How much money do you need for wealth management?

Wealth management is renowned for being the most premium service for financial planning available. As a rule, it typically provides comprehensive management of investments and is supported by financial advice, guidance on tax, estate planning and sometimes legal assistance.

You might be asking yourself “how much money do you need for wealth management?”, or “is wealth management just an option for the super-rich?” While wealth management services are best suited to clients who are affluent, a person’s wealth is accumulated over time, and far more people are attaining wealthy status than ever before. While your current circumstances may not seem to require wealth management at present, this is likely to change over time.

Specialist wealth management firms can offer expert advice on how to maximise earnings and assets, and they can help their clients make the most of all funds at their disposal, helping them build with long-term financial plans. Taking a more comprehensive overview of their clients’ finances, they can make sure all funds available are working to preserve and grow wealth, securing their financial stability for the future.

In the following sections, we’ll take a closer look at wealth management, along with the assets and funds you might need to benefit from such a service.

What exactly is wealth management?

The most advanced type of investment advice services, wealth management involves an expert wealth advisor creating a bespoke investment plan for specific clients. This plan is tailored to their financial circumstances to assist them with the task of managing the various assets they have acquired.

While the services of wealth managers are often aimed at those who are highly affluent, different firms will set their own particular financial requirements for who they are able to assist.

How much money is needed for wealth management?

As mentioned, different wealth management companies will have their own specific criteria concerning who they are able to help. While some services provided through banks may insist on millions of pounds, others are able to offer guidance and advice when far less assets have been accumulated.

While not many people would consider their financial status to be wealthy, an increasing number of people here in the UK have experienced a growing need for having professional wealth management services on their side in the last 20 years. The move from state to personal pension schemes, greater inheritance values and rising asset prices have all led more people to become eligible and require wealth management.

Wealth is not simply having a high salary, and many wealth management firms will have established minimum assets that are required, which are in effect the savings a person has amassed. These savings must commonly be held in trusts, ISAs or personal bank accounts, which a professional wealth management firm will then examine and offer expert investment advice on.

This is a key point to understand, as many people who possess high incomes may also have expensive responsibilities, like annual school fees or weighty mortgages that render their investable assets far lower.

While a private bank is likely to insist on at least £1m worth of assets to consider you for their services, a specialist firm focusing on wealth management will offer advice and guidance when assets are as low as £20,000.

After minimum requirements are met, investment advice will be tailored to the individual needs of a family, considering key issues like estate planning in order to preserve the accumulated wealth for following generations.

Do you need wealth management services?

People require wealth management for a wide variety of reasons, but among the most common is when their financial affairs become far too complex for them to manage on their own. For many people, such a circumstance is inevitable. While a person in their 20s may have exceptionally simple financial needs, usually limited to starting a private pension or saving up to buy a property, as they grow older, their finances can become more complicated.

People in their 30s and beyond will typically need to consider a wider range of financial issues. These may include allowances for lifetime pensions, how to manage large sum investments received via inheritance, how to handle their own personal plans for investment and any legacy they intend to leave behind, as well as ensuring any dependants are appropriately looked after. All of these considerations may benefit from financial planning advice delivered as part of a wealth management service.

Wealth managers can help you plan for your retirement, ensuring you have enough funds to achieve your goals and enjoy the standard of living you desire. They can also advise on the best use of your assets and can make certain you take advantage of all available tax breaks. Being able to reduce the cost of inheritance tax bills with sounds financial strategies can also ensure that more of your estate passes to your beneficiaries than HMRC, while having protective policies in place can make certain that all you and your family’s financial requirements are always covered in the event that you can no longer work.

Having a professional wealth manager take care of your tax liabilities and investments can even assist you in meeting your financial targets and achieving the level of wealth you are seeking to attain far faster.

Searching for professional wealth management services?

For over 25 years, our specialist services have been assisting UK clients with wealth management around Shropshire and Chester by constructing long-term financial strategies and building robust investment portfolios balancing risk and return. We have earned a highly rated reputation by building longstanding relationships with those we serve and understanding their individual needs.

If you’re currently considering the question “how much money do you need for wealth management?”, you can count on our specialist team at Hartey Wealth Management for expert advice. With no costs required up front, our initial wealth management consultation is entirely free, so get in touch today for an independent eye on your financial situation and make sure your wealth is working for you.


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