United Kingdom (UK) Wealth Management – Market Sizing and Opportunities to 2027

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United Kingdom (UK) Wealth Management Report Overview

The UK remains one of the top five wealth markets in the world in terms of affluent individuals’ onshore liquid assets. Despite the COVID-19 pandemic impacting the UK more than most markets, the UK recorded strong growth in terms of the number of affluent individuals over 2020–21. Rising inflation is resulting in a cost-of-living crisis, further, impacting the UK economy significantly.

Direct equity investments and local currency deposits are the most popular asset classes among UK HNW investors. A desire to achieve diversification across industries and geographies has resulted in greater uptake of fund products within the equity space.

Key Investment Preferences ·       Advisory Mandates

·        Discretionary Mandates

·        Execution-only Mandates

·        Robo-advisor Service

·        Others

Key Investment Channels ·        Independent Financial Advisor (IFA)

·        Investment Platform at Main or Other Banks

·        Advisor at Main or Other Banks

·        Investment Management Company

·        Pension Company

·        Robo-Advisor

·        Others

Key Reasons for Holding Wealth Offshore ·        Tax Efficiency

·        Local Economic Instability

·        Local Political Instability

·        Business Interests

·        Others

Key Asset Allocation Classes ·       Cash

·       Equities

·       Property

·       Bonds

·       Commodities

·       Alternative Investments

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UK Wealth Management Market Dynamics

The majority of 2022 was clouded by uncertainty around the Russia/Ukraine conflict. With the UK in economic turmoil, individuals are struggling to pay off large energy and food bills, meaning there is less disposable income to invest and existing savings are being run down to meet financial commitments. Since December 2021, the Bank of England has raised borrowing costs 14 times, taking the base rate from 0.1% to 5.25% at the time of publication, with the end of such measures not expected before 2024. 2022 was a poor year for UK liquid assets. Throughout 2022, investors were unsure whether there would be a global recession or not. By the end of 2022, the UK was experiencing extremely high inflation rates, which sent the country into a cost-of-living crisis. The UK’s uncertain economic landscape means investors and wealth managers are directing their attention to industries with more stable input costs and those that are less economically sensitive.

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UK Wealth Management Market - Investment Preferences

The key investment preferences in the UK wealth management market are advisory mandates, discretionary mandates, execution-only mandates, and taking aid of the robo-advisor service, among others. In 2022, advisory mandates accounted for the largest proportion of UK HNW wealth, followed by discretionary mandates edging out by just 1 percentage point. However, the discretionary and advisory mandates are also more costly than options such as execution-only and robo-advisors, which is helping drive the shift to these options. This trend will have a notable impact on wealth managers’ fees.

UK Wealth Management Market Analysis by Investment Preferences, 2022 (%)

UK Wealth Management Market Analysis by Investment Preferences, 2022 (%)

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UK Wealth Management Market - Investment Channels

The key investment channels in the UK wealth management market are independent financial advisors (IFAs), investment management companies, pension companies, robo-advisors, and investment platforms at main banks or others. In 2022, independent financial advisors (IFAs) were the most popular investment channel among mass affluent, emerging affluent, and mass market consumers.

UK Wealth Management Market Analysis by Investment Channels, 2022 (%)

UK Wealth Management Market Analysis by Investment Channels, 2022 (%)

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UK Wealth Management Market - Reasons for Holding Wealth Offshore

The key drivers to hold wealth offshore in the UK wealth management market are tax efficiency, local economic instability, local political instability, business interests, and local currency volatility among others. In 2022, tax efficiency was the biggest behind the offshoring of assets among HNW clients. With the UK experiencing economic uncertainty and high interest rates, it is more cost-effective for HNW clients to offshore their assets in a place with more favorable tax rules and better returns.

UK Wealth Management Market Analysis by Reasons for Holding Wealth Offshore, 2022 (%)

UK Wealth Management Market Analysis by Reasons for Holding Wealth Offshore, 2022 (%)

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UK Wealth Management Market - Asset Allocation Classes

The major asset allocation classes for HNW investors in the UK wealth management market include cash, equities, bonds, property, commodities, and alternative investments. Cash constituted the majority of the UK’s total asset allocation in 2022, followed by equities, and bonds. Rising inflation is one of the most significant risks for UK investors. Investors are thus showing a lack of risk appetite and turning to equities, cash and near-cash products, and real estate.

In terms of asset holding, savings and current accounts are the dominant options holding a majority proportion of mass affluent, emerging affluent, and mass market investors’ portfolios. Yet these investors hold a higher proportion of their wealth in riskier, more volatile asset classes such as equities. A market crash represents a time for investors to take advantage of cheap stocks.

UK Wealth Management Market by Asset Allocation Classes, 2022 (%)

UK Wealth Management Market by Asset Allocation Classes, 2022 (%)

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Key Segments Covered in this Report

UK Wealth Management Market Asset Classes Outlook (%, 2022)

  • Cash
  • Equities
  • Property
  • Bonds
  • Commodities
  • Alternative Investments

UK Wealth Management Market Reasons for Holding Offshore Wealth Outlook (%, 2022)

  • Tax Efficiency
  • Local Economic Instability
  • Local Political Instability
  • Business Interests
  • Others

UK Wealth Management Market Investment Preference Outlook (%, 2022)

  • Advisory Mandates
  • Discretionary Mandates
  • Execution-only Mandates
  • Robo-advisor Service
  • Others

UK Wealth Management Market Investment Channel Outlook (%, 2022)

  • Independent Financial Advisor (IFA)
  • Investment Platform at Main or Other Banks
  • Advisor at Main or Other Banks
  • Investment Management Company
  • Pension Company
  • Robo-Advisor
  • Others

Scope

• HNW individuals account for 1.1% of the UK’s total adult population.

• The mass affluent segment holds the dominant share of total liquid assets.

• Barring deposits, all offshore investments declined in 2022.

• Direct equity investments and local currency deposits are the most popular asset classes among UK HNW investors.

Key Highlights

  • HNW individuals account for 1.1% of the UK’s total adult population.
  • The mass affluent segment holds the dominant share of total liquid assets.
  • Barring deposits, all offshore investments declined in 2022.
  • Direct equity investments and local currency deposits are the most popular asset classes among UK HNW investors.

Reasons to Buy

  • Keep up to date with the UK wealth management industry, looking at investors’ asset allocations by affluence bandings as well as a detailed picture of where HNW distributes their investments.
  • Understand offshore investment drivers in the UK wealth space.
  • Develop knowledge of the UK resident savings and investments market by looking at the performance and net inflows of bonds, mutual funds, equities, and deposits.

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Legal & General Capital
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OneDome
CMME Mortgage and Protection
Contractor Wealth Management

Table of Contents

The UK Wealth Market

Investor Insights

Resident Savings and Investments

Digital Disruptors

Recent Deals

Appendix

Frequently asked questions

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