What is Wealth Management?
Tailored advice and long-term financial planning for individuals with significant assets (including pensions, property, savings and investments).
What areas does Wealth Management cover?
Wealth management covers all aspects of your financial life and will address those areas where you need expert professional help. This could include setting up new investments or transferring existing portfolios, helping you to plan for retirement, looking after your tax affairs and helping to minimise your tax bill, setting you and your family up with insurance and protection, or ensuring your estate is in good shape to leave to your loved ones.
Wealth management is a comprehensive financial planning approach that will look at your current finances and create a plan designed to meet your future financial needs. Wealth management companies often have experts in different areas. Depending on the services you require, you may work with a single dedicated wealth manager or have access to a broader wealth management team.
How do you pay for Wealth Management services?
You can expect to pay an ongoing management fee for the services you receive from your wealth manager. You may also be charged a percentage of any amount you choose to invest. Your wealth manager will explain their fees and charging structure as part of your initial meeting. Wealth management services are usually focused on those clients with a significant amount of investable assets.
What will the initial meeting be like?
After your wealth management plan is developed, you can expect to meet with your wealth manager regularly (two or four times a year is normal) to review your investments, update your long-term financial goals, and determine whether any more services are required.
What’s most important to remember?
Wealth management sounds formal and perhaps even a bit old-fashioned, but it all starts with getting to know you, as well as your long-term lifestyle goals and ambitions. You’ll want to find someone you feel comfortable with, and whose advice and professional opinion you trust. With a bit of luck, your wealth manager will be someone who you enjoy a really warm, lasting relationship with, as well as trusting them to look after your wealth.
In our experience…
Most people who need wealth management don’t usually think of themselves as particularly wealthy. So, it’s worth taking the time to answer a few questions to find out whether a dedicated wealth management service is right for you.