What is "wealth management?" It’s about your life and the milestones around which you build it. From the home you buy to the schools where you send your children. From pleasurable things, like holidays, to important responsibilities, such as the care of loved ones.
Only by understanding exactly what matters in your life is it possible to plan your ideal future. You can then begin to assess the best strategy to take on investments, retirement preparations and tax efficiency. That’s where Devonshire Wealth Management comes into the picture. They specialise in helping people make the most of their financial lives. But don't take our word for it. Choosing the right wealth manager is critical and so here are a few things to look for.
What To Look For In A Wealth Manager
Some people may be baffled by the term wealth manager as its use increases, but it does have different applications from someone managing a multi-millionaires portfolio right the way down to financial advice on all aspects of your financial life, which you may know as a Financial Advisor. It is important to understand there are independent financial advisors and there are restricted financial advisors and this can affect the type of advice you receive from them.
Independent Financial Advisors
An Independent Financial Advisor must show that;
- They can offer advice on a complete variety of investment products from a selection of product providers. This must include information on stocks, shares and managed funds, life policies, annuities and pensions.
- They can locate suitable products for you depending on your situation and circumstances
- They are not influenced by anyone or anything that may affect their recommendation of the most suitable product
- Where you are looking for nonspecific financial advice, an Independent Financial Advisor may be the best option so you can have a broad look at everything on offer.
Restricted Financial Adviser
A Restricted Financial Adviser will work in a niche area and only be able to offer you advice on a restricted type of investments products and from a narrow number of providers. Whilst this may sound like they cannot provide a good service, this actually means they will be very specialist in one of the products on offer, such as pensions and whilst they can only recommend products from a restricted number of providers, they will go over a wide range of products with you.
Choosing Between Them
In order to decide whether to use an Independent or Restricted Financial Adviser you need to weigh up your needs and requirements and the scope of the advice you require as the quality of the advice will be equal. It is worth being aware that if you seek advice from a Financial Advisor, whether Independent or Restricted, they are regulated by the Financial Conduct Authority (FCA). This means that if their product advice is not correct, you have consumer rights that you would not normally have if you had not consulted a Financial Advisor.
Financial Advice Fees
Financial Advisors are no longer allowed to gain commission on their sales of investment products and this has been in place since the end of 2012. This is so you can be sure that they are offering you the right product and not the one that pays the most commission. This does mean that all Financial Advisors now charge a fee, so it is worth completing some research to see which one fits your needs best. Take a look around at other financial advisers that provide wealth management services, but we think that Devonshire Wealth Management is a good place to start. If you’re interested in a wealth management service aimed at providing you with a prosperous future visit their website here.