What Does a Wealth Manager Do? – Investoo

We’ve all been there. Stood in the kitchen at a house party, you get asked the inevitable.



 

“So – what do you do?”  The answer comes, and you know what will follow.

 

“I work in wealth management. I’m a wealth manager.”

Cue a circle of blank expressions, a few tentative nods and a quick change of conversation as thoughts head back to the table of sausage rolls and vol-au-vents. But it’s a good question. The braver party-goer may take the step of enquiring “Yes – but what does a wealth manager actually do? What is wealth management?”

 

Allow me to explain. Wealth comes in many forms – so a wealth manager has a diverse job. Clients will come to a wealth manager for assistance with anything from property, investments, pensions, trusts and insurance through to more complex accumulations of wealth. In most cases, the client’s wealth is made up from a variety of the above.

 

It’s down to the wealth manager to ensure that all the client’s assets are managed collectively and effectively.

 

Your Wealth Manager Works for YOU – Whatever Your Needs.

What a Wealth Manager does for you depends entirely upon your situation and your needs. While many cases are similar, the intricacies of each client’s personal situation will lead to an individual solution – a wealth strategy that is unique to each client.

This solution is tailored and crafted as a direct result of full and frank discussions between the wealth manager and client. These discussions are an on-going process and as financial situations change, so do the strategies employed by the wealth manager. It’s organic because the financial outlook an ever-evolving picture. A risk profile is drawn up early on in the process – and some clients may want a good return taking minimal risks, while others may be happier with a riskier strategy.

 

Basically everyone is different. So a wealth manager has to be adaptable to everyone’s needs.

 

So Who Is The Right Wealth Manager for You?

 

In order to find the answer, you need to ask a few questions. Not only of the wealth managers, but of yourself too. First and foremost, does your wealth manager need to be local? Here in the twenty first century, communications and technology have made the world a more convenient place and face to face business is less of a necessity.

 

It doesn’t matter where your wealth manager is based if they are the right choice for you.

Discuss the typical type of client with which the wealth manager usually deals. Are they a good match for you? What are your expectations? Do you think this particular wealth manager will meet them?

Find out what the plans are at the wealth management company should something happen to your wealth manager. Is there a succession plan in place? You should feel comfortable that there are more people in the business to cover for holidays, sickness or should something unforeseen occur.

Finally – and maybe most importantly – listen to your gut instinct. Do you actually like this person? Will you be comfortable talking to, meeting, and placing your trust in them in the future?

So what does a wealth manager do? The answer is – many things. And a good wealth manager is someone with experience, knowledge and the ability to effectively manage your assets over time. Someone you can build a solid, comfortable and trusted relationship with for a brighter future.



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