Wealth management covers all aspects of a person’s financial situation. It is a combination of financial and investment advice, accounting services and tax planning. It is usually carried out by a single regulated company covered by one fee.
Although the whole wealth management service is usually conducted by one company, it may involve more than one specialist within that company. It will most certainly involve a financial adviser for the investment advice, an accountant for tax planning and usually a solicitor will get involved to draft a will to safe guard your estate upon your death.
Wealth Management is not a one off process, as you go through life and your financial situation changes (you may become self-employed, get divorced, inherit some money or property) you will need to reassess your wealth management strategy and adjust it accordingly.
When looking for a good wealth management specialist, don’t be blinkered by fees and choose a company just because they are offering the cheapest service. Look beyond the fees at the credentials and qualifications of the professionals working there and who they work with already. A 10-20% variation in fees can pale in to insignificance if the company gets it wrong and loses you tens of thousands in lost investment revenue or lands you with a big tax liability.
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