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Do I need a Wealth Manager?

Deciding whether to engage with a wealth manager or manage your own investments is a big decision. Not everyone needs an ongoing relationship with a wealth manager, but many individuals who would benefit from working with a professional don’t seek advice or mistakenly think they don’t need it.

Here are a few things you should consider if you are deciding if you need a wealth manager.


If you don’t work with a wealth manager, will you actually do it yourself?

Properly managing your investments and making the right financial decisions takes time, skill, and effort and it’s not a one-off task.

Even if you could make the time, perhaps you’d rather not if it takes time away from other things you would rather do, so if you’re neglecting your finances, it’s likely worth you involving a professional. There can be a cost to delaying good financial decisions or prolonging poor ones.


Do you have a clear strategy or is it based on guess work and Google? 

If you’re just searching for answers to specific questions, how will you know you are Googling the right questions. The greatest risks facing some individuals are things that they have not even considered.

Our financial lives are complex and inter-related. Making one decision can have unintended consequences in another aspect of your life.

What makes a wealth manager invaluable is their ability to keep you on track and proactively identify financial risks and opportunities for you.


Do you know where you stand with your finances or are they disorganised?

If your accounts, pensions, investments etc. are scattered across multiple institutions, it’s difficult to know where you stand financially.

This is another situation where it’s probably beneficial to utilise the services of a wealth manager instead of doing it yourself. For starters, a manager can help consolidate and organise everything into one place or as few as possible.

There’s a lot that goes into your financial position and you need to have a grasp on your spending and investments. It’s important to know where you stand financially – especially if you are afraid of the answer!

Getting organised and building a strategy going forward is a critical step, but it doesn’t just end there. It’s an ongoing process and people often need help implementing it, staying on track with savings goals, or revising plans when circumstances change.


Do you have a potentially life-changing decision to make?

For major financial decisions you would benefit from the tools, experience, and objectivity a wealth manager can offer to help you make the best decision – because you might not get another chance.

Deciding to when to retire, sell a business, withdraw money from your pension are some examples of major financial decisions and of course you are also making a major decision by taking no action at all.

A wealth manager can help you quantify the decision, understand the impact on other areas of your life, and look at your alternatives.


Could a wealth manager give you peace of mind or reduce money stress?

There are a lot of reasons investors choose to work with a wealth manager and one of the most important reasons is the peace of mind it affords individuals and their families.

Perhaps you are busy working and don’t have the time to oversee your investments or maybe you are retired and worried about overspending or running out of money.

Every day, people decide they need a wealth manager to address these and other money concerns.

Getting your finances in order, ensuring family and loved ones are cared for, or getting a grasp on your retirement goals and plan can be empowering and liberating. Reducing or removing this source of anxiety can make working with a wealth manager worth it.

Get in touch with the team for a free no obligation chat to find out how we could help you.

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The information was correct at time of publishing but may now be out of date.

Wealth Management
Posted by Cowgills
18th January, 2022
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