Majority of UK resident clients have not left the country – Bentley Reid

Bentley Reid has stated that the majority of its UK resident clients have not left the country, with the wealth manager adding that the wealth ‘exodus’ was not as severe as reported.

Bentley Reid CEO, Peter Clark, noted that while the UK to Dubai flow of high and ultra high net worth individuals (HNWI) remained active, it was not as strong as some headlines suggested.

“The majority of our UK resident clients have not left, and we are still seeing some clients move back after a long period of living overseas,” Clark said.

However, the past few weeks had seen a ‘notable uptick’ in enquiries from UK-based HNWIs and families, especially from business owners.

“Unsurprisingly, one of the key reasons for people discussing leaving the UK is the uncertainty around the tax changes with the goalposts changing significantly every six to 12 months,” he said.

"It's the uncertainty and constant change that is creating the demand for what we do, whether it be tax advice, providing insurance solutions or wider wealth management services.

“This is especially amongst those families that are focusing on succession planning, whether they be based in the UK or overseas.”

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