Wealth planning and wealth management is a combination of financial planning, tax advice and investment management for high-net-worth individuals who deal with complex financial matters. It involves sitting down with an adviser who will help you begin to build a sound financial plan for the future. 

As your wealth then accrues over time you may reflect on how you want your money to help you live the life you want, and this means your wealth management will involve. This is when you’ll need ongoing support to ensure all your annual allowances, pensions and tax-planning opportunities are used. You’ll also need to think about how and when you’ll pass on wealth to the next generation. 

At First Wealth, we talk a lot about goals and responsibilities in relation to wealth management. We start by having this conversation with you – what are your ambitions and what do you have to do in life? Once we have identified them, together, we will then help you build a financial plan and think about what must happen to meet these targets, using all the opportunities available to you and tying everything together.  

These services include, on an ongoing basis: investment management, retirement planning, estate planning, tax planning and education and intergenerational planning for family members. 

Once we have worked with you to establish your financial goals and responsibilities and established a financial plan, we will then look after your assets to ensure they fit into this plan. This is about ensuring all investment and tax planning opportunities are taken advantage of.

At First Wealth, your wealth manager will also work alongside your accountant, lawyer and others to ensure everything is tied together. We’ll help you think about how you can use your assets to create the lifestyle you want. We’ll also help you think about the future – for example how you want your assets to flow to your children and grandchildren – and philanthropy: do you want to give money to charitable causes? 

Wealth management typically includes financial planning, investment management, tax advice, estate planning and intergenerational wealth transfer. 

Wealth management provides a broad overview of the structure of your assets and tax considerations. It focuses on your investments and where your assets are held – whether, for example, they are on a platform, in a bond or a trust. 

Investment management focuses on where you put your money – into shares and bonds, for example. We sometimes tell clients to think of wealth management as their house and investment management as the furniture in the house. 

Consistency is the key to good wealth management. Put simply, the biggest benefit of having a wealth manager is in ‘compounding’ good decisions, from investing to utilising tax opportunities. 

A good wealth manager keeps you on track financially, helping you avoid pitfalls and make consistently good decisions around where your money goes. 

We believe we are the best choice to help you make these important decisions – in 2021 we were named Chartered Financial Planning Firm of the Year by the Personal Finance Society and our founders have more than 25 years’ experience in financial services. 

We recommend an evidence-based investment approach for our clients, based on academic research and real data. Our approach involves buying stocks in the biggest companies, and bonds provided by the government, using funds that track indices such as the FTSE 100 or S&P 500. The level of risk involved in your investment will reflect your risk profile.  

We also offer an environmental, social, and corporate governance (ESG) version of our portfolio, which solely invests in companies that have a positive impact on the world.  

You choose whether you want to invest in pure evidence-based, or our ESG portfolio, and can review this each year as part of your annual meeting. 

As much or as little as you like.  

Any new investment we make on your behalf needs to be approved by you. Some clients want to understand the finer detail of all their investments; others prefer us to select on their behalf. Everyone is different, and you choose what works for you.  

Our evidence-based investments are run on a discretionary basis. This means we can rebalance your portfolio every six months to ensure the mix of equity and bonds remains in line with your risk profile. It also allows us to make changes as and when required – to access new funds with lower charges, for example. 

Our financial planning process is designed to help you identify any short-term expenditure you may require, and we always set aside money that’s easy to access in an emergency.  

But plans can change, and sometimes life takes a course you couldn’t have anticipated. That’s why we usually invest most of our clients’ money in liquid assets that can be accessed within seven working days.  

If you need funds in a hurry, just let us know how much you need and by when and we’ll work out the quickest, most tax-efficient way to get your money to you. 

First Wealth can help you with both wealth management and asset management, which are separate but linked. 

Asset management concentrates on a specific type of asset investment, such as commercial property or private equity investment, and develops a long-term plan to ensure your investments appreciate in value. 

Wealth management provides a broad overview of the structure of your assets and tax considerations. It focuses on your investments and where your assets are held – whether, for example, they are on a platform, in a bond or a trust. 

Wealth management refers to the professional services and strategies employed to help individuals and families grow, protect, and manage their wealth. There are several reasons why wealth management is important: