We Do Wealth Management
We hear the term ‘wealth management’ a lot, but what exactly is wealth management and how can it help you make the most of your finances?
Put simply, wealth management is the practice of managing the various aspects of your financial life so that you do not have to.
As a collective of highly experienced financial advisers, we are here to help you enjoy a successful investment experience. We help our clients with a range of investment services and tax planning services that are tailored to their needs.
What is wealth management?
Wealth management is a consultory service that addresses the unique needs of affluent and High Net Worth clients.
Who would need wealth management?
We specialise in working with business owners, self-made or self-employed individuals, typically holding between £250,000 and £5 million to invest.
What are the benefits of wealth management?
Engaging the services of a wealth management company can lead to many benefits including; a sensible and strategic investment strategy that is suited to you and your needs, clarity around your goals and how to plan your finances accordingly, efficient planning around the constantly changing tax rules and regulations and the ongoing support and guidance through the journey of life.
Is there a difference between wealth management and financial planning?
There is often said to be crossover when it comes to understanding the difference between wealth management and financial planning. You may find that a wealth manager typically focuses on your investments and money and will help to provide a sensible investment strategy. A financial planner may take into account more than just your investments and will dig deeper on your lifes goals and how you will get there.
How can I protect my wealth?
Whilst we tend to see the big-ticket items in our lives such as a home or car as our most valuable assets, and insure these accordingly, we tend to forget about the other big asset in our lives - ourselves! For the majority of us it is our ability to earn an income throughout our working life that allows us to build our wealth. So it is important to ask what would happen if you were unable to work suddenly due to injury or illness or the effect on your family if you were no longer here. There are many ways in which we can insure ourselves against some of these unforseen circumstances and a wealth manager is best placed to advise you accordingly.
Are IFAMAX wealth managers qualified?
All of our financial planners are qualified to at least Level 4 Diploma level - which is the minimum required level to give financial advice. We also recognise the value of continuing to develop our knowledge, which is why all of our financial planners have achieved further qualifications or are in the process of working towards them.
Will I always see the same wealth management advisor?
We feel it is important that you develop a long-term relationship with your adviser in order for us to give you the most effective advice.
Are IFAMAX independent financial advisors?
Yes, we are completely independent and are not tied to any fund manager, platform, product or provider. We are free to search the whole market for an offering to suit any client need.
I already have existing investments, can you review them?
We would welcome the opportunity to review your existing investments. Why dont you ask us about our 'Second Opinion Service' which is a no cost, no obligation review of your current financial situation, taking into account your goals and objectives for the future.
Can you manage my existing investments?
We are more than happy to review someone's existing investment strategy and portfolios. We have clients come to us with a number of different and unique circumstances and the process of financial planning is not a one size fits all approach. Feel free to contact us for a no fee no obligation review of your existing investments to find out more.
Are my investments protected?
We are covered by the Financial Services Compensation Scheme. You may be entitled to compensation from the scheme if it does not meet your obligations. This depends on the type of business and the circumstances of the claim. Most types of investment business are covered for 100% of the first £85,000. Further information about compensation arrangements is available from the Financial Services Compensation Scheme www.fscs.org.uk.
What is considered High Net Worth UK?
The definition of a high net worth individual varies widely and there is no set amount. We would define some as a high net worth individual if they have investable assets of £500,000 or more.
Who are the best wealth management companies UK?
Ifamax Wealth Management, based in Bristol, are widely regarded as the best wealth management company in the UK and possibly the world ;)
**in our eyes anyway!
How much does it cost to open a wealth management account?
Costs vary widely across the industry. Some firms charge an initial fee and an on-going fee each year. At Ifamax, we do not charge any initial fees for our services but instead charge an on-going fee. All fees would be clearly documented within a suitability report.