In recent weeks this column could be accused of being a tad negative. This will not be the case this week. Whether it is the glimpse of Spring in the air, or perhaps a slightly quieter news week is unclear but, either way, I am feeling more optimistic.

The industry-related concerns still stand. There are aspects of the wealth management sector that need addressing, but there is also a lot of good being done.

Last night’s PAM Awards served as a timely reminder that there is plenty to celebrate in the industry.

The vast majority of firms are striving to continually evolve and develop their offering, all with the aim of delivering better outcomes for clients (and perhaps a favourable return on investment for shareholders).

Like always, this year’s Awards were hotly contested, demonstrating the depth of the industry. Some view the fragmented nature of the UK wealth management industry as a weakness, but I prefer to see it as a strength. No firm is big enough to rest on its laurels.

How many industries could say that a boutique firm could legitimately compete against one of the biggest constituents for a substantial mandate?

In my mind, this can only be a good thing. Clients have genuine choice and all firms need to ensure they are continually operating at the top of their game.

There are many issues the industry needs to address. Consumer Duty is beginning to bring some of these to light, but there is also need for genuine action on a number of other topics including sustainability and diversity and inclusion (D&I).

However, the competitive and entrepreneurial nature of the private wealth management industry should mean it is well placed to address these issues. The industry certainly has the talent and resource to do this.

Whether it will remains to be seen, but I am cautiously optimistic…