Charles Stanley completes suitability review

Charles Stanley has completed a suitability review of its processes as part of its ambition to become a leading UK wealth manager by 2020.

The project was led by new chief executive Paul Abberley (pictured), who said at the end of last year the suitability review had helped the firm understand that managing money on a discretionary basis suits clients’ needs more than advice. 

The firm has invested money in upgrading systems and record-keeping to ensure clients investment needs are being met appropriately.

‘The project has been successfully executed and completed on schedule,’ the firm said in an interim update issued today.  

‘Over the course of the past year this was a significant undertaking both for staff and clients alike, but one which we are confident will yield dividends over the longer term.’

The trading update also showed that total client funds rose from £20.1 billion at the end of the first quarter to £20.8 billion.

This figure comprises £12 billion worth of managed funds and £8.8 billion of administered funds, with the former’s assets increasing by 4.3% over the quarter.

Revenues from continuing activities rose by 4.9% to £36.3 million, which excludes money earned from Charles Stanley Securities and Charles Stanley Financial Solutions, which have both been sold.

‘Our strategic intent is to focus on vertically integrated, or holistic wealth management, built around an investment led, bespoke approach to client delivery,’ the firm told the market.  

‘Our ambition is to be a leading UK wealth manager by 2020, however in the shorter-term we are focused on building the operating margin to at least 15% in 2018 and then further beyond that.’

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Friday, July 31st, 2015 EN

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