CompaniesMay 19 2015

New adviser launches for high net worth women

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New adviser launches for high net worth women

A former Morgan Stanley adviser has launched a new wealth management business aimed exclusively at high net worth women.

Lily Advisory is being built out of Centaurus Wealth Management, which itself was set up around this time last year using regulatory permissions from Essex-based Basi and Basi Financial Planning. As reported at that stage, Michael Basi’s firm has backed the business as an appointed representative.

The original Centaurus venture focused on individuals with at least £5m to £10m of investable assets, fees ranging from 0.30 basis points up to 3 per cent for a highly tailored, cross-specialisation service.

The women-only firm is based on a similar model, with founder and managing director Indre Butkeviciute telling FTAdviser that after speaking to many people in the industry, this area appeared to be an under-served niche.

“It is not just a wealth planning firm, but also a club for like-minded women looking to embrace their financial independence, learn about investing and most of all enjoy while doing that; a place where investing is made interesting, simple and no question is wrong question.”

She noted that rather than being part of one bank, as a separate firm dedicated to female clients, Lily is able to access a range of banks, asset managers, hedge funds, insurance companies, property consultants, tax advisers, suited to the client’s personal needs.

“We will strive to offer the highest level of attention to all facets of her individual wealth planning; our work does not end with investments, our services extend to the level of support and comfort each woman needs for her financial affairs.”

Still currently a one-woman band, Ms Butkeviciute is working towards a direct Financial Conduct Authority license and more staff, but at this stage the focus is still on building a client bank before further expansion.

peter.walker@ft.com