First Wealth Private Office – 6 Months On

Six months ago, we formally launched First Wealth Private Office – a bespoke service designed for clients whose lives, circumstances, and finances have reached a new level of complexity. 

The launch event at the St. Pancras Renaissance Hotel in October 2024 marked a bold new chapter, but the journey began long before that. Over the years, we noticed a shift: our clients were selling businesses, inheriting wealth, and crossing a threshold that put them squarely in the £5m-£25m wealth space. What we saw was a gap in the market – and, more importantly, a real need for something better. 

What We’ve Seen

As we’ve stepped further into the world of Private Office, it’s become clear: this is a space that’s been underserved for too long. 

Many are navigating unfamiliar territory: family investment companies, legacy planning, multi-generational wealth, tax complexity – all layered with emotional decisions, increased responsibility, and greater risk. 

What we’ve seen in the wider market is worrying. At best, advisers make a referral and then disappear. At worst, they simply say, “This isn’t something we can help with.” Either way, clients are left without a guide at the very moment they need one most. 

 That’s not how we work. 

We’ve built our Private Office proposition to be proactive, holistic, and coordinated. We take the time to understand what’s going on beneath the surface – from family dynamics to long-term ambitions – and we bring the right people around the table to make those ambitions a reality. It’s not just about money management; it’s about planning with purpose, in partnership. 

High-Touch, High-Trust

In a world where service levels have declined – with many private banks now expecting upwards of £25m to access top-tier support – we offer something fundamentally different. A proper partnership. 

That means multiple touchpoints throughout the year. It means sitting down with clients and their professional advisers. It means asking deeper questions and providing honest, sometimes unconventional, advice. 

One recent example illustrates this. A new client was comparing investment proposals from two major wealth firms – both focused on managing a Family Investment Company (FIC). But no one had stopped to ask: “Is this structure still right for you?” 

We did. After a full planning review, and in consultation with their legal and tax teams, our advice was to distribute the FIC – a solution that not only improved inheritance tax outcomes but also simplified intergenerational planning.  

Interestingly, this reduced the assets we would manage. But it was the right advice, and the client recognised that. 

What We’ve Learnt

If there’s one standout lesson from the last six months, it’s this: one size doesn’t fit all. 

Each Private Office client brings their own story, circumstances, and preferences. Some are seasoned investors. Others are navigating new wealth for the first time. What they all have in common is complexity – but how that complexity plays out varies hugely. 

We’ve adapted our approach accordingly. 

Our onboarding process has evolved to reflect the more nuanced needs of Private Office clients. We’ve developed bespoke systems to support wider planning – from structuring family wealth to collaborating with trustees, accountants, and lawyers across different jurisdictions. 

We’ve also refined the way we communicate. For some clients, that means formal reporting and structured reviews. For others, it’s WhatsApp messages, voice notes, or quick check-ins via chat. We’ve implemented new tools – including WhatsApp for Business and secure client portals – to meet clients where they are, not where we think they should be. 

That said, we remain strong advocates for the value of in-person meetings wherever possible. Sitting around a table, with all the right people in the room, is still the best way to build trust, unlock insights, and make good decisions. 

Another key learning: coordination matters. Many clients already have trusted professionals around them. But what they’ve often lacked is a central figure to orchestrate, challenge, and lead. We’ve stepped into that role and found it invaluable – to the client, to their advisers, and to us. 

And lastly, we’ve seen again that the best client relationships are built on honesty. Clients aren’t looking for polish – they want thoughtful, evidence-based advice delivered with confidence and care. That’s what we do best. 

A Growing Community 

In just six months, the Private Office has grown rapidly – a reflection not just of market need, but of the referrals and trust we’ve received from our clients and Partners. We’ve gone up against some of the biggest names in wealth management and private banking – and we’ve succeeded by staying true to our values. 

We’re incredibly proud of what we’ve built so far. And we’re just getting started. 

We look forward to the next chapter. To our clients: thank you for your trust and we look forward to continuing to offer you a truly market-leading service. 

To our professional partners: thank you for joining us and let’s continue to collaborate to deliver truly market-leading outcomes for our shared clients.  

If you have any questions or want to reach out we’re always on 020 7467 2700 and hello@firstwealth.co.uk.

This document is marketing material for a retail audience and does not constitute advice or recommendations. Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested.