1. EXECUTIVE SUMMARY
1.1. Market summary
1.2. Key findings
1.3. Critical success factors

2. THE UK WEALTH MANAGEMENT MARKET
2.1. Market slows amid ongoing uncertainty
2.2. The UK political landscape was a source of anxiety in 2019

3. WEALTH MANAGEMENT COMPETITIVE DYNAMICS
3.1. The market is split between onshore and offshore players
3.2. Leading managers see growth in a competitive landscape

4. REGULATORY TRENDS
4.1. Woodford, fund withdrawals, and rule reforms
4.2. Towards a more transparent and competitive market
4.3. Growth in ethical funds comes with increased scrutiny
4.4. Many firms are struggling with the MiFID II rules
4.5. Robo-advice evolved but regulation struggled to keep up
4.6. Industry fines increased in 2019

5. COMPETITIVE TRENDS
5.1. Brands are consolidating to drive growth and stability
5.2. Large wealth managers are restructuring to boost growth
5.3. New and emerging entrants include Santander’s focus onthe HNW market
5.4. New products and services were launched amid market challenges
5.5. Digital developments include a cryptocurrency-based investment service

6. APPENDIX
6.1. Abbreviations and acronyms
6.2. Definitions
6.3. Secondary sources
6.4. Further reading

List of Tables
Table 1: Pre-election headlines from mainstream news providers, October to December 2019
Table 2: Post-election headlines from mainstream news providers
Table 3: Overview of events leading to the ratification of the EU Withdrawal Agreement Bill
Table 4: In 2019, fractious Brexit negotiations had a measurable impact on the UK economy
Table 5: Examples of different onshore wealth management providers
Table 6: Snapshot of 2019 activity
Table 7: Competitors with the highest investment thresholds
Table 8: London and the South East account for a third of the country’s HNW liquid assets
Table 9: AUM performance for the UK’s top 20 wealth managers, 2017-18
Table 10: The Woodford collapse led to new rules restricting the way investors withdraw from funds
Table 11: FCA fines relating to MiFID I breaches since 2009
Table 12: Over half of industry fines in 2019 related to the wealth industry
Table 13: Selected wealth managers M&A activity, December 2018 to November 2019

List of Figures
Figure 1: Liquid assets held by HNW individuals have increased by £0.25tn since 2015
Figure 2: Growth in liquid assets held by HNW individuals slowed rapidly in 2018 but recovered in 2019
Figure 3: Growth in liquid assets slowed for the UK’s largest wealth managers
Figure 4: Equities, which account for over half of UK assets, contracted by 9% in 2018
Figure 5: Top 10 wealth managers in the UK by AUM in 2017 and 2018
Figure 6: Ethical funds growth was seven times greater than growth for total investments
Figure 7: Wealth managers agree that robo-advice is key to a sustainable business and future success
Figure 8: The value of FCA fines increased significantly in 2019

Companies Mentioned
- Barclays
- Brewin Dolphin
- C.Hoard & Co
- Canaccord Genuity Wealth Management
- Cazenove Capital
- Charles Stanley &Co
- Citi Private bank
- Coutts
- Davy Private Clients
- Fidelity
- Financial Conduct Authority
- Goldman Sachs
- Hargreaves Lansdown
- Harwood Wealth Management
- Hassium Asset Management
- HSBC
- Investec Wealth & Investment
- J.P. Morgan Private Bank
- J.Stern &Co
- Kleinwort Hambros
- Lloyds Banking Group
- Man GLG
- Mattioli Woods
- Moneyfarm
- Nutmeg
- Quilter Cheviot
- Rathbone Brothers
- Sandaire Investment office
- Sanlam UK
- Schroders
- SCM Direct
- Smith & Williamson Investment Management
- Speirs & Jeffrey
- St James’s Place Wealth Management
- Standard life
- Tilney
- UBS Wealth Management
- Wealthify
- WealthSimple
- Woodward
- My Eva
- Multiply
- FCA