The Top 5 Individuals Who Need a Wealth Manager

Wealth management is often perceived as a service reserved for the rich and famous. However, with the rapid rise in house prices and the increasing complexity of financial planning, more people need a wealth manager.

Typically, those with £350,000 or more in assets (excluding their primary residence and other property) could benefit from a wealth manager. This includes individuals in the UK's top 8th, 9th, and 10th wealth deciles

What is Wealth Management? 

Wealth management is a comprehensive service encompassing several key components designed to help individuals and families manage, grow, and protect their wealth. These components include:

Investment Management: This involves creating and managing a portfolio of investments tailored to the client’s goals, risk tolerance, and time horizon.

  • Financial Planning: Setting financial goals and developing strategies to achieve them.

  • Tax Planning: Minimising taxes on personal income, investments, and estates to maximise wealth preservation.

  • Estate Planning: Ensuring the transfer of wealth in a manner that is fair, efficient, and under the client's wishes, often focusing on minimising tax liabilities.

  • Risk Management: Implementing strategies to mitigate financial risks through insurance and diversification.

  • Retirement Planning: Planning to ensure a sustainable income during retirement.

  • Philanthropy: Aligning charitable giving and philanthropy with the client’s values and financial goals.

While inheriting wealth is one scenario that might lead someone to seek out wealth management services, several other types of individuals could benefit from such expertise.


Who Needs a Wealth Manager?

Business Owners & Entrepreneurs 

Business owners and entrepreneurs often face unique financial challenges, such as managing business finances, planning succession, and optimising tax strategies.

These individuals must balance their personal and business finances while planning for long-term growth and retirement. Wealth managers work closely with other professionals, such as solicitors and accountants, to help business owners navigate these complexities and secure their financial future.


Successful Professionals 

High-earning professionals, including doctors, lawyers, barristers, and executives, typically have significant incomes but limited time to manage their finances effectively. A wealth manager can assist these professionals with investment strategies, tax planning, retirement planning, and protecting their wealth through comprehensive estate planning. By delegating these tasks to a wealth manager, successful professionals can focus on their careers while ensuring their financial affairs are in order.


High-Net-Worth Individuals (HNWIs)

Individuals with substantial assets require sophisticated investment strategies, estate planning, and tax optimisation. Wealth managers provide personalised financial services that help HNWIs grow, preserve, and efficiently transfer their wealth. This includes managing complex investment portfolios, planning for future generations, and ensuring that tax strategies are in place to protect their wealth from unnecessary erosion.


Older Individuals (Accelerating Wealth Transfer) 

As the older generation, particularly the postwar generation, begins transferring wealth, there is a growing need for expert advice on handling these assets. Wealth managers assist with estate planning, tax strategies, and the transition of wealth to heirs, ensuring that the transfer is efficient and aligns with the client's goals.

Wealth is often concentrated in real estate, and the sale of homes can release significant funds. Wealth managers guide heirs on reinvesting these funds in alignment with their overall financial goals, whether in financial assets, additional real estate, or other investment opportunities.

Lottery Winners 

Suddenly, acquiring a large sum of money, as is the case with lottery winners, can be overwhelming. Without proper management, newfound wealth can quickly dissipate. A wealth manager can help lottery winners create a plan to preserve their wealth, invest wisely, and make informed decisions about spending, philanthropy, and tax liabilities. This guidance ensures that the windfall leads to long-term financial security rather than short-lived prosperity.


How Can Ifamax Help With Wealth Management? 

Since 2004, Ifamax Wealth Management has been helping clients navigate the complexities of managing their wealth. We offer a comprehensive wealth management service to help individuals and families manage, grow, and protect their wealth. Today, we manage assets for more than 300 families, guiding them through every stage, from wealth accumulation to distribution.

Our primary aim is to protect wealth, whether for a secure retirement or to ensure it can be passed on to future generations. Whether you are a business owner, a barrister, a lottery winner, or an individual looking to manage wealth transfer, we tailor our services to meet your unique needs.

Our services include investment management, financial planning, tax planning, estate planning, risk management, retirement planning, and philanthropy.

 A unique aspect of our service is our free second opinion consultation. We offer to review your current financial plan and provide a no-cost consultation to help you identify areas for improvement. If you would like to arrange a consultation today, please get in touch with us.

Ashton Chritchlow