Could a wealth manager help you navigate a profitable path through market turmoil? The number of online services offering high-quality support and extensive resources at an affordable price to DIY investors has grown rapidly in recent years. But these platforms struggle with traditional financial advice. They won’t tell you where to put your cash or manage it for you.
For that kind of service, investors need a wealth manager. These firms operate with a variety of different models, but the basic premise is that you’ll get bespoke portfolio management. The firm will assess your personal circumstances – including the wealth you have, your financial goals and your attitude to risk – and help you build a portfolio of investments accordingly. They’ll advise you on suitable investments, or simply take your money and invest it for you.
According to the Financial Conduct Authority, the City regulator, fewer than one in ten of us took formal financial advice during 2022. However, many wealth managers report increasing levels of demand following the upheaval of
