Wealth management is the process of putting together a financial plan that supports you in achieving your life goals, helping you understand how your money can support your ambitions.
Wealth management is a financial service provided to clients that have signed an agreement with a firm to manage money or investments on their behalf. There are two types of wealth management service available: an advisory service and a discretionary service.
With an advisory service, the firm will make recommendations depending on your personal circumstances and the amount of risk you want to take. As the client, you will need to agree to any changes made by the firm to your portfolio.
A discretionary service on the other hand is when a firm manages your portfolio of investments according to the instructions they have received from you. With this type of wealth management service, the firm will not have to check with you before making any changes to your portfolio.
With both types, the firm providing the service has an ongoing responsibility to ensure that your investment portfolio continues to be suitable for you. This responsibility should include your investment objectives and attitude to risk. This differs from transactional advice, which is only accountable at the time the advice is given for the suitability of investments.
There are some key considerations to take into account before making your decision:
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