If you have ever thought this is something that doesn’t apply to you. You’d be surprised that it does apply to more of us than you think. Wealth management is not only for the super-rich, anyone who has some longer financial goals might be happy for the services of a wealth manager.
Wealth management firms do more than looking after the wealth of those who have to spare. They are also there to help you get to the point where your children can go to college, and you can still retire while you’re young enough to enjoy it. Yeah, that would be great wouldn’t it?
If you’re looking to do some future planning wealth managers can provide advice. For example, a lot of us think trusts are a good way of passing on things to the next generation. They are, but, it costs some of the money in the trust to administer it, meaning the next generation doesn’t quite get the amount you thought they might. A wealth manager will let you know what the alternatives are and which ones will work best for you.
There’s more than one form of wealth. If you have paid off your house (good for you, by the way) there are ways in which you can get access to capital on the value of your house which might just free you up for the round-the-world trip you have in mind.
The best idea is not to categorize wealth managers but to do some research. Look especially at how the wealth manager earns their income. Once you know that, you can look to them for independent advice and impartial views on how you can reach your goals.
And yes, you will sense, if only for a minute, being super rich.