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Introduction
Wealth management is very straightforward. From the individual’s perspective, wealth management is simply the science of solving/enhancing his or her financial situation. From the financial advisor’s perspective, wealth management is the ability of an advisor or advisory team to deliver a full range of financial services and products to a client in a consultative way.
Things to consider
– What are your objectives? Ahead of your first meeting, have a think about what you need and want from your money and when. This doesn’t have to be one goal or even one timeframe; you can have both short and long-term objectives in mind. If you are not entirely sure about the ultimate purpose of the money that you want to invest, this can be explored and developed during your initial meetings with a wealth manager.
– How much risk are you willing to take? One of the most important aspects that should be covered in your first meeting is risk. Don’t be surprised if you feel like you are doing most of the talking during the meeting. You may be asked about how you would feel in certain scenarios, for example losing 10% of your money. It is worth thinking carefully about your potential reactions to these types of situations and to draw on your previous experiences.
– How much will it cost? Excessive and opaque fees eat into the potential returns that your portfolio makes. You should have an open discussion about fees and charges during your initial meetings. A wealth manager will be able to show you the proposed fee that would be charged on the overall portfolio and how it breaks down.
– What level of service can you expect? Service and communication are undoubtedly important throughout your relationship with your wealth manager, for example, you may want access to the same person managing your portfolio, require an annual tax package, want to receive regular investment valuation reports and understand what other services the wealth manager can offer as part of the overall offering.
Summary
Wealth management is the consultative process of meeting the needs and wants of clients by providing the appropriate financial products and services. A good wealth manager can save you substantial money with appropriate financial planning, a bad wealth manager can cause you hours of undue stress, as such it is always better to fully research any individuals you may want to work with.
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