Wealth Management 101: Your Questions Answered

Wealth Management 101: Your Questions Answered

Alfie Reynolds

Alfie Reynolds  -  28th November 2023

In this post, we answer the questions we’re most frequently asked by clients who have never had a wealth manager before.

What is wealth management – and what’s a wealth manager?

Wealth management is about managing your money and assets effectively – and making decisions designed to protect and grow your wealth over the long term.

Of course, these are issues that impact everyone. But not everyone has – or needs – a wealth manager. Wealth managers are qualified financial experts who give specialist advice, generally to affluent and high-net-worth investors.

With the right wealth manager, you’ll benefit from world-class financial expertise along with personalised service – giving you confidence that you’re accessing the best products and making the right decisions to keep your financial goals on track.

What services do wealth managers provide?

Covering everything from savings and investments to retirement, protection and tax planning, wealth management is a generic term that encompasses numerous interconnected elements.

At Hays Mews Capital Wealth Management Division, for example, our wealth management services include:

  • Regular savings – It sounds boring, but finding the right savings vehicle – a structured or flexible plan, for example – is an essential element of long-term financial planning
  • Lump sum investments – It’s vital to invest lump sums promptly to get your money working for you – wealth managers help you secure investment options that align with your goals and risk profile
  • Retirement planning – Whatever your retirement goals, wealth managers cut through the complexity of pensions to provide bespoke advice and solutions
  • Protection and lifestyle planning – Insurance, education fees, retirement, inheritance tax, trust planning… wealth managers formulate a lifestyle strategy that evolves with you
  • Property and mortgage solutions – Property brings diversity to your portfolio and can provide an additional income stream
  • Alternative investments – Spiralling in popularity, fixed-income investments span a range of alternative asset classes and offer consistent and reliable returns

Do I need a wealth manager?

Ultimately, it depends on your financial circumstances, your long-term goals and your level of financial understanding and expertise.

If you’re confident when it comes to strategies and products that protect and grow your wealth, then you may not need a wealth manager. However, if there are elements of wealth management that you’re unsure about – choosing investments that balance risk and benefit in a way that you’re comfortable with, for example – then it’s worth considering.

Generally, those who benefit most from the advice of a wealth manager are individuals with investable assets worth £50,000 or more. Bear in mind too that, even if you’re an experienced investor, consulting an expert could allow you to explore opportunities and income streams you hadn’t previously considered.

Ultimately, a wealth manager develops a strategy that’s based on your unique circumstances, financial goals and attitude to risk – and revisits it regularly to keep you on track. As a result, having a wealth manager gives you financial peace of mind and confidence while removing stress and uncertainty. If that sounds appealing, then you should consider it!

How do I choose the right wealth manager?

The best wealth management is all about bespoke financial guidance that’s tailored to you – it’s an area where trust and transparency are critical. When looking for a wealth manager, you should always ensure that you choose someone with appropriate qualifications and certifications: look for advisors who have achieved RQF level 4, for example. Other factors to consider include:

  • Reputation and track record – Always check out reviews (Trustpilot is brilliant for this) and ensure that your provider has helped other clients whose financial situations are similar to yours
  • Investments strategies and philosophies – Explore the ways in which your potential wealth manager makes decisions to ensure your philosophies are aligned
  • Products and services – It’s vital to find out whether your wealth manager is restricted to proprietary options or whether they have full-market flexibility
  • Fee structures – Ensure you get the full picture on how you’ll pay for your wealth management service
  • Gut feeling – It’s crucial to find a wealth manager who you trust and that you’re comfortable working with

At Hays Mews Capital Wealth Management Division, we bring you wealth management as you’ve never experienced it before. Our wealth managers aren’t just experts in their field. They’re also highly talented when it comes to finding out all about you – and suggesting products and strategies that align with your goals and attitude to risk.

Specialising in luxury service and bespoke support, we offer wealth management and financial planning strategies that help you plan for the future with confidence.

Alfie Reynolds
Alfie Reynolds

Alfie Reynolds

Director, Wealth Management Division

For a free, no-obligations chat about how our innovative strategies will protect your capital and you’re your wealth, please use the link below to book a slot in my diary at a time that suits you.

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