9 Life Events Where You Need a Wealth Manager

Let’s get something straight: wealth management is not the same as investment management.

Investment management simply helps you pick the most suitable stocks, bonds and funds for you. But for wealth management, this is just its starting point. Here are nine life events where a wealth manager can help you and your family prepare for the future.

1. Planning your estate for your children and grandchildren

You have already been taxed on your income once. A wealth manager will help you find the most effective legal ways to pass money on to your family and beneficiaries without being taxed on it again.

2. Planning for an early or comfortable retirement

Your wealth manager can help you adjust your asset allocation to match your plans and to minimise any risks that you are exposed to.

3. Simplifying your taxes to ensure they are as efficient as possible

We all know about the tax advantages of ISAs and pensions, but there are many other strategies that can ensure you make use of all available tax allowances. These include tax incentives offered on various other investment products.

4. Employers providing retirement and protection plans for you

Pension legislation and the way benefits are structured has changed radically in recent years. Wealth managers can place you back in control of this area and factor in any provisions made by your employer.

5. … If your parent is ill and you are planning for their care

With a greater need for cash than you may have expected you must ensure that what you have invested is still working for you but remains relatively accessible.

6. Relocating abroad

In the excitement, and the stress, of moving abroad it can be easy to focus solely on the short-term. It is vital, however, that you review how your move may affect your tax liabilities and investment options.

7. Changing your family structure (having children or getting divorced)

Wealth management is all about planning for the future. As your family life changes so should the way you plan to meet its needs.

8. Selling your family business

You have worked hard to grow your business: your wealth manager will work just as hard to ensure you benefit fully from its sale and review your finances now your income expectations have changed.

9. Donating large sums of money (to a family member, trust or charity)

Understanding the ways you can donate tax-efficiently is vital if you want to avoid having to retrospectively pay tax on your gifts.

This article is for information only and must not be considered as financial advice. We always recommend that you seek independent financial advice before making any financial decisions. Investments can go down as well as up and you may get back less than you invested.