WH Ireland is planning to close some of its smaller offices as it has started cost cutting review of its wealth management arm.
In addition, the review also includes the firm’s lower net worth accounts.
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Under the review, the company is also planning to take benefit of the minimum asset requirements larger banks are imposing on smaller clients.
The move follows the firm’s launch of a new office in the Isle of Man, as part of its strategy to grow its discretionary wealth management business.
WH Ireland chief Richard Killingbeck said that the firm has hired Dan Cowland as finance director last month to cut a lot of costs out of the company.
Killingbeck added: "We have a high cost-to-income ratio and are focusing on reducing our cost base. We are reviewing our smaller accounts. We don’t want to close our smaller accounts, but where they are less than £500,000, they should be in a pooled fund. We have not set a minimum but we will look at that – maybe £100,000."
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