Nearly 6 in 10 wealth managers are turning away clients who fall below their minimum investment level with more adopting this strategy as costs rise and fees fall.

The Financial Conduct Authority has called on the investment sector and wealth managers to improve the way they disclose costs and charges to clients following a review of the sector which found shortcomings.

A large number of ‘baby boomers’ - those aged 55-73 - have little appetite for investment risk and 39%  have ‘zero’ willingness to take a risk with their money, according to a survey.

Wealth manager and Financial Planning firm Tilney has recruited Chris Moore from Smith & Williamson as an associate investment director.