How private bankers find new clients in the UK
Referral, introducers, events, family succession and the public record, each with the evidence that exists, whose population it describes and where it stops.
I went looking for the number everyone assumes exists: the share of a UK private banker's new clients that comes from each route. I did not find it. What gets quoted instead describes a different trade, and a banker deserves to know that before building a plan on it.
In short
As at 8 November 2026, the house found no published UK survey measuring how private bankers find new clients; the figures in circulation describe IFAs and retail investors. The routes are existing clients, professional introducers, events, family succession and the public record. The Gazette carried 970 solvent liquidation notices in October 2026, and 89 of the 415 declarations read from that month swore £1m or more.
Key takeaways
- As at 8 November 2026, the house's searches found no published UK survey of how private bankers win clients, so any channel share quoted for the trade is borrowed from another population.
- The Institute of Chartered Accountants in England and Wales said on 19 October 2022 that a member cannot send clients to a restricted adviser "on a blanket basis", which makes each accountant introduction to such an adviser a separate, documented decision.
- The Solicitors Regulation Authority's code, in the version in effect from 11 April 2025, allows a solicitor to introduce a client to a separate business only with the client's informed consent.
- An Opinium survey of 200 UK financial advisers for Octopus Investments, in the field in September 2025, found that 55 per cent were implementing a strategy for keeping assets across generations.
- In October 2026, 89 of the 415 declarations of solvency the house read swore a surplus of £1m or more, and 204 practitioner firms were named on that month's solvent liquidation notices.
What evidence exists on how private bankers find new clients?
The evidence is thin and mostly about someone else. As at 8 November 2026 the house found surveys of independent financial advisers, of retail investors and, from outside the UK or from more than five years ago, of wealth clients; it found none of UK private bankers with a current date. A bank may hold such figures privately, but they are not published.
| Route | Best evidence read on 8 November 2026 | Whose population | Where it stops |
|---|---|---|---|
| Existing clients | ValidPath member poll, trade press report of January 2026 | IFAs at one network | Says nothing about bank-employed bankers |
| Professional introducers | The same poll; ICAEW and SRA rules | IFAs; accountants and solicitors | The rules set limits and give no volumes |
| Events | Stated plans in the same poll | IFAs at one network | An intention, with no result attached |
| Family succession | Octopus and Opinium, fieldwork September 2025; HMRC estimates | UK financial advisers; estates | Measures adviser strategy, not assets won |
| Public record | The Gazette and Companies House, October 2026 | Companies and named controllers | Shows the event, not the person's total wealth |
In the house's experience, set down on 9 November 2026 and drawn from one desk rather than a survey, about half of new relationships came from referrals, from existing clients and from introductions by intermediaries, and about half from cold outreach, done by hand.
Do the IFA referral figures apply to private bankers?
Not directly. The current figures the house found come from a poll of member firms by ValidPath, a network of independent financial advisers, so they describe advisers inside one network and not bankers employed by a private bank.
The poll reached the house only as trade press: Financial Planning Today reported it on 26 January 2026, and as at 9 November 2026 the house could not find ValidPath's own release on validpath.co.uk. The house does not print a percentage it cannot trace to its publisher, so none from the poll appears here.
Three limits apply to that poll. The poll samples a network's own membership, and the population is not the UK advice market. A share of advisers who name a route is not a share of new clients or of new money, so the poll cannot say how much business each route produces. The private banker's position also differs in kind: the banker is employed by a bank, while the poll's respondents belong to a network of advice firms. It does not support a claim about private banks in either direction.
What rules govern an introduction from an accountant or a solicitor?
Both professions may make introductions, and both sets of rules put a condition on the introducer that a banker has to work with. The rules below were read on 8 November 2026.
| Introducer | Rule source | What the rule requires of the introducer |
|---|---|---|
| ICAEW member firm | ICAEW Professional Standards, 19 October 2022 | Objective advice, a duty of care and a check on whether the referral is regulated under the Financial Services and Markets Act |
| ICAEW member firm referring to a restricted adviser | The same article, 19 October 2022 | Sufficient safeguards, a client-by-client assessment recorded in writing, and making the client aware of the adviser's restricted status |
| SRA-regulated solicitor | SRA Code of Conduct for Solicitors, paragraphs 5.1 and 5.3, in effect from 11 April 2025 | Clients told of any financial interest in the referral, any fee share in writing, and informed consent to an introduction to a separate business |
The ICAEW article of 19 October 2022 says it expects most referrals to go to independent financial advisers with access to the whole market. It adds: "The code doesn't say you can't refer to a restricted adviser", but warns against sending all clients to one restricted adviser: "You can't do it on a blanket basis." A banker whose firm's advice is restricted is therefore asking an accountant for a reasoned decision about one client, and not for a standing arrangement.
On the bank's side, COBS 2.3A.5R, in the FCA Handbook last updated in September 2026, says a firm must not pay to or accept from any party other than the client, or a person acting for the client, a fee or commission in connection with an investment service, unless an exception in COBS 2.3A.6R applies; that exception requires disclosure to the client. A payment either way is a question for the banker's own compliance function before any conversation with an introducer. The rules on introductions are set out in full on a separate page.
In the house's experience the firm's reputation is what opens the door to a first introduction. After that, introductions go both ways, and it helps when the banker and the accountant or solicitor are at the same stage of their careers, both building their books.
What does family succession offer a private banker?
An existing client's family is a route with a fixed date attached. From 6 April 2027 most unused pension funds and death benefits form part of the estate for Inheritance Tax, under reforms HMRC's technical note, last updated 29 May 2026, describes as legislated for in Finance Act 2026.
HMRC's impact note of 26 November 2025 estimated that, of around 213,000 estates with inheritable pension wealth in 2027 to 2028, 10,500 will have a liability where previously they would not and approximately 38,500 will pay more; HMRC says those static estimates should be viewed as a maximum. The same note of 26 November 2025 makes personal representatives liable for reporting and paying, so the family has a task to discuss with its advisers.
The evidence that advisers act on this is limited. Octopus Investments reported on 3 June 2026 that 55 per cent of 200 UK financial advisers surveyed by Opinium in September 2025 were implementing a strategy for keeping assets across generations. That describes financial advisers and what they report, not private bankers. The same release of 3 June 2026 states that 81 per cent of inheritors say they plan to leave their parents' adviser within one to two years of an inheritance, without saying which sample was asked. That is a stated plan: the house found no UK measure, as at 8 November 2026, of how many heirs actually leave.
Where does the public record fit in finding clients?
The public record does not replace referral. It tells a banker which introduction to ask for, from whom and when, because a dated event names a company and, usually, a professional.
The members' voluntary liquidation is the clearest case. The Gazette carried 970 notices of a resolution for a solvent winding-up in October 2026, 44.1 a working day, and 2,037 in the 90 days to 8 November 2026. The house read 415 declarations of solvency filed in October 2026: the median sworn surplus was £288,858, 89 swore £1m or more, 21 swore £5m or more and 9 swore £10m or more.
The route in is named on the same record. In October 2026, 204 practitioner firms were named on the notices, and 748 of the 968 companies behind them, 77.3 per cent, had a current individual person with significant control as at 8 November 2026. The members' voluntary liquidation signal sets out how to read one, and the UK Liquidity Ledger for October 2026 gives the firms.
The limits are specific. A sworn surplus is the company's and an estimate, so it is neither one shareholder's gain nor their wealth. October 2026 was a heavy month beside the 526 notices of September 2026, so it should not be treated as a run rate. The record also shows only what is filed: an owner who has not yet acted leaves no event. Other dated events include a satisfied charge, a priced share issue and a change of control, each with the same limit. Tools that package this material are compared in prospecting tools for UK private bankers.
What about events and direct approaches?
For events, the only current item the house could read is a statement of intent, reported from the same ValidPath poll in the trade press on 26 January 2026, and it reports no result. As at 8 November 2026 the house found no UK evidence of clients won from events by private bankers.
In the house's experience events mainly kept existing introducers and clients warm and did not produce new clients directly.
A direct approach to a person found on the public record is lawful in some forms and is the banker's own act, under the banker's own firm's obligations. The ICO's business-to-business guidance, read on 8 November 2026 and marked as under review after the Data (Use and Access) Act, says email marketing to a corporate body such as a company or LLP needs no consent under the Privacy and Electronic Communications Regulations but must give a valid opt-out address. The same guidance of that date treats sole traders and some partnerships as individuals, with greater protections, and says UK GDPR applies to a named business contact, who must be told, whose data needs a lawful basis, and who has an absolute right to object to direct marketing. This page is not legal advice.
Frequently asked questions
How do private bankers find new clients in the UK?
The routes open to a UK private banker are five: existing clients, professional introducers such as accountants and solicitors, events, an existing client's family, and the public record. As at 8 November 2026 the house found no published UK survey showing how much each route contributes for private bankers. A banker should treat any quoted split with care and ask whose population it describes.
What percentage of new clients come from referrals for UK wealth managers?
As at 8 November 2026 the house found no current published figure for UK private bankers or wealth managers as a group. The only current material the house found is a poll of independent financial advisers at one network, reported in the trade press in January 2026, and it counts advisers naming a route, not new clients.
Can an accountant refer a client to a private bank?
Yes, subject to the accountant's own rules. ICAEW said on 19 October 2022 that a member may refer to a restricted adviser with sufficient safeguards, a client-by-client assessment recorded in writing and the client made aware of the adviser's restricted status, but not on a blanket basis.
Do solicitors need client consent to introduce someone to a private banker?
Yes, where the private banker is a separate business. Paragraph 5.3 of the SRA Code of Conduct for Solicitors, in the version in effect from 11 April 2025, permits a referral, recommendation or introduction to a separate business only where the client has given informed consent. Paragraph 5.1 of the same version requires clients to be told of any financial interest in the referral.
Can a private banker find clients from Companies House and The Gazette?
Yes, as a way of knowing when and through whom to seek an introduction. In October 2026 The Gazette carried 970 solvent liquidation notices naming 204 practitioner firms, and 89 of the 415 declarations of solvency read that month swore £1m or more. The record shows a dated company event, not a person's total wealth.
Can a private banker email a business owner without consent?
It depends on the recipient. The ICO's guidance, read on 8 November 2026 and under review after the Data (Use and Access) Act, requires no consent under PECR for email to a corporate body, while sole traders and some partnerships count as individuals with greater protections. UK GDPR still applies to a named person, and the banker's own firm decides what it permits.
Method
The search for surveys ran on 8 November 2026 across web search and the publishers named below, and was tried again on 9 November 2026 for ValidPath's own release; a failure to find a survey is not proof that none exists, and corrections are welcome at hello@joinwindfall.com. Rules are quoted from the regulators' and professional bodies' own pages, read that day; nothing here is legal, regulatory or tax advice. The house's figures are counts of The Gazette notices under code 2431 and of declarations of solvency (form LIQ01) the house read, by month of publication or filing, measured on 8 November 2026 with measure-ledger.ts --month 2026-10, and the 90-day count with measure-report-figures.ts. The declarations read are not a random sample of all solvent liquidations, and the count for a month rises as more are read, which is why these figures differ from the UK Liquidity Ledger's, measured on 2 November 2026 (390 declarations, 81 at £1m or more). Sworn surpluses are per company and never summed. No individual is named.
Sources
- Institute of Chartered Accountants in England and Wales, "Referrals to financial advisers: staying compliant", 19 October 2022, read 8 November 2026: https://www.icaew.com/regulation/regulatory-news/referrals-to-financial-advisers-staying-compliant
- Solicitors Regulation Authority, Code of Conduct for Solicitors, RELs, RFLs and RSLs, version in effect from 11 April 2025, read 8 November 2026: https://www.sra.org.uk/solicitors/standards-regulations/code-conduct-solicitors/
- HMRC, "Inheritance Tax: unused pension funds and death benefits", 26 November 2025, read 8 November 2026: https://www.gov.uk/government/publications/inheritance-tax-unused-pension-funds-and-death-benefits/inheritance-tax-unused-pension-funds-and-death-benefits
- HMRC, "Inheritance Tax on pensions: technical note", first published 11 May 2026, last updated 29 May 2026, read 8 November 2026: https://www.gov.uk/government/publications/inheritance-tax-on-pensions-technical-note
- Octopus Investments, newsroom release on estate planning, 3 June 2026, Opinium fieldwork September 2025, read 8 November 2026: https://octopusinvestments.com/newsroom/late-estate-planning-could-cost-uk-families-12-3bn-in-inheritance-tax/
- Financial Planning Today, report of 26 January 2026, read 9 November 2026, a trade press report of ValidPath's poll and not the firm's own release: https://financialplanningtoday.co.uk/news/9-in-10-advisers-rely-on-referrals-for-new-clients
- FCA Handbook, COBS 2.3A, last updated September 2026, read 8 November 2026: https://api-handbook.fca.org.uk/files/sourcebook/COBS.pdf
- Information Commissioner's Office, "Business-to-business marketing", marked under review, read 8 November 2026: https://ico.org.uk/for-organisations/direct-marketing-and-privacy-and-electronic-communications/business-to-business-marketing/
- The Gazette, notices under code 2431, and Companies House, declarations of solvency (form LIQ01) and the register of people with significant control, measured 8 November 2026.
Winny is the house’s pen name. This page is written by Windfall Intelligence Ltd from the UK public record, every figure re-measured on the date it carries, and checked by a person before publication. How these pages are made. Corrections to hello@joinwindfall.com.
Related reading
What a members' voluntary liquidation tells you about the shareholder
The most under-read liquidity signal on the UK public record, read from the adviser's side of the table, with the flow and the money measured.
The UK Liquidity Ledger: October 2026
The first monthly edition: solvent liquidations nearly doubled in October 2026, the month of the Budget, with the sums sworn and the firms that handle the work.
Best prospecting tools for UK private bankers and wealth managers, 2026
A fair map of the prospecting tools a UK private banker or wealth manager can buy or use free in 2026, grouped by job, with published prices and trials. The house builds one of them and says so.
Winning introductions from accountants and insolvency practitioners
The rules on introductions from accountants, insolvency practitioners and solicitors, read from the primary texts, with a measure of how far the busiest practitioner firms on a patch move.