Romer-Lee’s comments can be seen in the context of his own firm offering model portfolios and other investment management services at a time when a multitude of new products are coming to market.
So how does he feel Square Mile and Titan’s offering can stand out relative to rivals?
He says: “As discussed earlier, I think our industry is a lot more professional, there are a lot more qualified people involved and a lot of very bright people. But I think as the industry has evolved, what has happened is the 'financial' part of financial services has improved a lot, that is, the quality of the advice and the investment management.
"The next step is for the 'services' part to improve, and I would hope that is where we can add value, working closely and directly with advisers to help them communicate and work with their clients.
"I think the next step forward for our industry will be about those improved service levels and personalisation of the investment management process. And I think that is where really I think I can help. It’s not about off-the-shelf solutions, it’s about working with each adviser in the way that works for them."
He says he set up his first outfit, Old Broad Street Research, “because I wanted to be free to do what’s right for the clients”.
Romer-Lee sold that business in 2013, and in 2014 launched Square Mile, and there was slightly more calculation involved, as regulatory changes were happening that would alter the investment management industry.
He say: “Obviously we knew that RDR was coming in and would likely have a big impact on advisers. We hoped a consequence of that would be more outsourcing of the investment management function, with the adviser concentrating on the financial planning work, which is what has happened. I think that has been a welcome development for clients and advisers.”
But having spent a decade building Square Mile, why sell when he did?
A hint of this may come from his initial answer, with him saying: “Well you don’t always get a choice about when you sell,” before adding that: “I thought we could serve our clients better by being part of a bigger group, we can offer more services this way, and I really like the way in which Titan work – it’s a growing business and they really care about the clients. And they are people I like being around.
"We can certainly use the scale of the wider Titan Group to negotiate with providers and get a better deal for our clients.”
His new role will give him oversight of the Square Mile business but also the model portfolio business of Titan.
