Choosing the right wealth manager is an important decision, particularly when your financial plans involve long-term goals such as retirement, protecting family wealth or managing investments across multiple jurisdictions. If you’re unsure whether your current adviser is still the right fit, there are several signs that it may be time to review the relationship.
1. The relationship feels distant
Effective wealth management should be built on trust and a clear understanding of your goals. If your adviser doesn’t fully understand your circumstances, aspirations or risk tolerance, the advice you receive may not reflect what matters most to you.
2. Your advice hasn’t evolved with your life
Financial plans should adapt as circumstances change. Whether it’s career progression, selling a business, family changes or relocation abroad, your strategy should evolve alongside your life.
3. Investment performance isn’t aligned with expectations
Markets naturally fluctuate, but portfolio is typically managed with clear objectives and benchmark comparisons. Regular assessment can help ensure your investments remain aligned with your goals.
4. Communication is limited
Hearing from your wealth manager only once a year may not be enough for some investors, particularly in an environment where markets, regulation and tax rules are constantly changing. Ongoing communication can help ensure your financial plan remains on track.
5. Access to information is slow or outdated
Today’s investors expect timely access to information about their portfolios. Clear reporting and easy access to investment information should be standard.
6. You’re unsure what you’re paying for
Transparency around fees and the value of advice is essential. Understanding what you pay and what you receive in return can help to ensure your wealth management relationship continues to deliver value.
Is It Time to Review Your Wealth Management?
If any of these points raise questions about your current arrangements, it may be worth reviewing whether your wealth manager is still aligned with your financial goals.
Switching advisers is usually a simple process, and exploring your options can help ensure your wealth management strategy continues to support your long-term objectives.
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.
Well, you have probably already swept away the party poppers and Champagne corks, but now is the time to reflect on 2017 and consider the future.