It’s easy to put off your investment review, but with our handy framework you can quickly understand the portfolio performance and service value you are getting.
‘A change is as good as a rest’, the old saying goes. It’s true in every aspect of your life, but especially when it comes to your finances.
If you’re not getting peak performance from your money, you could find it harder to achieve your future financial goals. If you invested a lump sum of £50,000 and it returned on average 5% a year, thanks to the joy of compound interest, your pot would have grown to £82,350 after 10 years. But if your investments returned 1% a year, you’d end up with just £55,256 over the same time period. (Assumes interest compounded monthly. Source: http://www.thisismoney.co.uk/money/saving/article-1633419/Monthly-lump-sum-savings-calculator.html)
You don’t have to accept poor quality service, sub-standard investment performance, or unjustifiably high charges. It’s now easier than ever to shop around to find the most suitable investment professional, financial adviser or wealth planner for your unique situation. You wouldn’t hesitate to upgrade your phone or even your car, so why not upgrade your wealth manager?
There are many reasons why it might be time to find a new wealth professional. Here are our top three:
1. Something major has changed in your life
Life can be a rollercoaster sometimes. Have you recently experienced any of these big life events?
If you have, it could be time to rethink your wealth plan. Your strategy should be flexible enough to adjust to the changes in your life, but this does require a wealth planner or investment manager who is on the ball. Your plan should be reviewed at least once a quarter, and your advisor should be in regular contact with you. Are you getting the right level of personal attention?
Cost is another big factor which could prompt you to make a change. When was the last time your wealth manager gave you a breakdown of their charges versus your returns? If you do know how much you’re paying, are you sure it’s a competitive rate? Why not compare against some other providers to see how it stacks up?
2. Your investments are underperforming or unsuitable
Another crucial factor to consider is your investment performance. How often does your investment management firm rebalance your portfolio? How do they respond to market events? Do you know what you’re invested in and why? Maybe you’d like to be crowdfunding a drone and backing Russian small-caps, but your wealth manager has put you in utility stocks and gilts. Is the level of risk in your portfolio appropriate to your life stage and situation? How is it performing against its benchmark? If you can’t answer these questions, perhaps your wealth manager isn’t communicating with you very well and quite possibly is not understanding you very well either. Another good reason to ditch and switch for better returns.
3. You and your wealth manager just aren’t a good match
What type of wealth management firm appeals to you? Some people want a global brand name they recognise, while others are happy to take a chance on a newcomer or a small firm.
Do their principles and values align with yours? Maybe you’d like to see your money making a difference in the world with social impact or ethical investing – does your wealth manager offer this?
The way you like to manage your money also comes in to play here. Some people like the old-school approach with face to face meetings, glossy brochures and paper statements by post. Others prefer a high-tech, low maintenance approach, talking to their adviser via instant messaging and viewing their portfolio on their smartphone.
Imagine your car insurance was up for renewal and you wanted to look for a better deal. Rather than spending hours researching lots of different insurers, wouldn’t you use a comparison site to narrow down your options? This is how findaWEALTHMANAGER works. Our online comparison service uses algorithm-based technology to take the sting out of switching to a new wealth professional. With our fast and free service, the best wealth management firms out there compete for your business.
Complete our online smart tool
Our 2-minute questionnaire helps us find out about your priorities so we can present you with the three best options, allowing you to compare top-rated investment managers and private banks at a glance.
Search our directory
Our comprehensive directory compiles the details and specialism of over 50 of the top wealth management firms in the country. You can search by size of company, the type of service they offer, and the minimum account size, so you’re bound to find the perfect match.
Talk to us for a free consultation
Often people rely on word of mouth when they’re looking for a new wealth manager – whether that’s a recommendation from a friend or a professional such as their accountant or lawyer. When you do this, you’re basing an important financial decision on hearsay. It’s a big risk. Why not talk to an expert instead? The team at findaWEALTHMANAGER.com are independent and know their industry inside out. Who better to trust with your financial future?