Most institutional clients trade through private client firms,...

Most institutional clients trade through private client firms, some use multiple private client firms to place their equity trades due to wholesale rates and research distribution, they rarely use discount broking houses, all I can see in the broker data that has been provided that there doesn't seem to be much private client activity thus far, only retailers creating the volume. And as we saw a few days ago, any sustained period of no news and the share price drifts rapidly.

Now these private client firms have experienced FP advice businesses as well so there should be a very good understanding of what services IAM is trying to deliver by the same Private Client firms that trade for their Institutional clients. So when we hear that IAM is delivering efficiencies I find it baffling that IAM is going under the radar of the private clients at the top end. Maybe someone could run that question past the directors as part of the overall PR strategy please? thank you