WH Ireland’s head of wealth management Roddy Buchanan has stepped down from the role with immediate effect.
WH Ireland said in a statement: “Following recent discussions at the board in respect of the strategic direction of the company and how to best capitalise on the future opportunities and achieve the next stage of the private wealth management division’s growth plans, it was agreed that a senior management and governance reorganisation was required. As a result, Roddy Buchanan has stepped down from the role."
Mr Buchanan joined WH Ireland in 2012 from Weatherbys Private Banking where he was head of investment and senior private banker. Prior to that he was head of wealth management at Ansbacher & Co Limited for seven years. He has also held senior roles at SG Investment Management and Capel Cure Myers.
No comment has been made by the firm on Mr Buchanan’s replacement.
The departure follows WH Ireland’s private wealth division experiencing higher costs. A trading statement released by the firm in May revealed that WH Ireland has “continued its transition to an advice-led, fee-driven model” and its fee paying service propositions (discretionary and managed advisory offerings) account for over 70 percent of its total assets under management. This transition helped boost fee income by 20 percent as well as its wealth planning team recording a 50 percent increase in fees.
The final results for the 16 month period ended 31 March 2018 are due to be released next week.