Wealth Management

Wealth management is an investment advisory discipline that incorporates financial planning, investment portfolio management and a number of aggregated financial services that include tax planning, money management and pension planning.

High Net worth Individuals, small business owners and families who desire the assistance of a credentialed financial advisory specialist call upon wealth managers to coordinate retail banking, estate planning, legal resources, tax professionals and investment management. Wealth management specialists should also be Chartered Financial Planners to ensure that clients receive the highest standards of advice and service, working within the framework of a strict code of ethics imposed by their professional body.

Effective money management and wealth management always starts with a deep understanding of the aspirations of the client. Because wealth preservation, inheritance tax planning and succession planning are often key drivers, it is beneficial to take a family perspective throughout the process.

People who are interested in effective wealth management have either already accumulated significant wealth or have a very sophisticated set of circumstances. Consequently, there are going to be a number of professional advisers who will play a part in the process. It is therefore very important that the Chartered Financial Planner takes the lead role on behalf of the client.

Everything hangs on a robust financial plan being established at outset and being monitored and reviewed on a regular basis. That said, collaboration is the key to successful wealth management – with the Chartered Financial Planner building a team of professional advisers including a Trust and Estate Planning lawyer, Chartered Tax Adviser, Investment manager and banker.

Effective money management and financial planning is both an art and a science.

The ‘science’ part of it dealt with by ensuring that you engage professionally qualified firm of Chartered Financial Planners, who are highly technically competent; and who engage modern technologies to deliver precision to the planning process.

The ‘art’ aspect of wealth management and money management is much more involved. Just because you have engaged a Chartered Financial Planner with a string of qualifications and the latest technology in his office, does not necessarily mean that he or she has the skills and experience to properly understand you and your needs; and be able to communicate effectively with both you the client and the other professional advisers.

Consider the credentials of your Chartered Financial Planner, and I don’t just mean their professional qualifications – look for someone whom you can trust and can communicate with, someone who takes the time and trouble to really understand you and your family. Thinking outside the box is a great attribute because the best solutions are sometimes simple yet unconventional.

Although pension planning does not usually form a significant part of wealth management, wealthy people often have existing pensions that they need advice on. For example, you may not need the pension to fund your lifestyle yet you would like to pass the fund on to the next generation or beyond in a tax efficient manner.

Good wealth management is never cheap but is always good value for money.