Sunday, June 16, 2024

Key Indicators That you Need a Wealth Manager

A common misconception is that only the extremely wealthy have a need for wealth managers. But wealth managers offer a range of services and can help a variety of clients grow their finances through a series of smart investments.

Wealth managers help individual clients, corporate clients, charities, trusts and estates. Key services offered by wealth managers include investment management, stockbroking, pension investment planning, stocks and shares ISAs, inheritance tax planning and more. In this article, we highlight the five key signs that indicate you may be ready to hire a wealth manager.

You Are Planning For Retirement

Heading into retirement is an excellent time to think about hiring a wealth manager. With the help of an experienced financial professional, you will be able to build a solid retirement fund through a range of options tailored to you, including ISAs, personal pension investments and more. With the right investments and guidance from an expert, you may be able to set up future generations. Having a wealth manager can also help if you are approaching the pension contribution limit.

You Need Tax Planning

Whether it is income tax, inheritance tax, capital gains tax or a mix of the three, your tax bill may seriously be starting to hurt your finances. As part of preserving and expanding your wealth, an experienced wealth manager will minimise your tax obligations through a series of options, including taking advantage of tax incentives on specific types of investments.

Inheritance tax, for example, can be reduced through investment in a diversified portfolio allowing you to ensure an effective transfer of wealth to future generations.

Your Investments need Diversifying

Speaking of diversifying your portfolio of investments – this is one of the key reasons many people hire a wealth manager. Without the help of a professional investment manager, many people miss out on smart investment opportunities that could diversify their investment portfolio.

An experienced wealth manager will work closely with you to understand your circumstances and financial goals for the future. They will then put forward smart investments that are tailored to your requirements and financial goals, whilst simultaneously adjusting investments as the market conditions alter.

You Need Asset Protection & Risk Management

Unless you have a wealth of investment experience, it can be easy to make risky decisions that negatively impact your wealth. And once a risky investment has been made, it can be challenging to reverse it. Hiring a wealth manager can give you peace of mind that your assets are protected and that any investments made have been handpicked for you with all risks taken into consideration and discussed.

You Lack The Time

Managing your investments and protecting your hard-earned assets is a time-consuming and often frustrating process. Hiring a wealth manager will give you back the time you need to focus on your other priorities, be it your family, career or personal pursuits. With communication as and when required, your wealth manager will take care of your investments and asset protection through a series of services tailored to you.

Claire James
Claire James
Claire is an accounts manager at Fire Digital UK, an online publishing and content marketing company based in the North West.

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