Most common FAQs about wealth management services

Finding an appropriate wealth management service is one of the best things you can do for your finances, yet so many investors have misconceptions surrounding what they offer.
We’ve put together some of the top, most frequently asked questions (FAQs) on wealth management to bring you more clarity. Read on to find out more.

1. Where can I find a suitable wealth manager?
One of the first questions investors may have is where they should obtain a reliable wealth management service. We recommend you consider modern wealth management companies with not only expertise and experience but clear and transparent processes.
For instance, you should find a wealth manager that allows you to transfer your accounts – such as Individual Savings Accounts (ISAs) or pensions – in a seamless, hassle-free manner.
You should also ensure that fees are displayed clearly upon obtaining the services and that they offer the best value for what you receive. i.e., you’re only paying for the value a wealth manager provides, and are not forced to pay unnecessary charges.

2. How much do wealth management services cost?
The fees you pay will vary depending on your chosen wealth management service. That said, there are a few things to consider when searching for the right fees.
For one, you should ensure your chosen service is transparent with its fees from the beginning, without the risk of any additional or unexpected charges.
Also, you should find a wealth management service that doesn’t charge initial fees for things like ISA or pension transfers.
For most services, the fees you’ll be charged will align with how much you contribute towards your account – but check you are paying only a reasonable percentage to have your money managed for you.

3. Do I need a wealth manager?
Wealth management can be a crucial component in every investor’s journey, regardless of their age, goals, or personal challenges they might be facing.
To give you an idea, some of the many scenarios where you would benefit from modern wealth management include:
• Navigating a divorce
• Improving your diversification
• Planning for retirement
• Inheriting money or leaving an inheritance
Whatever your situation, a modern wealth manager can help devise the right approach for your goals and circumstances.

4. How can a wealth manager help me?
A wealth manager can help you in a wide variety of ways, which can include:
• Optimising your investments
Your wealth manager can help you optimise your investments, by offering you a wide range of portfolios that are suited to your goals and financial situation.
They will help you find the right balance of risk and potential reward that aligns with your current finances, while also meeting any investor values you may have.
This way, you can achieve potentially profitable returns on your investments, without compromising on risk and ethics.

• Acting on your behalf
One of the greatest benefits of a wealth manager is that they manage your investments on your behalf.
This can include monitoring and evaluating markets, entering and exiting markets, and exploring new options for suitable portfolios.
This helps shift the time-consuming responsibility from you onto your wealth manager, yet you can still make informed decisions on your own investments.

• Keeping you informed and aware of changes
Your wealth manager can also give you regular updates on any changes in your investments as well as the markets.
For example, they can advise you of any potentially profitable avenues you should consider exploring – such as investing in certain funds, for instance.
Also, they can keep you updated on any significant external factors which could impact your investments, such as changes in the bank sector, for example.

Hopefully the information above will help you with your quest in finding your own modern wealth management service to optimise your finances.

Please note, the value of your investments can go down as well as up.