by Tim Gul
In this issue our regular columnist, Tim Gul of the St. James’s Place
Partnership, looks at the importance of seeking Wealth Management
Advice and why this is growing need.
St. James’s Place Wealth Management has produced a Guide to Wealth
Management. To receive your free copy, please contact Tim Gul of the
St. James’s Place Partnership on 0794 929 3323
Increasingly there are more of us who For example, if you ask for advice on aspirations because only in this way can
have either created or acquired capital, or investing tax-efficiently in an ISA you will you create a successful strategy for your
who earn higher incomes than average, probably get it. What you don’t get, financial affairs.
and whose circumstances are sometimes however, is a view on whether you would
more complicated than usual. be better off putting the money into your So the first step is to choose a wealth
pension plan or reducing your mortgage manager. They come in different forms
But being wealthier also brings with it the borrowings. - private banking services, financial
associated problems of how to preserve advisers, discretionary fund managers,
that wealth and how to shelter it from the If you own or manage a business, you lawyers, tax planners and accountants
burden of higher taxes - Inheritance Tax should expect advice that extends all offer facets of wealth management.
is a good example because it has become seamlessly from your personal finances
a regime that now affects many, many to your business interests. This means, In making a choice the real test is
people, not just the super-rich. for example, advice on the best approach whether your wealth manager has the
to realising the value of your ownership, necessary skills and experience to
Wealth management is about taking care both over the years and when you come understand your needs, create a bespoke
of all your financial needs together with to implementing your exit strategy. solution and provide a high level of advice
those of your family, but the reality is that Aligned with your interests are those of and specialist services either from within
very few of us manage our finances as your employees so you will need someone or outside their practice.
best we might. who can also provide a tailored package
of group benefits - ranging from pensions As part of your selection criteria it is
This is hardly surprising - the financial to healthcare plans. worth reviewing the size and financial
world is complex and fast changing, with strength of the wealth manager.
a myriad of choices available. Achieving a Your financial situation is unique so the
successful outcome means spending huge core of wealth management should be a Larger institutions can often provide a
amounts of time researching those personal service and a long-term greater depth of expertise and resource,
choices and options. relationship with a chosen adviser ideally coupled with a comprehensive
combining ongoing regular and personal service. Additional reassurance
And yet most of us have neither the time comprehensive reviews of your personal might come from the fact that advice
nor, it has to be said, the inclination to finances. Wealth management should being given by the wealth manager in
make the most of what is on offer. provide a co-ordinated or holistic plan of respect of the products and services on
all aspects of your affairs. Rather than sell offer is guaranteed.
The simple way out of this dilemma is you a financial product and never see you
of course to seek financial advice and again, a wealth manager should be on Whatever criteria you apply in making
sensibly many of us do just that. hand throughout your life. your choice is of course subjective, but
The problem is that much financial advice the key issue is ultimately whether you
is too narrow, addressing the question For a successful relationship you have to feel confident that your chosen adviser
you have raised but failing to see the trust your wealth manager implicitly and will help manage your wealth in a
bigger picture. there has to be empathy with your proactive, professional manner.
WORK - 15
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