People Moves

Adam & Co Expands Financial Planning Team, Former Chairman Criticises Bank

Wendy Spires, Group Deputy Editor, London, 20 September 2010

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Adam & Co, the Edinburgh-based private bank which is part of the Royal Bank of Scotland group, has made a double hire for its expanding financial planning arm. Meanwhile, the former chairman of the private bank has launched a criticism of the group.

Financial planners Steve Pennington and Philip Goldthorp have joined the bank’s London and Manchester offices respectively; Pennington was latterly with Lloyds Private Banking, where he was a wealth manager, and Goldthorp was previously at St James’s Place, where he was an associate partner. 

“These two financial planning appointments come at a time of significant investment and growth for Adam & Co as we continue on our strategic plan to enhance the client experience and provide greater access to investments, financial planning advice, philanthropy and family business consultancy,” Kerry Falconer, head of private banking and interim managing director at Adam & Co, said in a statement.

In a separate development, meanwhile, the former chairman of Adam & Company, the Scottish-based private bank which is part of Royal Bank of Scotland, has accused the current management of causing “dismay” and “anger” among customers after management changes, according to a report by the Sunday Herald newspaper.

Ray Entwistle, who resigned from the post last December, was quoted as saying: “There’s a huge amount of client dismay at what’s happening and there’s anger as well.”

The number of account closures as a result of the tariff changes, while still extremely early, is very low and considerably under the numbers anticipated,” a spokesperson for Adam & Co was quoted as saying.

Last week, it was reported that Adam & Co is to follow its sister bank Coutts in introducing a monthly charge for certain bank account holders. The new monthly £40 (around $62.50) charge - which comes into force at the start of May next year - will apply to clients who have less than £250,000 in deposits, investable assets or borrowings with the bank.

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