What a wealth management firm does

Wealth management is the most comprehensive financial service.

That is because it considers all aspects of your financial life rather than focusing on just one area. It takes into account an individual’s financial goals, needs and circumstances.

Because of its extensive nature, wealth management firms like Holborn Assets offer a wide range of services to cater to the needs of individual clients.

Some of the typical wealth management services include:

• Financial planning
• Investment management
• Retirement planning
• Estate planning and wealth transfer
• Asset management
• Tax planning

Our guide on wealth management provides a more detailed breakdown of the service and what the role of a wealth manager entails.

How to choose a wealth manager

There is a difference between financial advisers and wealth managers in terms of the service they provide. However, things you should look for when finding a wealth manager are similar to that of a financial adviser.

Remember, you are trusting this person to help you make financial decisions that are in your best interests. Ultimately, a wealth manager will be working with you across various aspects of your financial life.

That is why it’s essential you know how to choose a wealth manager that is the right fit for you. Here are some of the things to consider:

A client-first approach

First and foremost, it is essential that a wealth manager has your best interests at heart.

Some wealth managers are bound by a fiduciary duty, meaning they are legally required to uphold a certain fiduciary standard. This means providing advice and recommending financial products that are in your best interest.

Services they offer

Wealth management combines multiple financial services into one package to support your financial life goal. As this is more of a holistic service, ensuring that a wealth management firm offers the services you need is important.

You should also take the time to ask about their approach to investing. That way, you can ensure their investment strategies align with your goals and risk tolerance.

Credentials

It’s important to check the credentials of people before choosing to work with them.

Understand what their qualifications mean and how they apply to the service they provide. This is one way to validate their skills and knowledge and ensure it meets the standards required to manage your assets.

Wealth management fees

You should be clear about how much a wealth manager charges upfront. Most either charge a fixed fee, commission or a combination of both.

Fixed fees are costs assigned to specific services. If a wealth manager charges a commission, this is usually a percentage of assets under management (AUM). For example, a percentage of the total value of your investment portfolio.

Track record

Make sure a wealth management firm has a good track record before working with them. Two areas to consider are their performance history and any testimonials.

Review websites such as Trustpilot will give you a better idea of the client experience. Awards are another indication of a wealth management firm’s reputation.

Most wealth managers, like those with Holborn Assets, offer a free, no-obligation meeting. This gives you a chance to ask questions and decide if this person is the right fit for you.