Wealth Management
Our goal is to build long term relationships with each and every one of our clients. We take the time to get to know our clients and understand their objectives and priorities.
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Wealth Management
We’re talking about wealth management with Gary O’Neill from Austin Chapel.
What is wealth management and why is it so important?
Wealth management is a part of the financial services industry that assists people in managing their money with specific advisory services. Wealth management combines financial planning with investment strategies to grow and sustain wealth, alongside investment management.
It also includes retirement planning, inheritance tax planning, estate planning and various other areas. These areas are important to make sure people are managing their money well in their everyday lives and looking forward into the future.
Who can benefit from wealth management?
Wealth management used to be purely a preserve of high net worth individuals, but nowadays a wide variety of people can benefit: entrepreneurs, business owners, high net worth individuals, family offices, foundations, charities, endowments and also corporations and companies and their employees.
What is included in wealth management?
There are many different areas. The main one is investment management which is self-explanatory. Then there’s retirement planning, both pre- and post- retirement.
Inheritance tax planning ensures that people can pass down their wealth in the most tax efficient way. Estate planning is about organising your estate to make sure that you can pass on your wealth to the people you want to receive it, most efficiently. There are other areas as well, but these are the main elements of wealth management.
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Here to offer guidance on financial planning for people’s needs, both now and in the future. We use our expertise to offer financial solutions that fit each person’s needs and requirements.
What costs are involved with wealth management?
The costs to some degree depend on the services that the individual requires. The cost of UK wealth management advice often is between 1% and 1.5% of the total asset portfolio. That could include property, liquid assets and investments.
It depends on the services the client requires, and it is negotiable. Obviously when you engage a wealth management adviser, it should be a medium- to long-term relationship. It’s not short term. It’s not a transactional relationship. It’s going to be a very close relationship for hopefully many years into the future.
Certain people only maybe want a certain aspect of wealth management. But others might require the whole suite of services and advisory aspects.
When we speak to individuals looking for the full full service, we always start by identifying what they need. From there we discuss the costs and the fees. Everything is very transparent from the outset – it’s absolutely a tailor-made service.
How can a financial adviser help with wealth management?
An independent financial adviser uses a consultative process to glean information about their clients’ wants, needs, aspirations and specific situation. From there we are able to tailor a personalised wealth management strategy that uses a range of products and services.
We often take a very holistic approach to ensure that the clients are provided with the service they specifically require.
The value of pensions & investments and any income from them can fall as well as rise. You may not get back the amount originally invested.
HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.