Wealth Management
In the wealth management sector, trust is key. When dealing with high-net-worth individuals (HNWI) and ultra-high-net-worth individuals (UHNWI), delivering exceptional results is as important as maintaining an impeccable reputation with clients, who often expect discretion, privacy and an outstanding client experience.
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The reputational damage of a fine or sanction for non-compliance should not be underestimated. Managing negative press and increased supervision from the regulator comes at a hefty price.
Whether your firm specialises in discretionary and advisory portfolios or full financial planning services, HNWI and UHNWI carry higher risks, including:
- Sanction risks, especially through:
- multiple and complex accounts
- offshore trusts
- jurisdictions maintaining banking secrecy - Bribery and corruption, especially with PEPs
- Money laundering, e.g. through secured loans whose collateral are held in a separate jurisdiction
These risks increase the costs of compliance. Carrying out due diligence on sophisticated corporate structures can be a time-consuming and resource-intensive task, especially without bespoke financial crime controls attuned to the complexity of the undertaking. With increasing geopolitical tensions, regulators are also increasingly scrutinising the wealth management sector. Firms need to protect themselves against exposure to sanction evasion, money laundering, tax evasion, and bribery and corruption.
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Our wealth management experience
Plenitude has an established track record in assisting wealth management clients to proactively assess the effectiveness of their existing Financial Crime Compliance framework, systems and controls, and implementing the required enhancements as part of S166 review or independent assessment, to mitigate the risks highlighted above. We also have supported multiple firms post regulatory review, to advise on the response plan and support the successful implementation of the required enhancements as part of a remediation or transformation programme, including large-scale KYC remediation as part of our Managed Service offering.
We have worked with a variety of institutions in the sector, from boutique wealth management firms to private banking departments at global financial institutions, as well as new firms seeking authorisation.
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Our approach, benefits and outcomes we deliver
We understand that all firms’ business activity, customer base and risk appetite will differ. We therefore work closely with our clients to develop a deep understanding of their business and FCC framework in order to develop an effective, proportionate and risk-based approach to financial crime risk management.
Plenitude’s services and capabilities are grounded in our multi-jurisdictional expertise, our proprietary suite of tools and RegTech products, and our deep understanding of sector-specific regulatory obligations and needs. This enables us to deliver the following benefits and outcomes to our clients:
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Market-leading advisory, transformation and technical expertise with tech-enabled delivery:
our full-service offering enables us to meet all of our clients’ needs. Our tech-enabled delivery approach leverages our extensive suite of proprietary tools and RegTech products which enables us to accelerate delivery and reduce overall engagement costs.
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Regulatory compliance and assurance:
we enable clients to fully understand and meet their regulatory obligations, along with the ability to present robust documentation to demonstrate their conformance with regulatory requirements.
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Enhanced efficiency, effectiveness and cost reduction:
our tech advisory, data analytics services and RegTech products enhance efficiency, optimise detection accuracy, streamline workflows and reduce false positives, leading to improved effectiveness and significant cost savings.
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Access to cutting-edge technology and future-proofed compliance:
we enable our clients to stay ahead of evolving regulations and criminal tactics by optimising current systems and controls, deploying the latest AI-powered technology and data analytics services.
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Compliance transformation:
we partner with clients to transform their entire compliance function, fostering a culture of data-driven decision-making and continuous improvement.
Our Services
Our capabilities address the entire spectrum of financial crime risks and, as a full-service provider, we can meet all of our clients’ needs in order to deliver a truly integrated consulting service. We can assist with a wide range of needs, including independent assessments, policy and standards enhancement, risk assessments, specialist tech and data support, and remediation and transformation program design and execution. No matter what the requirement, we are here to help.
Discover more about our services and see why our integrity, passion and delivery excellence have been praised by so many clients.
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Data Analytics Services
Data quality, siloed systems, and the ever-evolving tactics of criminals make effective data analysis a constant battle. Firms need to break down these silos to get a holistic view of customer activity and identify hidden patterns that might indicate a financial crime threat.
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Our specialists
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Daniel Keay
Senior Executive
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Jesal Punjani
Senior Executive
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Zubin Lee Kasture
Senior Executive
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Tom McKay
Head of Data Analytics
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Alex Statham
Senior Manager
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Christopher Duffy
Senior Manager
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Graeme Ford
Senior Manager
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Paul Mclear
Senior Manager
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Stuart Phillips
Senior Manager
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Andre Seini
Manager
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Sean Bresnahan
Manager
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Simon Hancock
Manager
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Get in touch to speak to the team or to request a demo
Our best-in-class team are committed to building a secure financial system, safeguarding society, and empowering our clients to meet their regulatory obligations.
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