What is wealth management?
Private wealth management is about growing and protecting your wealth to create a more secure financial future.
Rather than treating your income, assets and savings each as separate things, wealth management looks at how they fit together and what they’re ultimately meant to do for you.
Working with a wealth manager should feel personal. It starts with some simple but important questions about your financial life, such as what your wealth is for, when it might be needed, and how much risk feels comfortable on the way to your financial goals.
Wealth management services are based on two core pillars – financial planning and investment management – which can include areas such as succession planning, tax-efficient planning, retirement planning, bespoke investment advice and much more.
What do wealth managers do?
A wealth manager doesn’t have to take over your entire financial life. You can still be as self-directed as you want. But it usually combines two services – financial planning and investment management.
The planning side is about understanding you. That means talking through your priorities, whether that’s planning for retirement, supporting family members or growing your wealth. Out of these conversations, a plan is drawn up that sets out things like how to invest money, how to draw income, whether it’s necessary to restructure your estate and potentially how to time these decisions.
Investment management is about putting this plan into action – building and managing portfolios, spreading risk and looking after how money is invested as markets move.
Just as importantly, a wealth manager is there to explain products and services and what’s happening when the markets are unsettled. Having the calm presence next to you of an experienced adviser can steady the nerves, helping you see the bigger picture and make confident decisions.
How to choose a wealth manager
Choosing a wealth manager is as much about how they work as what they offer.
A good starting point is whether the firm genuinely puts clients first, taking the time to understand your situation, hopes, fears and dreams before talking about products. Wealth management only works as it’s supposed to when the advice is shaped around you.
It also helps when financial planning and investment management work under one roof. When your financial advisor and your investment manager are just a desk apart and share the same client-first values, your plans are easier to implement and manage.
At Charles Stanley, wealth management is built on personal relationships. Our principal business remains as it was over 200 years ago, ensuring high-quality and personal service to all our clients. To meet someone who can help you take charge of your financial future, request a call back.
What is the difference between asset and wealth management?
Asset management and wealth management are closely related, but not the same.
Asset management focuses on investing money. It’s a division responsible for building funds and managing portfolios to meet specific objectives such as growth or income. This is done within agreed risk limits, using analysis and judgement to rebalance portfolios and take opportunities as they arise.
Wealth management conversations are much broader and holistic. They set the direction for investment teams, but also cover tax efficiency, estate planning and retirement planning. Increasingly, they include coaching and support through periods of financial difficulty – such as divorce or economic downturns.
In simple terms, then, asset management is concerned with investments themselves. Wealth management looks at how those investments fit into the rest of your life.
Is wealth management only for high-net-worth individuals?
Wealth management is often seen as something reserved for high-net-worth clients. In practice, it can make sense for anyone whose finances have become complex or whose decisions carry long-term consequences, regardless of age, gender or level of financial sophistication.
While some services require minimum investments and charge management fees, full-scale wealth management is not always what people need. Sometimes clients need help with temporary challenges in areas like tax or inheritance or simply want tips around managing their money.
At Charles Stanley, we provide a range of services to cater for all types of clients, from traditional wealth management services, right through to do-it-yourself investing through Charles Stanley Direct.
If you’re unsure where to start, a financial coach can answer questions and help get you thinking more clearly about your wealth picture. Book a free 15-minute consultation today.
Nothing on this website should be construed as personal advice based on your circumstances. No news or research item is a personal recommendation to deal.
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