Wealth Management Services And The Advice They Offer

Good wealth management and financial planning can help you prepare for all your life

stages and could include investment management, inheritance tax and estate planning, your pension and whether you should be thinking about SIPPs and is your personal insurance cover is adequate. In short, wealth management covers a broad range of activities in order to protect your wealth in the short and longer term. The service can involve a whole host of actions including advice centred on looking after your assets now, planning for your future and perhaps ensuring the smooth transition of your wealth to the next generation. These are just some of the services which are incorporated under the umbrella term of wealth management.

There are numerous benefits which can be gained from the use of a professional wealth management company. Firstly, a specialist company will enable you to set your goals for the future. If you decide on a goal to work towards then a well crafted and bespoke plan can be designed to allow you to arrive there in a well managed fashion while reducing risk. Wealth management will also provide you with direction, whereas without a professional advisor you may deviate from a well thought through and long tested plan, the assistance of a wealth management company will ensure that your actions stay on track to meet various milestones which will be set to facilitate the reaching of a final goal. With both a common goal and specialist direction you will also be afforded peace of mind through using a wealth management service, a large amount of the confusion and risk usually associated with the managing of your wealth will be taken out of the equation and you will not have to solely decide where to invest your wealth.

For many people, one key aspect of proper wealth management is building up a diversified portfolio, this representing a wide diversity of investments. A good advisor will spend time getting to know you and understand what is important to you and your family and then develop an investment plan which takes into account your short and long term objectives, your attitude to risk. Part of this plan will be recommendations for your investment portfolio. Some advisors will take a passive view to investing, with the view that asset allocation is the key to good investing rather than trying to beat the market.

A further area to wealth management is inheritance tax advice, this may not be something you have yet considered, but it remains an incredibly important aspect to planning for the future. Many individuals are currently unaware that as much as 40% of any inheritance can be taken by the government in tax when an estate over the value of 325,000 is inherited. This is obviously a very significant amount of money and through the use of a specialist wealth management company steps can be taken to minimise the amount of tax payable, numerous strategies can be employed to prepare your estate for future inheritance and a trained advisor will be able to present you with these options and implement them should you desire.

There a number of differing types of wealth management services, from banks, to specialist wealth management firms to financial planners, which might be either commission based or fee based. Banks or building society might only introduce you to the various financial products offered by that specific finance institution. The second option you have is an independent financial advisory firm; these can be both commission based and fee based. A fee based independent advisory should present to you options suited to you and your circumstances often making no financial gain through proposing one financial product or strategy over the other to you, other than one which fits your circumstances and aims the best.

By way of a short conclusion, this article will have hopefully given you a brief introduction into the various services offered by wealth management firms and their advisors, from inheritance tax advice to general investment advice, and will have also highlighted their use in terms of the protection of your wealth. If you happen to live in or near London then there is a wealth of Surrey high net worth financial advice to be capitalised upon and it would be highly advisable to consider looking into such a service in the near future if your circumstances allow.

by: Sarah Shore

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