Wealth Management

Wealth management is a comprehensive approach to financial planning.

It combines various financial services to meet the needs of affluent clients, including investment advice, tax services, estate planning, and more. The goal is to grow and sustain wealth over the long-term.

A wealth manager provides financial advice and investment management services to high net worth clients. Their role is to maximise your wealth and set a plan to help them achieve your financial goals.

Furthermore, mitigating taxes, protecting beneficiaries inheritance, and avoiding IHT through effective estate planning are all services a they should provide.

We would recommend asking them a bit about who they work with, and how long they have worked in the financial services industry. For example, if you have £250,000 of invested assets along with a property, and they only tend to work with people, who have over £1,000,000 you may not be an important client to them.

You should also ask if the company they represent is FCA regulated.

While both offer financial advice, a wealth manager is typically more focused on managing investments and maximising wealth. They will also have a solid understanding of IHT, and effective tax mitigation strategies. 

On the other hand,  a financial planner may offer a broader range of financial advice services. This could include cash flow forecasting, equity release advice, business and personal protection policies.

Wealth management companies offer access to expert financial advice, personalised investment strategies, and comprehensive tax planning services.

Much like other highly skilled professionals like Drs and surgeons, who go through years of training. they are experts in their fields and will help individuals maximise their wealth and achieve their long terms financial goals.

That’s a great question. Some wealth management companies will only take on clients with significant physical and liquid assets. Nevertheless, others like Sterling & Law, will work with you at any earlier stage of your investment and wealth creation journey.

To offer some balance, people typically start working with a wealth adviser when they have significant assets to protect / invest or a complex financial situation, requiring expert advice.

At Sterling & Law, we offer a transparent fee structure.

For ad hoc work we charge a fixed fee. Where we actively manage our client’s wealth we charge a percentage of funds under management.

You can find out more on our page covering our fee structure.

While financial planning focuses on creating a plan to achieve specific financial goals, wealth management is broader, incorporating all aspects of a person’s financial life, including investments, taxes, retirement, estate planning, and more.

It’s a holistic approach usually suited to high-net-worth individuals.

When choosing a wealth management adviser, consider their qualifications, experience, fee structure, and services offered.

Furthermore, make sure they understand your financial goals and can provide tailored strategies, and fully appreciate your attitude to risk.

Lastly, It’s important to have a good rapport and trust in their ability to manage your wealth.

Wealth planning provides a roadmap for your financial future. Additionally, it helps you make informed decisions about investments, tax, retirement, and estate planning.

It can optimise your financial resources, mitigate risks, and provide a structured path to achieve your financial goals.

It’s never too early to start the planning process.

The earlier you begin, the more time you have to grow your wealth, adjust your plans as necessary, and achieve your financial goals.

An adviser who commits to regular reviews ensures your plan remains aligned with your evolving needs and circumstances.

That’s very much a question of personal choice and depends on a number of factors. 

Professional wealth advice can provide expert guidance, help you make informed decisions, and develop strategies to grow and protect your assets.

At Sterling & Law, our wealth advisers have knowledge and resources that can help navigate complex financial situations and ensure you meet your financial goals.

Skilled, experienced, wealth managers can provide tax-efficient strategies for investments. Furthermore, they can offer investment income and estate planning services.

Lastly, they understand all relevant laws and regulations and can help structure your finances to reduce tax liabilities, ensure compliance, and optimise your wealth for the long term.