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What are Wealth Managers?
You dont need to be a multi millionaire to have your wealth managed. Wealth Management can take various forms. What this normally entails is a personal visit from a Wealth Manager who will assess your financial net worth and your attitude towards risk. From this they will put together a plan as to how a certain proportion of your funds should be managed. This can be managed on an advisory or discretional basis through a Wealth Manager within certain parameters. Funds will be invested in a combination of shares and funds based upon your risk profile attitude to risk and age etc.
Top Tips:
- There is a big difference between advisory and discretionary management, make sure you know which one you are using and you understand the difference.
- Understand how you are going to pay for this service. Some wealth managers charge a fee for advice usually based on the funds under management others earn a commission from the product provider. Fees are becoming a more acceptable way of charging as independence is maintained.
- When your funds are invested it may be difficult to liquidate some or all of your holding immediately without some sort of cost, especially if the fund is investing in small companies. Check on the liquidity of the investments and how quickly you are able to exit should the need rise.