The best wealth managers are really pulling out the stops to inform and reassure their clients during the Coronavirus crisis, and if yours is not, then this might be a good opportunity to explore your options
Lee Goggin, Co-Founder of findaWEALTHMANAGER.com, explains the massive difference between the client-centric service offered by the leading firms on our panel and the more unsavoury practices from that have been highlighted in the press recently.
Broadsheet readers will have seen a number of exposes recently that paint a rather lurid picture of financial advisers at two well-known firms being incentivised to make sales with everything from cruises to cufflinks.
I always feel torn when these kinds of stories emerge. On the one hand, this coverage highlights a misalignment of interests that clients of offending firms certainly have a right to know about. We ourselves are on a crusade to ensure that High Net Worth Individuals get the wealth management service they deserve and welcome bad actors being outed – and so giving us the chance to help people find better providers.
Most wealth managers are in the business of steadily growing their clients’ wealth, charging competitive fees and working on a partnership basis
On the other hand, I worry that those who are new to wealth management might start to form the wrong impression about the industry because these firms have rightly had the whistle blown on them. However, I would argue that the fact they are well-known brands with a great deal of assets under management largely speaks to the size of their marketing budgets, rather than them being the best that the industry has to offer.
The industry’s sinners – those that hit the headlines for outsized sales bonuses, hidden exit fees or sky-high management charges – are newsworthy by virtue of very much being in the minority. Most wealth managers are in the business of steadily growing their clients’ wealth, charging competitive fees and working on a partnership basis. This is less newsworthy, of course, but it is what the wealth managers on our panel do for thousands of delighted clients every day.
You should certainly never assume that all wealth managers are engaged in the kind of negative practices you may occasionally read about in the press. Nothing could be further from the case. Our panel boasts scores of wealth management organisations present in hundreds of locations across the UK, and we only work with firms committed to better value fees, top-quality service and transparency in all their dealings with clients.
Our panel boasts scores of wealth management organisations present in hundreds of locations across the UK, and we only work with firms committed to better value fees, top-quality service and transparency in all their dealings with clients
Having this quality assurance already in place makes it far easier for you to make a final choice from the shortlist we generate for you. Being better placed to compare similar providers side by side also empowers you to make finer value judgements in the key areas of performance, fees and service. You should continue to make these comparisons periodically to ensure that you continue to get the best deal. You wouldn’t hesitate to hunt this down for a luxury item, a car or a flight, so apply the same principle to the management of your wealth. You have to keep getting the best value to maximise your wealth long term.
A few wealth managers have been hitting the headlines for all the wrong reasons recently, but nobody should let that put them off of seeking professional wealth management advice. The takeaway should rather be that due diligence is required to make the most of your money. The firms in question may be very successful on some metrics, but no doubt many clients will be disturbed to learn of their practices. Many will wish to move when they consider the impact bloated fees have on overall gains, or if they have concerns about bias in the advice they have received.
Our service is a gateway for individuals in all these situations. First-timers seeking a fast track to reputable firms find one here, while experienced – but perhaps disillusioned – clients empower themselves by quickly finding out what alternatives are out there.
Armed with the guidance in our Knowledge Centre, performance benchmark data and access to our expert team, you can be sure of making an enlightened choice. There are many high-performing, competitively priced firms that provide superb service too. Let us help you find them, fast.