Wealth management always sounds like quite a broad term that could really mean anything.

Some wealth managers may think it means to buy and sell a portfolio of shares, whilst some companies may think it relates to buying the right products. Some may even think it is about taking care of all of your investments in a comprehensive way.

In practice I think wealth management has less to do with money, as the above examples would have you believe, and much more to do with people. When I think of my clients’ wealth I see their assets in a different way to what others might. I see their biggest assets as being their relationships with family and friends, their own skills and hobbies and perhaps most important of all, their dreams for the future. These are your real assets, the valuables that will define your life.

In practice (and I know this might sound a bit mushy), if these are your real assets then surely any decent wealth manager should want to manage these as part of any wealth management strategy?

In my world of financial advice my job is to use money as the means to an end. Managing wealth is to recognise the person you are and the plans you have and then to use the resources you have available to you (of which you are the most important) to live the life you want.

Portfolio strategies, asset allocation, diversification, risk profiling etc. all mean very little if you have not yet addressed the fundamental reason why you know you need advice. These are all easy jobs for the boys that do nothing more than potentially paper over the cracks.

I think a real wealth manager will take time to understand you as a person and what you really want before working out how your financial position can be utilised to make that all work. If you are not working this way with your current adviser then it may well be time to get a new one because I dare say you are paying for the wrong thing.

Investor Profile Contact Details

Blog by Jaskarn Pawar

Jaskarn Pawar is an experienced and award winning Chartered and Certified Financial Planner. He advises people all over the UK on financial planning and wealth management issues to help them reach solutions to fit their personal needs. You can contact Jaskarn on 01604 211234 or by e-mail on jaskarn@investorprofile.co.uk