loader image
Bateman Group Logo
Bateman Group Logo

Wealth management – what is it and when do you need it?

Managing your money and assets effectively is often the difference between growing your wealth and losing it. With so many different facets to wealth management it’s important to understand what it is and how you can use it to achieve your goals.

    What does a wealth manager do?

    Wealth management is an all-encompassing service that helps a client to manage their wealth. This service includes financial advice, asset management, and much more.

    A wealth manager offers impartial advice to help you find the products and services most suited to your needs. Your wealth manager will often work as part of a team of experts who can advise you on all aspects of wealth management.

    The different aspects of wealth management include

    • Investment management – your wealth manager can offer you advice on your investments, tailoring them to your risk tolerance and financial goals.
    • Tax advice – efficiently planning your tax obligations helps to protect and grow your wealth without paying excessive taxes
    • Financial planning – saving, investing, and spending, a solid financial plan helps you to make intentional, smart decisions when it comes to managing your money.
    • Estate planning – a crucial element of wealth management, estate planning protects your assets after you die, ensuring they are passed down to your nearest and dearest.

    When you first start working with your wealth management team, they’ll help you to set and identify goals to sustain or grow your wealth. Then, through a carefully managed plan, they’ll put strategies in place to help you achieve these goals.

    When do you need wealth management?

    Wealth management is so much more than simply offering financial advice and it’s best suited to those that need diverse and specific services to manage multiple areas of wealth. For example, you might need an advisor for stocks & shares, a property advisor, and a financial advisor to give you tailored advice in each area.

    Also, because wealth management involves a range of services and expert advice, it can become costly. Therefore, many people turn to these services when they have accumulated a large amount of savings, or are ready to make a big financial decision like retirement.

    Many wealth managers also have minimum asset requirements too, which is the amount of capital a prospective client must have before they’re eligible for wealth management services.

    If you’re considering wealth management book a consultation with our financial experts. We’ll talk you through our services and give you more information about how we manage our clients. Call us on 01926 405 883.

    Recent Articles