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All Aboard The Regional Wealth Train: More UK Perspectives

Jackie Bennion

27 July 2021

London and the South East have always been a magnet for wealth in the UK and a natural well for financial services skills and talent. But there are high levels of wealth and financial services acumen that have congregated around cities such as Edinburgh, Leeds and Manchester for well over a century now.

From , the choice of regional locations has developed organically, "where we’ve identified a potential advantage, good people, and built on our existing Global Advisory presence and reputation." The firm operates from four locations in London, Manchester, Guernsey, and recently opened in Birmingham.

The main benefits of a regional footprint is tapping into a genuine understanding of local family and business needs, Rothschild said, and the networking and referral opportunities that being on the ground provides.

“The way in which wealth is created has changed – and with that the way we, as an industry and a firm, need to operate. We need diversity across all areas, and that includes not being London and South East-centric,” Rothschild said.

The firm “tends not to ‘segment’" in its regional approach and "make assumptions about people depending on arbitrary demographic criteria. However, we have found that having a local connection works particularly well for entrepreneurs and family-owned businesses, where relationships and partnerships are often most valued.”

Rothschild agrees that a regional presence is important to foster those true local business-community connections but believes that wealth managers don’t necessarily need to be ‘next door’ to clients.

“While clients for our Manchester business are primarily based all over the North of England, our commitment to building the right team around the client - matching experience, knowledge and personality - means that one of the largest clients for our Manchester office (in a joint venture with London colleagues) is actually based on the South Coast," the firm added.