Key Considerations When Choosing A Wealth Manager

If you are a successful business professional, private investor or wealthy individual it is essential to pick the right wealth management partner who can support you and your family through all stages of the journey.

In a highly complex and competitive market, it is very important to take the time to make the right choice for your wealth management needs, choosing a team that you trust and that you have a genuine chemistry and connection with.

At Davy Private Clients UK, we are proud to serve a diverse range of private clients across multiple locations and sectors, all of whom value our expertise, level of personal service, discretion, personal touch and attention to detail.

This article sets out some of the key criteria that you should consider when selecting a wealth management partner to look after you and your family – no two clients are the same, and no two firms are the same, so take the time to get to know us and make the choice that works well for you and your family.

1. Level of Service

Get to know your adviser in advance and ask them about the frequency of client reviews, meetings, networking opportunities, social events and your overall level of access once you become a client. Different clients require different levels of service and access, so make sure you pick an accessible team that will be on hand to meet you or speak to you when you need advice and guidance, without any barriers or delays.

2. Qualifications

The more complex your structuring requirements, the greater the qualifications and experience your wealth manager will need. Look at the wealth management team who will be advising you to see how well qualified they are, and how experienced they are. Check the resources available within the firm to see if they have experts in different areas, such as pensions, investment and tax planning. No one individual is an expert in all areas of wealth management. Ask them which other professionals they will consult for certain parts of your financial affairs.

3. Client Recommendations and Personal Introductions

Referrals and customer testimonials are always a good way to establish a level of comfort with a service provider, so feel free to ask for a referral or a recommendation from a mutual connection or contact, as this is often a very good way to meet the right firm for your needs, if a friend or colleague or connection is already working with them and is happy to recommend them.

4. Staff Longevity and Turnover Levels

Your goal will be to develop a long term relationship with a wealth manager that you trust, get on well with and enjoy speaking to on a regular basis. Try to choose a firm which has a stable staff base and low levels of staff turnover, so you can put time and effort into building up a strong working relationship with your advisors, who will still be there in several years time.

5. Broad Range of Products and Services

You should select a wealth manager who is able to offer a broad range of products and services, so the right financial plan with the best possible outcome can be structured and implemented for your needs.

6. Depth and Breadth of Expertise within the Firm

Wealth management encompasses a broad range of ancillary areas and niches, including tax planning, investment planning, estate planning and much more. Look at the depth and breadth of experience in the firm you are considering choosing as your wealth manager, to see how broad their expertise is, so you are getting the best possible service.

7. Financial Strength and Size of the Wealth Manager

Many firms operate in the market of various sizes so be sure to investigate each one you speak to, to see if they are the right size for you and are sufficiently robust for your peace of mind, with adequate resources and a robust internal compliance and risk framework.

8. Is the person you meet the same person who will advise you?

Relationship management and personal chemistry is key, so take the time to speak to different firms and get to know the person who would will be advising you directly, so you are fully comfortable with them and there is a mutual trust, chemistry and solid working relationship to build on.

9. Clear and Transparent Fees and Charges

Ask the wealth manager for as much detail as possible on their fee structure, so you are given a full and fair clear understanding of the costs and fees involved, so there are no hidden fees or surprises later on – fees need to be clear and transparent.

10. International Expertise and Cross-Border Planning Know-How

It is very important to ensure that your adviser has the expertise to handle overseas planning, different tax regimes and is comfortable advising you if you are moving between different locations and are an international client, to ensure you are properly advised by a team that can analyse your financial information across multiple locations and structure a financial plan that works well for you and your family.

11. Personal Chemistry and Trust

It is very important to get to know your wealth manager and choose someone that you like, trust, and get on well with. As the relationship develops over time, they will get to know other members of your family and play a vital role in ensuring that you have a financial plan that enables you to achieve your life objectives successfully. Ensure that you take the time to pick the right wealth manager for you who will remain at your side for the long term and provide the best possible level of service and attention to detail, it should be someone you develop a genuine relationship with who you can trust fully.

To conclude, at Davy Private Clients UK, we take the time to get to know each and every client, following a tried and trusted process to provide you with the best possible service. We identify your goals and objectives, collect and analyse all relevant personal and financial information, including your attitude to risk. This information is then processed and analysed, so we can produce a financial plan based on this information, seek your approval to implement the plan, put the plan into action and regularly monitor progress and update the client in person regularly, making alterations as required regularly to optimise a successful outcome, allowing you to achieve your life objectives.

If you would like to know more, please do get in touch with me at any time for a confidential discussion in London on 0207 448 8895, or by email david.oreilly@davyuk.com.