How to pick a wealth manager

If you are in the fortunate position of having a significant amount of wealth, it is always going to be advisable to choose someone to help you manage it. With so many options available for investing there are many opportunities to see your wealth grow, but if you are given bad advice, you could find yourself in the opposite situation.

Finding the best wealth manager can be easier said than done though…

There are a number of wealth management advisers in West Sussex and Surrey, and unless you really know what you are looking for, you might see little to distinguish one from the other.

Wealth management goes beyond standard financial advice

While financial advisers typically focus on day-to-day finances, lifestyle financial planning and helping clients to get into a better financial position, wealth management advisers look after the literal wealth for clients who are already in a prime financial position and simply need assistance to manage this moving forward.

The five characteristics of a great wealth manager:

They know that investments are not enough

Wealth management requires far more than just knowing which stocks and shares to invest in. Beyond investments, your wealth manager should be able to plan more in-depth strategies around mortgages & pensions, tax & estate planning and should have the ability to project manage fund portfolios and adapt to changes.

They know their limits

No single person can be an expert in everything. If your wealth manager is reluctant to refer you to other people who can help you, they may not have your best interests at heart. A good wealth manager will not be afraid to reach out to trusted experts outside their field of expertise, such as accountants, or business management advisers.

They take a personal interest in their clients

A good wealth manager will go beyond the practical ‘work’ side of things, to ensure that council and guidance is given on a more personal level. They will look after clients in the long term, gaining a history of their financial affairs that puts them in the best position to act in their clients’ best interests.

They will offer you something different

This doesn’t necessarily mean a different product or investment (although it could be this) but something will make them stand out from the crowd. Often this boils down to instinct, and you will just inherently know that you have found a good wealth manager who totally understands your goals and objectives. They will be able to draw up a tailored strategy that is more than just a one-size-fits-all approach and explain it in a coherent, jargon-free way, so that all parties involved understand the process moving forward.

There will be a tried-and-tested service model

 As a client, you will know exactly what to expect from your wealth manager. This is because they will know exactly what they are going to deliver, and they will be open in telling you this at the very start. A good wealth manager will pride themselves on clear lines of communication and will offer you a copy of their service charter so that you know what your working relationship with them will look like.

Global Financial looks after the wealth of clients in a prime financial position. To speak to an experienced West Sussex wealth manager, please get in touch.

This article does not constitute financial advice and should not be construed as such.