Wealth planning issues of various kinds have been a real feature of our conversations with High Net Worth Individuals in recent weeks.
We all start each new year brimming with good intentions, but it is all too easy to let these fall by the wayside. Here are four ways to bolster your resolve if you want to improve your finances, but seem to have lost momentum.
The latest thinking is that a massive 80% of people give up on their new year resolutions by the second week of February – hence why many of us make the same promises to ourselves year after year. By while things like resolving to eat healthily or exercise more may represent ongoing battles for most people, improving your finances really can be more of a “once and done” task with far fewer barriers to success.
So, as February comes into view, ensure that your good intentions translate into action by considering the following four points:
In many ways, we are “programmed” to focus only on the most essential or rewarding tasks. Therefore, getting something done depends on seeing clear benefits that outweigh the bother of taking action. And this is particularly the case when the task may be seen as something time-consuming, complex or expensive to undertake – like getting your finances in order.
Many of our users are “first-timers” to professional wealth management, while others are seeking to improve on an existing relationship. The good news for both kinds of individual is that a cost-benefit analysis will invariably show that big gains can be had cost-effectively and with very little effort on their part: savers frustrated by low interest rates or DIY investors will usually find that engaging a professional generates far superior returns; those already in a relationship can also generally get a far better deal, with many firms offering to manage investment portfolios for a Total Expense Ratio of just 1.75%.
There are hundreds of firms out there looking to manage your money, but we only represent those committed to better service and reasonable, transparent fees. We also take all the work out of discovering the best match for your needs, meaning that at least exploring your options should be a “no-brainer”.
Trying to make sense of the entire range of wealth management services and organisations available is undoubtedly a daunting task. Cutting through this confusion and removing the need for endless research is our whole purpose!
Our smart online tool objectively matches providers to your needs so that you need only consider a shortlist of best-matched wealth managers. Each organisation’s “vital statistics” are clearly laid out in our Directory, along with features outlining their ethos and processes, meaning that onerous background research is also unnecessary. We even arrange for the wealth managers that appeal to call at a time which suits you, meaning that you can carry out a comprehensive “beauty parade” in an afternoon before going on to meet with your favourite candidates.
We build a very precise profile of your needs and preferences via a very short online questionnaire, but our expert team is always available to talk you through your options in depth too at any stage of the process. Either route is an easy, fast and free way to start assessing your options.
It is all to easy to lose momentum, but allowing yourself to become stalled can never be in your best interests – either in psychological or monetary terms.
Imagine replacing that sense of unease that your money should be working harder with the satisfaction of knowing you have a sound wealth management plan in place. Then consider the joy of seeing your money grow as robustly as it possibly can with someone else taking care of all the details.
If your money is currently languishing in cash and accruing very little in interest then there is even more reason to act fast: every day that passes is missed opportunity to make your money work for you. Or, if your tax bill is becoming progressively more painful, think about how good securing significant tax-efficiencies will feel.
The world is an uncertain place, but that shouldn’t mean you stay on the side-lines of investing indefinitely. There is never a perfect time to deploy your money into a portfolio of investments, but this shouldn’t be a concern as a wealth manager will stagger your investing to maximise your gains (and minimise tax where applicable).
Those prone to procrastination should also bear in mind the way the magic of compounding magnifies your returns. The earlier you start investing, the better – particularly when it comes to saving for retirement.
“It’s later than you think” is a good phrase to bear in mind when it comes to implementing a solid wealth management plan, but so too is “It’s easier than you think”.
In the UK, findaWEALTHMANAGER.com has been matching affluent individual individuals to their best-matched wealth managers since 2012. Not only have we perfected our process over that time, but we have also built up an incredibly broad and deep Knowledge Centre which details everything you need to know about what wealth managers can do for you all in one place.
In short, we would argue that anyone who thinks they don’t have the time or knowledge to find precisely the right wealth manager for their profile and needs should think again. The potential boost to your financial health is just too great to ignore!
If you would like a direct connection to any of the experts on our panel please get in touch with the findaWEALTHMANAGER.com team HERE. Alternatively, click the banner below and find out which firm is right for you.