Wealth management is increasingly seen as a profitable new arena for non-wealth firms. Media companies in the UK that are known for their print journalism are showing signs of getting involved. Will print journalism, seen by many as a rapidly declining industry, sustain the move into wealth and gain the status of a regulated advisor?
The print journalism foray into wealth has so far used two models: partnering with an asset management firm or delivering wealth services under their own brand name. The Times Wealth Management, for example, is structured as a new wealth management business. It positions itself as providing a range of services, from D2C (direct to customer) platform for DIY investors, to a managed portfolio service. It becomes clear to the customer that they have paired with BestInvest only when the customer clicks to purchase a product e.g. open an ISA. The Telegraph, on the other hand, chose to team up with St James’ Place as its investment partner. The Telegraph supplies the educational element (e.g. wealth and investment seminars and guides) while St James’ Place does the wealth services bit.