Growing regulatory costs are causing some UK wealth managers to fire clients with less than £500,000 of investable assets. One entrepreneur recently complained "They wanted me to commit to giving them £1m to look after. Their fees starts at 1% so that’s like handing them a cheque for £10,000 on the spot,!. It was basically ‘Hi, here’s a posh coffee and a PowerPoint presentation, now give us a million quid’.”