Why BPS took their $1.4bn financial institution apply to an impartial


“We’ve invested closely in constructing a best-in-class expertise stack that was designed to empower refined advisors and complicated practices,” says Matt Cicci, Head of the Non-public Consumer Group at CG, “Mixed with that, as practices are getting bigger they want to serve shoppers in a means that appears like their very own enterprise. They’ll now do this at corporations like CG as a result of we’re uniquely positioned to assist these varieties of companies.” 

Cicci added that CG was drawn to BPS due to their work as monetary planners, dedication to delivering an elevated consumer skilled, and so they shared an entrepreneurial mindset. He added that CG has grown from $8 billion to over $40 billion in AUM over the previous decade. Their subsequent stage of progress, he says, will likely be with the addition of extra corporations like BPS, billion greenback plus practices who’re realizing how way more refined the impartial house has turn out to be.

Porteous provides that there’s already an ongoing shift away from the banks. “Folks speak with their ft,” he says. He argues that lots of the extra refined methods and providers trendy shoppers require are extra simply supplied at impartial corporations whose sole focus is the wealth administration enterprise.

The consumer reception to this transfer, Porteous says, has been overwhelmingly constructive. BPS introduced the change to their shoppers by way of an e-mail with an embedded video — one thing they couldn’t do on the financial institution — and defined to them the issues that will change and, maybe most significantly, the issues that will not.

“Shoppers get the identical continuity with us. What modifications is the letterhead, which individuals do not actually care about,” Porteous says. “They care in regards to the relationship and what the what their advisors are capable of do for them.”

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