This overview of wealth management considers how expert professionals can help you maintain and improve your financial health.
Wealth management is generally understood to refer to the management of financial assets such as savings accounts, portfolios, tax obligations, investments and estates.
Managing your money isn’t always straightforward, which is where the guidance of a reliable wealth manager can make your life a lot easier. The purpose of effective wealth management is to not only provide you with financial security, but also to increase your wealth over time.
How does a wealth manager differ from an asset manager?
While they are similar, asset managers seek to grow and maintain your financial assets and investments to maximise returns, whereas wealth managers take an altogether more holistic view of your wealth, taking into account life events and other scenarios.
How is this achieved?
A wealth manager (also known as a financial adviser or financial consultant) is a suitably qualified financial expert who dispenses bespoke advice for managing your money. He or she will provide an investment advisory service, using financial services to meet individual needs.
At consultations, the adviser establishes what the client’s goals are before tailoring a personalised plan to meet them. At their disposal is a range of financial products and services, such as investment advice, money management, financial planning, estate planning, retirement planning, accounting, insurance and tax services.
Wealth management can encapsulate all aspects of a client’s financial life. A wealth manager will devise a strategic plan for your assets, factoring in both current and future needs. These might include inheritance and trust services, offshore, business succession planning or wealth transfer, and some wealth managers specialise in individual areas, with external input from other parties such as legal or accountancy professionals. Ultimately though, clients are often best served through a personalised, integrated service that stems from a single source.
Wealth managers may act alone, as designated, or pool work across a specified wealth management team. Traditional wealth managers offer a range of pricing structures, which might be flat or time-based fees or based on commission. If you need support with your finances, the counsel of a wealth manager can be invaluable.
If you think you need wealth management services in Cheshire, contact our expert local team at Hartey Wealth Management today to set up an appointment.
