Perspective
What independence should mean in private wealth
Independence is claimed often and defined rarely. It is worth being precise about what it does and does not promise.
Independence does not mean access to everything. It means that the starting point is the client's need rather than a shelf that must be filled, and that the choice of partner is made deliberately rather than by default.
In practice this shows up in small, unglamorous places: whether a recommendation survives a difficult question, whether an alternative was genuinely considered, whether someone is willing to say that no action is required.
Institutions provide capability of real substance — custody, execution, credit, infrastructure, research. Independence is not a criticism of that capability. It is a view about who should sit beside the client while it is being used.
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This article is provided for general information only. It does not constitute investment, legal or tax advice, nor a recommendation of any product or strategy.