Millennials could be the first generation that are actively looking to change their wealth managers to pick the one most suitable for them, London and Capital’s Iain Tait has said.
Speaking to FTAdviser in a video interview, the partner and head of private investment office at the firm said while most generations traditionally do not change wealth managers, millennials could be the exception.
Mr Tait said: "Typically in wealth management, the propensity to change wealth managers decreases as you age and as you get wealthier. Just as you become a more interesting proposition as a client you are least likely to make a change."
But he said younger people coming through could have a greater willingness to make that change.
A recent global study from consultancy Ernst & Young showed that one third of clients have switched providers or moved assets in the past three years and another third plan to do so in the next three years.
Mr Tait said downward pressure on fees seen in the investment space will also occur in the high-net-wealth sector.
"There will be a world where I think private investors will expect to get beta, returns on the market almost for free," he said.