ECC SPECIAL FEATURE increased focus displays a general desire to provide a better service for their clients through an explicit commitment to their core competencies. Another form of change has also been evident, with certain firms broadening their focus, not in terms of target client types but
services being delivered by firms that would previously have characterised themselves as stockbrokers, investment managers, private banks, IFAs, lawyers or accountants. This can be confusing for clients as the term ‘wealth management’ has not yet settled on a clear definition.
on delivering a single service. Our own experience at Turcan Connell is that clients are realising that co-ordinating a range of single discipline advisers is difficult, time consuming and potentially risky. Multiple advisors only exaggerate the risk of errors being made, either through miscommunication or inadvertent mismanagement. This can lead, for example, to missed investment opportunities and avoidable tax liabilities. Clients are increasingly looking to simplify their affairs by reducing the range of advisers and relying on a key trusted and proactive adviser to coordinate all services for them. Where will all of this lead? Ultimately, the logical conclusion must be for firms to extend the development and integration of their services as far as is required, to mould them as effectively as possible to suit all of the needs of their clients. This has been the vision of Turcan Connell since its inception in 1997. Today the firm’s services are delivered by a multi-disciplinary team of lawyers, tax planners, investment managers and financial planners working together out of offices in Edinburgh, London and Guernsey. All are involved in knitting together the firm’s expertise to optimise the delivery of a customised, integrated service to suit each client - ultimately in the form of the firm’s flagship wealth management service Turcan Connell Family Office. Turcan Connell Family Office is built around the principle of ‘trusted counsel’ – a constant source of sophisticated advice, guiding the family on every aspect of their affairs. We blend tradition with modern thinking to structure the family’s affairs in order to provide absolute peace of mind that all aspects have been considered in depth and from every angle.
Robin Fulton
rather in terms of service offering to their target clients. One of the clearest examples of this change has been the emergence of the term ‘wealth management’ as a broad definition to cover firms providing financial advisory, investment management and related services to private clients. This has been a recent development, with the new term ‘wealth management’ being used to describe
But why has this new term become so widely used? The reason is an increased demand from clients for greater integration of services. The managers of many firms that now describe themselves as providing wealth management services realised that they could protect and develop their client relationships most effectively if they broadened their range of services beyond their original focus
Each family receives a service that is personal to them and which integrates the skills of a powerful team of professionals including leading private client lawyers and specialists in investment management, financial and retirement planning, property, tax compliance, tax planning and trust accounting. Each family has a dedicated Partner who oversees the service at all times, ensuring the highest quality of stewardship of the family’s affairs. By Alex Montgomery, Partner and Head of Asset Management and Robin Fulton, Partner, Turcan Connell.
For more information on Turcan Connell Family Office, email familyoffice@turcanconnell.com or speak to Joanne Keir on 0131 228 8111. Alternatively, visit our website www.turcanconnell.com.
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