Whether your portfolio is already managed by a professional, or you are seeking advice for the first time, finding a new investment manager can be a challenge. You are unlikely to have the time and energy to do extensive research.  Hence your decision is likely to be guided by conversations with friends and family, broad searches on the internet, and gut feel. You may draw confidence from the protections built into the financial services industry, but you still need to find a manager you can trust.

Perhaps an even greater challenge, as with any significant relationship, is to find a firm that understands your needs.  Selecting a wealth manager is likely to be one of the most important financial decisions you make. You should consider what is most important to you.  This may be the investment approach, service levels, or simply whether the company is located near to you.

Successful wealth management should be a long-term project.  It should last decades rather than years, with the potential to hand on to future generations. Hence it is essential to find the right relationship at the start.

Within the UK wealth management industry, there is a wide range of firms. You could choose an old institution with an established brand, or a global bank offering a range of services. Alternatively, the right firm might be a new dynamic boutique focusing purely on asset management.  The boutique might prefer to keep a low profile, advocating the values of discretion and independence. Services offered vary greatly, and there are significant differences in the minimum size of portfolio required to become a client.

Once you connect with a manager, you are then likely to arrange a call or meeting.  At this stage, you should be prepared to assess whether the firm has the expertise and capabilities to suit your requirements.  Equally as important is whether the firm’s style and key individuals fit your character.  It is wise to prepare a list of questions, and a decent manager should be more than happy to answer all your questions in full.