BDO Stoy Hayward Investment Management has launched a wealth management unit in the UK, designed to provide independent advice to individuals with more than £2 million ($2.9 million) investible capital.

The unit plans to operate in an open way, with clients speaking to their advisors rather than relationship managers. It says that it aims to sit firmly on the client side of the negotiations, reviewing performance and fees - as a client - not a provider. 

"The focus in these times has to be on protecting private wealth. Taxes will increase, the markets are volatile and returns are diminishing. In 2008 our high net worth clients could expect a six per cent risk free return from cash – now, wealthy individuals do not know where the risk lies and are being paid one per cent gross on cash,” investment director Simon Davis said in a statement.

The wealth management team is based within BDO Stoy Hayward Investment Management.

“The investment world now looks very different to how it looked a year ago. Wealthy individuals cannot wait and see what will happen. They need expert advice, grounded in understanding asset allocation and tax efficiency. In SWM this package is brought to them from advisors who have no financial gain in pushing certain funds - but are dedicated to preserving individual wealth and can demonstrate an ability to do this,” Mr Davis added.

BDO Stoy Hayward Investment Management has over 200 employees, with offices throughout the UK. It is the wealth management arm of BDO Stoy Hayward LLP, the UK member firm of BDO International - the global accountancy network with more than 600 offices in 100 countries.