Business, Investment planning, Protecting

How to choose a wealth manager, build a financial plan and achieve your goals

18 May 2023

Trust is a crucial component in any relationship, and when it comes to developing a financial plan that will help you achieve your lifetime goals, a trusted wealth manager can be a key element in creating a bespoke plan tailored to your needs. 

But have you considered how to choose a wealth manager? What should you be looking for and how can they help you diversify from assets you may already have?

By understanding you and your financial goals, the right wealth manager can support you in making changes, keeping things straightforward and saving you time and in the long run, money.

How to choose a wealth manager – what are the different types?

When you begin to investigate how to choose a wealth manager, it is important to ensure that they are qualified, registered and covered by the FCA and that you have considered any client testimonials.

There is also a difference between investment management and wealth management. Investment management focuses on asset allocation and return, and measures success by the performance of individual assets, and your overall portfolio.

Wealth management takes a more holistic approach – and is less about your quarterly returns and more about your long-term wealth goals. 

What areas of your financial life could a wealth manager help with?

To help you decide on the focus for your advice, you should think carefully about your current financial position, review your current savings and decide your appetite for risk and your future goals.

These goals might incorporate different stages of life – for example buying a house, starting a family, rebalancing your work/home life, saving for retirement – or particular things you hope to achieve, such as retiring early, paying for private school fees, or sustainable impact investing. 

Once you have mapped out what you want to do with your money, it’s time to think about the financial services you need to achieve this and how a wealth manager can help you build a financial plan that will incorporate the different elements. 

Products could include pensions and investment planning platforms (including ISAs, stocks and shares and venture capital schemes) protection planning life and health insurance, mortgages and equity release, tax planning and inheritance planning, childcare and school fees planning, estate retirement planning or long-term care. 

What about diversifying your assets

If you have already amassed a range of investments, you may be looking to choose a wealth manager who can help you diversify your assets and restructure your portfolio, in order to better balance risk and reward.

For instance, you might want to try some more interesting investments, make a second or holiday home investment, or be asking yourself ‘should I pay off my mortgage or invest in another property?’.

Other financial investments to consider include: maximising pensions, ISAs,  green investments UK and  commercial property investment. High earners will also need to think carefully about any  intergenerational wealth and associated tax planningtax problems and include intergenerational wealth management in any planning. to avoid any associated problems. 

6 questions to ask when deciding how to choose a wealth manager

So, what are the main questions you need to ask your potential wealth manager? Here are some suggestions:

  1. What is your business model – how do you make your money?
  2. How do you serve your clients – how can you help me?
  3. What is your investment approach?
  4. What is the range of your services
  5. Do you understand my needs?
  6. What are your credentials

What happens once I choose a wealth manager

Once you have decided on your wealth manager, they should arrange an introductory meeting to explain their services and find out what you are looking for, as well outlining their fees. 

If you are happy with them, it will be time to share your current circumstances and objectives, and work together to create a financial plan that is tailored to you. 

Regular meetings to ensure you are getting the financial support you need at important stages in life are crucial. It’s not a case of creating a financial plan and then forgetting it – changes in legislation, interest rates or regulations may also impact your plans, as well as changes in your personal circumstances. A trusted wealth manager will be there to help when needed, supporting your financial journey, wherever it takes you.

How we can help

After considering our tips on how to choose a wealth manager, we are sure that Morrison Wealth can provide support you can trust. Get in touch to take the first step towards putting your finances in focus, and find out more about growing and preserving your capital with our new guide. 

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