The perfect storm

2nd April 2015

David Cassidy, CEO, WEALTH at work, comments in the North West Business Insider.

David Cassidy says, “Five years ago, the amount of money coming out of pension schemes and into annuities was about £5bn. For wealth managers it’s going to be huge. Because we supply these education services, we are in the pole position for people who retire.”

Cassidy continues, “Once you educate somebody, there is no point in leaving them hanging. You need to provide the facility to help them execute what they have learnt. That translates into people giving us their money to manage, What we do has become new best practice. Companies have realised they owe it to their employees to understand the need to diversify (their money and investments).”

He says, “We are grateful to Palatine because it isn’t commonplace for private equity to come into embryonic businesses and fund them with known losses.”

He concludes “Our growth has been more about what we do before the changes. We have algorithms that allow us to aggregate investments, on behalf of clients, at competitive rates, before disaggregating back to the client. We deal at institutional rates; the same as a pension fund. Customers benefit from the economies of scale. The financial services sector hasn’t brought technology to bear to the advantage of the consumer.”

Please click here to read the full article in the Insider.