Evaluating wealth management companies is not so much a matter of asking which is the best wealth management company. It’s more a question of which is the right wealth management company for me.
Ultimately, this is part subjective judgement and part objective analysis. For sure, you should ask factual questions about fees, investment performance, range of services and so on. Ultimately, though, what matters is your feeling about which wealth management company is most likely to understand and achieve your goals.
Judging this is difficult. But you need to be confident a wealth management firm will take the time to understand your aspirations, as well as your wider family and professional circumstances. You should also be sure that the firm will devote the time to build a good working relationship with you. At Brown Shipley, this is what we firmly believe in. As your trusted partner, we support your ambitions and take on your financial goals as our own.
We take the time to get to know you, your family and your objectives, so we can ensure your financial plan is aligned with your objectives. We’re close to you, with offices across the UK that allow us to build a strong, trusting relationship. We also combine the strength of our heritage with the scale of our parent company Quintet group, giving you the benefit of a high level of expertise as well as a global investment outlook.
Everyone’s situation is unique. Blended families, changing relationships, business ventures, personal connections. You need a wealth management company with the experience and in-house expertise to help you achieve your financial objectives, so that it gives you and your family the financial security you want.
Knowledgeable and thoughtful Client Advisors are key to achieving this. As with all other areas of life, technology can improve the delivery of service. However, the disappointment of some clients with robo-advisors shows that human relationships come first.
Simply speaking, wealth management firms help to manage your wealth through a combination of wealth planning and investment management. They provide their services to the relatively well off, with minimum investable assets typically from £1 million.
Wealth planning services provide a structure for achieving your lifetime financial goals. This includes planning for a comfortable retirement and planning your estate for the benefit of your loved ones. At Brown Shipley, we support this with careful cashflow planning that shows if you’re on track to meet your lifetime goals. If you’re not on track, you might need to invest more in your pension, invest more alongside your pension or rethink your plans. Alternatively, if projections show that you have more money than you need you might want to gift some to your family or causes that you care about.
Investment services include discretionary management where your portfolio is managed for you in line with your goals, or an advisory service where you receive advice and decide how to invest. Some wealth management firms also provide lending services, using your investments as leverage.
Selecting the best wealth management company for you depends on a few different factors that help to judge which is likely to meet your needs. Some factors are objective and easy to compare; others are more subjective. Here are some tips that will help high net worth individuals to reach a decision.
In the first instance, seek out personal recommendations. Your friends may have wealth managers who they rate highly. Alternatively, advisors such as lawyers and accountants should be able to provide some ideas of which wealth management companies might be best for you. These professional firms typically have good connections. Build a shortlist so that you can approach a few firms and evaluate them.
What services do you need from your wealth management firm? Check that it offers what you need. If you are just looking for investment services, ask whether it provides discretionary or advisory services and look into the investment team’s resources. If your primary requirement is investment services, you will find that some firms have far stronger resources than others.
Ask about the level of service you will receive. Who will look after your account? How many clients do they personally look after? How many professionals support them? How often would they meet you or speak to you over video conference or on the phone?
Discuss your investment objectives with prospective wealth managers so that they can understand the level of risk that’s right for you. After that, ask to see the investment track record of a similar client account. Ideally, the track record should look back at least five years as investment styles go in and out of fashion. Note, though, that past performance is not a reliable guide to the future.
Wealth management firms all disclose the fees charged. Generally these vary depending on the type of service you require. They also tend to be on a sliding scale depending on a client’s investable assets.
Once you have met several wealth management firms and collected information about their services, track record and fees, it’s time to make a choice. In the final analysis, this may come down to your intuition. Who do you think will do the best job of helping you to achieve your investment objectives? Who do you trust the most? Who do you feel most comfortable talking to?
Making an effort to select the best wealth management company for you is time well spent. It will help ensure that you choose a firm committed to understanding your aspirations and circumstances, so that you can build the life that you want for you and your family.
Important Information
Information correct as of 7 October 2024.
• Investing puts your capital at risk.
• Lending is subject to status.
This document is designed as marketing material. This document has been composed by Brown Shipley & Co Ltd ("Brown Shipley”). Brown Shipley is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England and Wales No. 398426. Registered Office: 2 Moorgate, London, EC2R 6AG.
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