I ride an e-bike, and I know exactly what some people think of it. That it is a shortcut. That it does the work for you. Curiously, people say a version of the same thing about independent wealth managers — and it raises a fair question about what an independent wealth manager adds.
The criticism deserves a straight answer rather than a defensive one. Yes, we are an additional layer. Yes, a family could in principle organise all of it themselves, and some do it very well. If our contribution were simply to sit between a client and a bank and add a margin, the objection would be entirely fair.
Range, Not Speed
But the assumption underneath it is wrong, and the bike explains why better than any diagram. An e-bike does not make you faster. On a good road you will not beat anyone. What changes is range. Instead, you reach places you would otherwise never have ridden to, and you arrive able to think rather than only able to breathe. The motor does nothing at all unless you are pedalling.
What an Independent Wealth Manager Adds
That is the honest version of what an independent wealth manager adds. Not speed, and certainly not a guarantee. Range. A single banking relationship offers what that institution does well, which is often a great deal. However, custodian banks differ more than the outside view suggests. Some are built around credit, some around a region, some around structures, illiquid assets or families spread across several jurisdictions. Consequently, working across several of them means a family is not obliged to fit its situation to one architecture.
That access is only useful if someone is still pedalling. Moreover, it requires a clear view of what the family actually needs, and the willingness to say when the existing setup is already the right one.
So, for those who ride: does the motor make it easier, or does it just move the limit?
