Wealth managers offer a wide range of financial services and can be the key to you achieving your financial goals. In this article, we outline what a Wealth Manager is, how they can help you and how to hire the best wealth manager for you.
What Is A Wealth Manager?
A wealth manager is a qualified and high-level financial expert that uses a broad range of financial services to meet the financial needs of a client. They will first gain an in-depth insight into their client’s financial situation, needs and wants.
A wealth manager will then use their experience and knowledge to create a tailored financial strategy aimed at achieving the financial goals of the client. This may include estate planning, diversifying investment portfolios or planning for retirement.
Wealth managers also have a network of key contacts that they use to further help their clients, including accountants and wills and probate solicitors.
How Can They Help Me?
Managing your finances can be challenging, time-consuming and at times, confusing. But with the help of a wealth manager, the hard work is done for you. This means you will have your time back whilst having complete peace of mind that your finances are in the best possible hands.
Wealth managers provide a range of services for a range of different clients, including individuals, trusts and estates, charities and corporate clients. People reach out to wealth managers for a vast range of reasons, for example, they:
- May have suddenly come into a lot of money
- Have a wealth of savings that they are unsure what to do with
- Want to invest to secure their future
- Want to plan for their retirement
- Are planning on selling their business
- Are regaining control following a divorce
- Need help organising their finances following a bereavement
- Have a lot of disposable income and are unsure how to manage it
- Have an existing investment portfolio but need help managing it
Alternatively, some people reach out to wealth managers simply because they would like tailored financial advice, whether this is ongoing or as a one-off.
How Do I Choose A Wealth Manager?
Choosing the right wealth manager is a big decision and should be carefully considered. After all, you will be trusting this individual or company with your finances and future.
There are several factors to consider and several key questions to ask when choosing a wealth manager. For example, does the wealth manager have the right experience?
An experienced wealth manager with a strong track record will be able to use their knowledge and understanding of the industry and markets to better protect your finances whilst making smart investment decisions. Similarly, your wealth manager should have client testimonials to demonstrate how they have helped clients similar to yourself.
Another factor to consider when hiring a wealth manager is their fees. There are several ways in which a wealth manager may charge for their services, so it is important to have an understanding of this before hiring them. For example, some wealth managers charge hourly, whereas others may charge a percentage based on the volume of assets they are managing. Others will have a set price for each service.
Before choosing your wealth manager you should also discuss how they plan to choose investments specifically for you. In addition, it should be made clear when and how often your wealth manager will communicate with you.