Posted on by Sheena Gillett

Press Release

WMA Comments on the impact of Brexit on the Financial Sector

6th October 2016

WMA stresses the significance of the private investor in considering the impact of Brexit

The Wealth Management Association (WMA) has been a key contributor to the new report by Oliver Wyman and The City UK on the impact of Brexit on the financial sector and hailed it as an important analysis at a crucial time for the UK and its investors.

As a long-time campaigner for promoting a culture of investment, WMA emphasised that regardless of a “hard” or a “soft” Brexit, the key considerations have to be for the individuals looking to make the best use of their savings through responsible, long-term investment.

As the face of the industry to families and an enabler for individuals’ future financial planning, the wealth management sector produced £4.9 billion turnover in 2013 and £3.2billion gross value added contribution to UK GDP.   The sector supports over 65 000 jobs – 34% of which are outside of London and its firms and employees pay an equivalent of £19 tax for every person living in the UK1.

WMA Chief Executive, Liz Field commented:
“Brexit is an issue for everyone across the whole of the UK. WMA firms provide the full array of services from advice and planning to execution only and discretionary management, to all types of clients looking to invest their hard earned savings.  About 75% of the 6 million private client portfolios managed by WMA members are less than £50 000.

Brexit is an unknown for us all but what is clear is the contribution the wealth management sector makes to the UK economy, and that the needs of ordinary people who are private investors have to be paramount as changes unfold”.

Notes for Editors

Source

1 BBA/WMA, Wealth of Opportunities Report – 2014.

Contact

If you would like further information on this release or other press matters please contact:
Sheena Gillett, Head of PR and Communications at WMA on +44 (0)20 7011 9869, sheenag@thewma.co.uk or
Flame PR on +44 (0)20 3357 9740, WMA@flamepr.com


About the Wealth Management Association (WMA)

  • The Wealth Management Association (WMA) is a trade association that represents 183 wealth management firms (full members) and associate members who provide professional services to our full member firms.
  • WMA members firms look after over £734 billion of wealth for over 4 million retail investors.
  • WMA full members deal in stocks, shares and other financial instruments for individuals, trusts and charities through a range of services spanning execution only, advisory and discretionary fund management.
  • The WMA exists to support its members and their clients in the following ways:
    • To be an advocate for the sector with governments, regulators and the wider financial services community;
    • To influence policy and also decision makers within the wider sector to the benefit of WMA members and their clients;
    • To research and provide definitive information about the sector as required for members and in support of the influencing and advocacy objectives;
    • To be a thought leader, to lead and stimulate debate and make members aware of emerging trends; challenging and provoking change.
    • Facilitating the sharing of good practice, enabling the membership as a whole to benefit from the latest developments affecting the sector as well as providing support to enable them to develop good prescribe and overcome challenges.
  • WMA firms operate across more than 580 sites, employing over 32,000 staff.
  • These firms also run over 5.5 million client portfolios and carry out over 20 million trades a year.
  • www.thewma.co.uk
  • Switchboard: 020 7448 7100