Understanding Wealth Management Services

High net worth individuals – usually categorised as those with assets in excess of $1 million – are advised to use a wealth management service. This is a diverse role, sometimes referred to as private banking. Wealth managers take on a wide range of responsibilities, ranging from picking stocks and risk management to retirement planning and advising on emergency cash.

Those with considerable sums of money often find their assets are widely spread, which makes personally managing them difficult. A wealth manager can be used to ensure those assets work productively for maximum growth of value; they will have extensive financial knowledge and keep up to date with investment opportunities and the latest changes in financial markets.

Discretionary means you are handing over management of your finances, while non-discretionary means you will be given ultimate decision making. A private banker doesn’t just look after your finances, however. They become a life partner and get to know you and your family.

Which services are provided by a wealth manager is often down to individual requirements. As well as general income, tax and expenditure planning these services can include:

Investment Management

If you’d like, your wealth advisor can source and advise on investment opportunities. Allow them to dedicate their time to finding you the best deals on stocks, bonds, commodities and real estate, as well as exchange traded funds and mutual funds. An experienced professional will assess the bigger picture, helping you manage or looking after your portfolio with one eye on the markets. Managing separate investments for different purposes (your retirement, children and charitable causes, for example) alone can be time consuming.

Risk and Emergency Planning

Your wealth manager can help you plan for the unexpected. Seek professional advice on how large an emergency liquid reserve you require and which assets to hold on to for protection. A bank or insurance salesperson will see risk planning as a sales opportunity, so it’s important to choose an accountancy firm to handle your wealth management if you require this service. They can advise on which life, property, liability and other insurance plans suit you.

Trusts and Beneficiaries

Seek advice on choosing between different trusts and beneficiary designations, and receive help on setting them up. Your wealth manager can handle these trusts until they are handed to the beneficiary.

Your Retirement

The most relaxing years of your life require a lot of organisation. A wealth manager can help allocate your property, assets and cash to guarantee a reliable income stream during your retirement. They can also help you plan where you are going to live and look after your future financial affairs.

Whether you require a trust fund setting up, income planning or someone with an eye for investment opportunities, a wealth manager will be able to help. They can also help you deal with personal and professional accountants, business consultants and lawyers throughout the duration of your relationship, and free up some of your valuable time.


Price Bailey offer a comprehensive range of wealth management and accounting services, including tax planning. Speak to them today to find out how they can help.