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Tips to Choose a Private Wealth Management Firm

Tips to Choose a Private Wealth Management Firm

Wealth Management refers to the process of making, disposing and managing investments or financial assets safely and securely. Assets could range from equities, bonds, unit trusts, currencies, time deposits, insurance policies etc. Assets may also include real estate, pieces of art, copyrights, antiquities etc.

Private wealth management refers to the wealth management services provided by a Private Wealth Management provider or by a private / offshore bank that also provides wealth management services as part of its product/service offerings. The following tips will help provide a high networth individual like you with a guide-map to go about choosing a private wealth management firm:

Assess your needs / requirements

Try and be clear and specific as to what you want from your wealth management firm.

Do you want them to help you only with investments?

Or should they also be able to provide you with tax, inheritance, estate planning, mortgage, pension and advisory services?

You may have assets / accounts in different countries. Would you want your wealth management firm to handle all your international wealth needs or for a particular location(s)?

Select the right jurisdiction

Private wealth management services are usually provided by entities sited in offshore jurisdictions. You’ve probably read about a variety of jurisdictions – Panama, Switzerland, Belize, Hong Kong, Singapore, Abu Dhabi, Jersey, Seychelles, Uruguay, and Labuan just to name a few. Where do you start? Which one is right for you? Questions like those below may help you decide:

Is the jurisdiction a comfortable personal fit for you?

Does it have high regulatory standards?

Are the tax laws favourable?

What about security, privacy and confidentiality regulations?

Does it enjoy fast and easy connectivity to business and financial centres of the world?

Select the right wealth management firm

Try and evaluate the wealth management firms in your chosen jurisdictions in accordance with the below suggested norms:

Product / Service offerings – Depending upon your goals your wealth management firm should be able to offer you a suite of products and services that can be accessed and used globally and can help you effectively and efficiently manage your international holdings, optimize your tax outgoings, protect your assets from creditors, estranged spouses or other family members, achieve orderly, controlled and structured transfer of assets to younger generations of your family and ensure continued ownership of businesses without fragmentation between multiple owners.

Price – This provides a simple, straightforward differential between firms. Different firms price in different ways. Some charge a commission on the products they sell you, some charge a flat fee and some charge a percentage based on the size of your portfolio. But it is also important not to get fixated on price. Check out the value that they are delivering. If this is in line with the price demanded, you shouldn’t be having any problems!

Relationship & Continuity – A properly executed wealth management strategy is a long term ball game. And, it is important that you stick with a single firm to realize long term value. To stick with a single firm for the long haul, you must feel comfortable working with them. And, to ensure consistency you should be able to work with a core team of specialists and advisors who will remain largely unchanged for the duration of your relationship with the firm.

This post first appeared on Benefits Of Private Wealth Management | Online Wea, please read the originial post: here

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Tips to Choose a Private Wealth Management Firm


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