Retirement and tax are just some of the topics that frequently crop up in a meeting with a wealth manager.
Wealth managers answer many questions in client meetings, with most of them tailored to their clients’ specific circumstances. However, there are some queries that they answer more frequently than others because they are so vital to the service they provide and address clients’ primary concerns.
Here are some of the most common, together with the type of answers you should expect.
When can I retire?
One of the main reasons that clients come to see a wealth manager is because they are thinking about when they can stop work, either partially or completely. A good Wealth Manager will be able to consider each client’s circumstances, before putting together a plan that will help them to retire at an acceptable time with sufficient funds to see them through.
If you ask this question, you can expect your adviser to have questions for you, too. They are likely to need a list of your current assets and debts, as well as ideas about whether you want to retire for good or are considering semi-retirement as an option. They will also want to know the type of lifestyle you are hoping for in retirement and will have questions about your day-to-day current budget.
Can I pay less tax?
Paying your fair share of tax is laudable, as well as unavoidable, but none of us wishes to pay more than we ought to. A wealth manager will be able to look at your assets, and the way you structure your savings and investments to advise on tax planning now and in the future.
Some of the structures he or she may recommend could include trusts and investment schemes, as well as well-known tools such as pensions. Wealth managers may also look at your estate’s liability to estate taxes and be able to suggest some solutions that could minimise the tax burden on your beneficiaries.
What will this cost?
Clients will, quite sensibly, want to know the cost of the advice they are receiving, and how this is decided. In some cases, the cost may be on an hourly basis or a flat fee, and in others a wealth manager will charge a percentage of the amount invested. Often, the first meeting is free, which can give prospective clients a chance to ask the questions they need answered at the outset and settle on a wealth manager they feel comfortable with and can trust.
Your wealth manager ought to be able to tell you up front what they will charge, and may talk about the cost of ongoing advice, which may be necessary to ensure that your portfolio remains aligned with your objectives. Don’t be afraid to push for clarity on all of these issues.
Will I lose all of my money?
Many people find investing their money, particularly if they are doing so for the first time, a bit intimidating. Ask this question directly and a wealth manager will be able to explain the many checks and balances that can help reassure you that your money will grow safely.
These may include diversifying your portfolio, so that it is invested across a range of different types of assets, as well as ensuring regular portfolio reviews and the use of
questionnaires to understand how much risk you are happy to take. It is really important to be comfortable with the investments you have, so make sure your adviser has covered this to your satisfaction.
In an increasingly complex and competitive world, expert financial advice is key to securing your future. So, contact us today for a free financial planning consultation and get all your financial affairs in order.
The views expressed in this article are those of the author and do not necessarily reflect the views of AAM Advisory Pte Ltd. This document is intended for general circulation and for information purposes only. It may not be published, circulated, reproduced or distributed in whole or part to any other person without prior consent of AAM. This document/article should not be construed as an offer, solicitation of an offer, or a recommendation to transact in any products mentioned herein. The information does not take into account the specific investment objectives, financial situation or particular needs of any person. Advice should be sought from a licensed wealth manager regarding the suitability of the investment product before making a commitment to purchase the investment product. Whilst we have taken all reasonable care to ensure that the information contained in this document is not untrue or misleading at the time of publication, we cannot guarantee its accuracy or completeness. Any opinion or estimate contained in this document is subject to change without notice. The above report may contain data obtained from third parties and as such we cannot guarantee the accuracy of this data. AAM advisory Pte Ltd is licensed by the Monetary Authority of Singapore, FA Licence no 100032.
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