Whether you own a big car, a fleet of cars or a bus pass, wealth management might still be worth thinking about.
This week, we talk to Matthew de Courcy Ireland, independent financial adviser and pre-retirement specialist, to find out more.
“My role as a Wealth Manager is to work in partnership with clients to grow and protect their wealth and secure the future for loved ones,” says Matthew.
What does this mean:
- Grow wealth – this is about making the most of savings and investment.
- Protect wealth – this is to make sure you pay as little tax as possible and don’t let money ‘leak’ away.
- Secure the financial future of nearerst and dearest – this is about planning your ‘Estate’, what you own, to make sure your family receives the lion’s share.
“Perception of wealth and the level at which someone believes they are wealthy is different for us all, but there are some fundamental practices that will ensure your financial independence is reached, maintained and secured for the future,” says Matthew, “and the majority of people do NOT practice these effective fundamentals.”
Fundamentals of good wealth management
Matthew advises 3 things:
- Assess your financial goals on an annual basis: in order to decrease tax liabilities, maximise investment growth, and maintain a required standard of living.
- Ensure Best Investment Practice: ensure you are invested in products / investment funds that are suitable to your appetite for risk. Remember your risk level will be different at different stages of life; you need to ensure your portfolio reflects this.
- Ensure you are invested in the top performing funds. Often advisers are unable to admit they have made a mistake advising you to save or invest in a particular investment vehicle that is no longer top performing; review funds annually (at least), assess their performance against their competitors and know you are planning as effectively as you possibly can.
Remember, you can store details of financial policies, savings and accounts securely in your Final Fling Safe Deposit Box. Just scan, upload and give your Keyholder permission to access ‘in the event’. Want tips on all the documents to store here? See our 20 Essential Documents next of kin will need.