Another issue facing clients is they will often fail to disclose assets, income, or details of background/source of wealth, that more often than not come out further down the line. This can lead to delays and sometimes can derail an application altogether.
We would always recommend a borrower provides full disclosure on all aspects of their financial circumstances and background so to prevent this.
Lending should be a key part of the wealth management and advice process – but unfortunately it is often overlooked. If more wealth and advice firms made it part of their offering, it would allow clients to receive an all-rounded service that appreciates their needs and requirements.
Navigating the complex landscape of lending for HNW and UHNW clients requires a specialised approach that understands their unique challenges and opportunities.
More firms should be looking at the need for expertise to understand and articulate the complexities of different asset ownership structures, cross-border regulations, and income structures, due to the rise in HNW clients having ventures and assets internationally.
Another area is how more wealth managers need to work closely with a client's professional advisers to ensure the lending application is positioned in the best possible light, maximising the chances of approval and completion.
It is an untapped area of the wealth landscape, and many HNW and UHNW clients are not getting access to the very best lending solutions that can help maximise their wealth.
Ryan Dixon is a managing partner and co-head of GSB Private UK
