You can still be at risk even with a Certified Financial Planner to help.


Article by Phil

A survey by Ecclesiastical Insurance has shown that over half of High Net Worth (HNW) Clients had suffered a crime in the last 12 months, even with a Certified Financial Planner to help.

A HNW clients is defined as having £200,000 annual income or £1 million in liquid assets. Shockingly:

  • 49% had suffered from a theft
  • Almost 25% had suffered from trespass
  • 20% had suffered a home intrusion
  • 20% criminal damage
  • 48% said that they had lost money as a result of a scam
  • 20% said they had lost up to £10,000 but 5% had lost over £25,000. The average for HNW individuals is £13,000.
  • The overall numbers could be as high as £118 billion lost to scams across the UK.

In a separate survey of HNW clients, Charles Stanley found that:

  • 40% financially support their children
  • But they don’t like to talk about their finances.
  • A third like to keep their money affairs private and 20% think its not appropriate to discuss money

Looking at why HNW individuals use a Certified Financial Planner for help, Hymans Robertson found that:

  • 54% used an adviser for peace of mind
  • Only 35% for their financial expertise
  • But 44% to make sure they are tax efficient
  • Only 17% used an adviser because they didn’t have time themselves

HMRC have confirmed that over 4 million people are now paying higher rate tax. Plus, a further 1.1 million people will become higher rate taxpayers by 2027.

If you are a HNW individual, you might like to know where you’ll get the most for your money. The answer according to a recent survey is the North Esat, where over 65’s spend £3,000 less than the national average on food and housing costs. Unsurprisingly the most expensive place to live is London, which costs over £3,700 more a year than the Northeast.

But like everyone (especially over 50’s) HNW clients are being targeted by fraudsters. The latest fraud seems to be coming in through WhatsApp, where they pose as family and friends. Things to look out for include:

  • Being contacted from an unknown number, with an excuse about why their number has changed.
  • An urgency to the request for money which can’t be altered.
  • Friend or family asks you not to call them to discuss the problem.
  • Use of poor English in messages.

And what to do:

  • Check the phone number.
  • Call to speak to your friend.
  • Ask a question only your friend would know the answer to.
  • Take time to think.
  • Call a Certified Financial Planner for help.

HNW clients are also not that concerned about ESG (Environmental Sustainable Governance) investments. In a survey by advice firm Saltus. They found that 80% of their HNW clients weren’t interested in ESG funds. For a variety of reasons including:

  • The returns weren’t good enough
  • They didn’t believe that they were truly sustainable
  • They didn’t understand the jargon
  • They didn’t believe the figures and claims
  • They didn’t think that climate change was a priority

This is an interesting insight given how many companies are jumping on the ESG band wagon. Perhaps they should listen to their clients first.


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