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The Financial Journey Podcast

The Financial Journey Podcast

Written by: Baggette + Co. Wealth Management
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Money is rarely just about money.

It is about choices. Confidence. Family. Purpose. Retirement. Business. Legacy. And, more than anything, peace of mind.


The Financial Journey Insights is the podcast from Baggette + Co Wealth Management, created to help people feel clearer, calmer and more in control of the financial decisions that shape their future.


Each episode explores a different part of The Financial Journey, from building wealth and preparing for retirement, to stepping away from a business, supporting family, planning later life, and understanding what financial freedom really means in the real world.


You will hear thoughtful conversations with the Baggette + Co team, independent financial advisers, business owners, clients and special guests.


This is not a podcast full of financial waffle, product chat or people trying to sound clever in suits.

It is for people who want honest, useful and human conversations about money, life and the moments where the two collide.


Because good financial planning is not just about having enough.


It is about knowing what enough means for you, and feeling confident that the future you want is within reach.


The Financial Journey Insights. Discovering Your Financial Freedom.


Baggette + Co Wealth Management is a Chartered and independent financial planning firm based in Poole, supporting clients across Dorset, Hampshire and beyond.


This podcast is for general information only and does not constitute financial advice.

© 2026 The Financial Journey Podcast Economics
Episodes
  • When Your Bank Decides You're Not Wealthy Enough

    When Your Bank Decides You're Not Wealthy Enough
    Jun 22 2026
    Coutts, banker to the Royal Family for over 300 years, has just tripled its minimum wealth threshold from £1 million to £3 million. Existing clients below the line are not being exited, but their fees are going up and their touchpoints are going down.The message is clear: you are welcome to leave.Stuart Buchan used to sit on the other side of that conversation. He spent years as a Relationship Private Wealth Manager at Coutts, and before that at Royal Bank of Scotland and NatWest. He saw the writing on the wall, left the bank model, and joined Baggette + Co Wealth Management as a Chartered Financial Planner.In this episode of The Financial Journey Insights, Oscar Hjälmås, CEO of Baggette + Co, sits down with Stuart to talk about what is really happening inside private banking, how it feels for the clients being moved on, and why the advice they were receiving may never have been truly independent in the first place.They get into the detail: why banks operate restricted advice models with in-house product scorecards and KPIs, why Stuart describes the independent team inside banks as being "hidden away in the cupboard," what happens when a client with £1.5 million is told to move to a phone-based Premier service, and why Baggette + Co was able to quote one client 20% of the cost of the restricted advice they had been receiving elsewhere.Stuart also talks openly about why he left the bank model, what surprised him about working independently, and why he believes the shift from private banking to independent advice is only going to accelerate.If you have wealth with a private bank and you have been wondering whether you are getting the service and the independence you deserve, this is the episode to listen to.In this episode, we discuss...Why Coutts raised its minimum to £3 million and what that means for existing clientsHow it actually feels for loyal clients to be told they no longer qualifyThe difference between restricted and independent financial advice, explained by someone who has worked in bothWhy banks use scorecards and KPIs that independent firms do notThe questions you should ask any financial adviser before moving your wealthRed flags to watch for when choosing a new adviserWhether independent advice is actually more expensive than private bankingWhy Stuart left Coutts and what he found on the other sideWhat Chartered status means and why it matters when choosing a firmWhy challenger banks entering the space may not solve the problemThe Financial Journey Insights is brought to you by Baggette + Co Wealth Management, an independent, Chartered financial planning firm based in Poole, Dorset, serving clients across Dorset, Hampshire and further afield since 1986.If anything in this episode resonated with you, or you would like a straightforward conversation about where you stand and what your options are, we'd love to hear from you.Timestamps00:00 – Introduction and why this conversation matters01:49 – Stuart's honest first reaction to the Coutts news02:33 – What happens in practice if you fall below the threshold03:34 – Other banks doing the same: Barclays, HSBC, JP Morgan04:08 – The difference between independent and restricted advice05:24 – Banks buying advisory practices: what does it mean?06:32 – How it feels for clients being moved on08:11 – The identity of being a Coutts client09:19 – Can displaced clients move to an independent firm?10:24 – Stuart's story: why he left private banking for independence11:21 – How advice differs between a bank and an independent firm12:13 – Restricted vs independent advice explained13:52 – What surprises former bank clients about independent firms15:07 – What to do if you receive the letter from your bank16:10 – KPIs and scorecards inside a bank vs an independent firm16:59 – Questions to ask any financial adviser19:25 – Understanding fees, products, and what good looks like21:44 – Red flags to watch out for22:04 – Is independent advice more expensive than a bank?25:00 – Will more banks raise their thresholds?25:45 – Challenger banks entering the space26:41 – One takeaway from each: Stuart and Oscar27:55 – What does Chartered status mean for clients?29:27 – Closing thoughtsLinks & ResourcesBaggette + Co Wealth Management: https://www.baggette.co.ukSpeak to an adviser: https://www.baggette.co.uk/contact/Our fees explained: https://www.baggette.co.uk/about/our-fees/Citywire: Coutts raises client minimum to £3m: https://citywire.com/new-model-adviser/news/exclusive-coutts-raises-client-minimum-to-3m/a2487697WealthBriefing analysis: https://www.wealthbriefing.com/html/article.php/uk%27s-coutts-hikes-minimum-threshold--creates-opportunityGet in Touch with an Independent Financial AdviserIf anything in this episode resonated with you, or you would like a conversation about your own financial planning, contact Oscar Hjälmås on 01202 676 983 or email advice@baggette.co.uk or visit baggette.co.uk. Baggette + Co ...
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    31 mins
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