can secure their information on line
on a platform, and we created the KYCme
platform where you can store all your
information and share it securely with people.
For private clients there are other benefits
to signing up, including if they lose their
passport on holiday, they can simply login
to their account and retrieve the scanned
and authenticated copy. Any lost documents
around significant investments or purchases
such as taking out a mortgage can be stored
in the virtual vault and access can be given to
authorised intermediaries to complete the KYC
authentication process, saving valuable time.
Beyond that, the platform allows a client
to ensure that the information belongs
to the client only. We have certified
intermediaries, certified people such as
lawyers, accountants or advocates who
are our members who can be certain that
Wealth Adviser Awards Special Report May 2014
that you would put on it. It could be a birth
Mehul Kotedia, founder,
KYCme
Mehul Kotedia collects the
award from BeverlyChandler
KY C m e . co m
a client has provided originals which have
been certified, encrypted and stored.
In developed countries, this is a useful
tool but Kotedia explains that in emerging
economies such as Asia and Africa, this
becomes even more useful.
In these countries, you ask, how do you
identify people? So we built our portal not
to restrict on the type of identification proof
certificate or a driving licence to make it a
global proposition.
In terms of allowing people on the
corporate side onto the platform, KYCme vets
people and then allows them to join which
creates a trust network among professionals.
The exchange process enables secure
certification and transmission of documents
to vetted and approved members (certified
intermediaries) of KYCme using their trusted
network. Members will include banks, laws
firms, accountants, government bodies and
any institutions affected by the ID verification
and authentication process.
Launched two years ago, the platform has
about 100 plus individual users who pay an
annual fee of 20 to 100 a year with banks
and financial institutions taking up multiple
channels. We want to be the gold standard
of identification, Kotedia explains. When
you look at who needs this information, the
trust network becomes very powerful.
Kotedia personally meets with each
institution on the platform providing third
party potential proof on the corporate side.
Kotedia said that KYCme is looking to work
with the UK governments Cabinet office on
its virtual ID programme and Open Identity
Exchange of which it is a member.
KYCme plays a significant role in the
fight against money laundering and terrorist
financing, says Kotedia. KYCme will
continue to evolve and develop to remain
one step ahead of AML and KYC legislation.
He also mentioned that he is excited to
receive various collaboration opportunities,
which can only be good for business and a
better way to do business. n
www.wealthadviser.co | 17

15 up the reins a process that often takes
many years. Some of our respondents were
in their seventies and were still managing
the family finances while their children
completed their university education or
established their careers.
While the exact moment when the next
younger generation might take up the mantel
of looking after the cash was not clear,
most thought it would be earlier than was
accorded to the last generation, but still
probably not until they were in their thirties.
The survey found that members of the
younger generation typically want to build
relationships with advisers who are close
to them in age and outlook, and who are
prepared to entertain fresh ideas. Cobb
writes that several interviewees warned
that professional services firms risk losing
their clients if they fail to bring in younger
assistants or partners to keep step with
evolving family needs.
Those surveyed for the Smith &
Williamson report recognised that sustaining
their wealth is something that requires
their focus, their time and a good deal of
management.
Cobb writes: Not all wanted formal
family meetings, but for some they were a
necessity. What everybody did want was a
set of professionals they could rely on and
whom they got on with or even liked. There
was no clear preference for one professional
service over another; however, getting the
right people on the bus and in the right seats
was seen as a prerequisite for success and
making life as easy as possible.
Along with the findings from the Knight
Wealth Adviser Awards Special Report May 2015
Overview
Frank report, those surveyed by Smith &
Williamson were aware of threats to their
wealth, but saw no reason to change course
provided they had surrounded themselves
with a team in which they had complete
confidence.
The importance of professional advisers
and the rise of the digital age
Having the right professional advisers in
place is crucial for the Smith & Williamson
respondents. The overwhelming majority
prefers to deal with a small team and values
long-term relationships built on trust and
personal chemistry.
Frank Akers-Douglas quotes a
representative view as: Financial services
come down to personal relationships do
you trust them, are you pleased to see them,
do you like them, are they doing a good job
and are they charging a reasonable amount
for those services?
Iain Tait, partner and head of the Private
Investment Office at London & Capital who
won the Best Ultra High Net Worth team
award with Wealth Adviser comments in
his profile on the impact of the digital age
on their business. Their clients, he says,
increasingly dont switch off for large chunks
of the year but want a constant access
to information. The challenge for him is
providing a constant reporting stream but
maintaining cyber security.
Stewart Foster, chief executive of Third
Financial, winner of Best Technology Provider,
agrees that clients want more digital facilities.
Foster says: Its an opportunity for my clients
and quite exciting.n
www.wealthadviser.co | 18