UHNW Wealth Managers
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It’s been another busy year for Close Brothers’ head of private client services following the recent acquisition of Eos Wealth Management, a chartered financial planning firm specialising in servicing high-net-worth clients, particularly in the media and sports industries. That may mean a glut of rockstars, celebrities and footballers joining as clients, although there’s nothing cavalier about Lovell’s investment offering: ‘We are long-term, conservative investors who take a diversified approach, investing across asset classes, global regions and types of investments. This helps to deliver real returns and mitigate risk.’

Hopefully younger clients will be keen to eventually take advantage of the firm’s newly launched retirement proposition, Intelligent Retirement. ‘It combines financial planning, investment management and a range of income solutions to meet peoples’ changing needs in retirement,’ she says. It’s also designed to take advantage of the recently introduced pensions freedoms. Following a seminar she gave on that subject one client thanked her saying, crediting ‘a clear, concise overview of pension planning and options. Food for thought.’

Someone else who has benefitted from Lovell’s insight is Paul Andrews, founder of Family Business United, who credited her innovative Family Business Road Trip tour of businesses and the family business club event, saying ‘it is now an event embedded in the calendar and demonstrates a real commitment to the family business community, visiting family firms in their own environments where their passion clearly shines through’.

As much an educator as a practitioner, through such schemes Lovell helps corporate and private clients – and their children and grandchildren – realise the importance of prudence. The firm has even begun helping divorcees encountering new wealth with its so-called ‘divorce proposition’, led by an experienced former lawyer at Farrer & Co, Josephine Fay.

Such a holistic set up means she’s able to reach beyond the traditional confines of a wealth manager, recently helping a client who had recently gone through a divorce and received an £8 million settlement. Previously, the client’s husband had taken care of all of their financial affairs. ‘As a result, she lacked confidence when making financial decisions, and had a number of concerns. One of our chartered financial planners first conducted a cash flow analysis to determine her spending needs. Tax-efficient options were then utilised, including ISAs, as well as her share of her husband’s pensions. Due to the client’s lack of financial knowledge, significant time was spent explaining all the different options in order to help build confidence and understanding.’

‘The chosen investment solution was a fully tailored discretionary portfolio, which provides a regular income and seeks to preserve long-term capital. We continue to work with her lawyer on ongoing issues, such as providing information required to complete her annual tax return.’

It’s unsurprising the warm and personable daughter of an IFA manager has previously been credited with understanding a family both as individuals and as a unit. ‘This makes communication and reporting always a pleasure,’ said one client. ‘Her wealth of knowledge means she is always able to find me interesting connections and advisers across a range of channels.’

Penny Lovell