Reaching a point of financial security is the dream for most people, but having the sort of cash that puts you in that enviable position can also involve a lot of work. The task of managing your money and other assets is a full-time job that few want to handle on top of their other responsibilities.
This is why so many turn to a professional, but how can a wealth manager help you with your personal finance?
Do you know how to make your money work for you?
It is a common misconception that wealth managers only assist the very rich, when in fact they can help anyone with a comfortable income to make the most of it. A wealth manager will act impartially alongside an accountant in finding ways of investing your cash to ensure that it makes you more money.
They can also help you determine exactly how much of your personal finances should be invested and how much should be retained as cash savings. This will vary depending on how much an individual has, as well as their personality and ambitions.
What should you do with your pension?
For older people, a pension is likely to be a major part of their personal finances. If you have reached a stage in your professional career where you are earning significant sums of money, there is tax relief that you may be eligible for, and that will allow you to keep more of your cash.
Retirement planning specialists in Chester or wherever you live will be able to advise you about legal ways that you can cut your annual tax liability, as well as the possibility of boosting your post-retirement finances further with a self-invested pension plan (SIPP).
Do you want more free time?
Even if you feel that you are reasonably knowledgeable about how to handle financial matters, actually doing it can still be a time-consuming burden. A good wealth manager will take that off your shoulders, but at the same time will only use your money and assets in ways that you have agreed to.
Working with wealth management companies involves you telling them what it is that you want to achieve with your finances. They then come back to you with an in-depth plan of how those goals can be met.
The right first step is asking yourself: how can a wealth manager help you with your personal finance? The next move is to speak to one, and with more than 25 years’ experience in the business here at Hartey Wealth Management, we can help.