Discretionary wealth manager Quilter Cheviot has teamed up with the Big Four accountancy firms to help the accountants’ employees and families manage their investment portfolios.

The discretionary wealth arm of Financial Planner and wealth manager Quilter has teamed up with Deloitte, KPMG, EY and PwC to launch the new service to help avoid conflicts of interest.

The Financial Reporting Council Revised Ethical Standard 2019 increased the need for individuals working in large accountancy firms and their immediate family members to gain approval for their investments to avoid conflicts of interest.

This has resulted in greater risk management being required between wealth managers and their individual clients who work at large accountancy firms.

Quilter Cheviot’s investment management team have undertaken training with each of the Big Four to fully understand personal independence procedures, while also learning more about the partnership structure, remuneration and tax considerations.

Nick Holmes, managing director, investment management at Quilter Cheviot, said: “We have diligently worked with each of the Big Four to tailor our services and processes to benefit their partners, senior members of management and immediate family members.

“We know one size does not fit all with personal independence procedures and Big Four firms, but we are confident for each we have built a compelling proposition to not only reduce their risk when investing, but also save them time in the reporting process.

“Compliance is arguably as important as performance for someone at a Big Four firm, and as such we are confident we have built a service that will help deliver on both fronts.”

Quilter Cheviot is part of Quilter plc. Quilter encompasses the Financial Planning businesses, Quilter Financial Planning, the Quilter investment platform and Quilter Investors, the multi-asset investment solutions business. Quilter Cheviot includes the discretionary fund management business, Quilter Cheviot, together with Quilter Private Client Advisers.

Quilter plc oversees £106.7bn in customer investments (as at 31 December 2023).