Wealth management

 

Wealth management is a specialist area of financial advice looking after the wealth of high net-worth individuals.  Definitions of ‘high net worth’ will vary between different wealth management firms, but as a minimum it is likely to mean an individual with an annual income of at least £150,000 and assets to invest of at least £250,000.  Wealth management typically incorporates financial planning with investment management and tax planning as well as other financial services.

If you have a high net-worth you will more than likely have a diverse range of assets from property to stocks and shares.  A wealth manager will use their expert knowledge of investment markets to help to make sure your assets are working as efficiently as possible.  They can also help to plan your estate, and help to find tax-efficient ways to manage your assets.  Very wealthy people are likely to need specialist advice from their advisers on matters such as estate planning, to ensure that assets are protected for future generations, and for example some assets may be better held in a trust.  Wealth management firms are experienced in such areas and are able to advise on the best way to structure a portfolio of assets and investments. Clients of wealth management or asset management firms are likely to build a close working relationship with their adviser based on trust and integrity, but in essence, the advice process should be very similar to that followed by other financial advisers or financial planners – assess the client’s current situation, understand goals, recommend products to maximise assets tax efficiently and regularly review the portfolio.

Find a wealth manager or independent financial adviser here.

Questions you might want to ask your adviser...

  • How can you add value to my assets?
  • What does your firm offer me that I cannot get elsewhere?
  • How can I ensure that family assets are preserved and cannot be sold off?