Aurora is further comprised of Price Bailey Private Client, In2Consultancy, Cavendish Ware, Capital Asset Management, London Wealth Management, Asquith & Partners and Evans Hart.

“We believe that the most effective way of providing true, client focused wealth management is through smaller, boutique firms - and yet we recognise that smaller firms often don't have the PR clout, budget or resources of the larger firms, and this is why Aurora was created,” said Mr Robertson.

By pooling their intellectual resources, Aurora’s founding firms believe they can deliver wealth management to clients in a way that can directly compete with the private banks, insurance companies and national financial advisor firms.

“The current level of dissatisfaction with the banks, not simply as providers of deposits and loans, but as financial planning and wealth management providers, is at an all time low,” said Mr Robertson.

In its mission statement, the group says that fee-based financial planning services and product driven commission sales inevitably have an impact on the integrity of the advice offered. The group also believes that building personal relationships with clients based on a close understanding of their aspirations is more achievable in a smaller boutique-style business. 

Most of the founder members of Aurora have a background in the large firm environment. In addition, the group can still offer the full service provided by banks including treasury, FX and cash management.

In total, the eight companies involved have about £1 billion ($1.4 billion) in assets under management.