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Wealth Management 2019

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SIMPLE. JUST CALL 0207 396 3388. © London and Capital Wealth Advisers Limited. Investments can go down as well as up and past performance is no guarantee for future performance. Issued by London and Capital Wealth Advisers Limited (LCWA). LCWA is authorised and regulated by both the: Financial Conduct Authority (FCA), 12 Endeavour Square, Stratford, London E20 1JN and the: U.S. Securities and Exchange Commission (SEC), 100 F Street, NE Washington, DC 20549. FCA firm reference number: 120776. SEC firm reference number: 801-63787. Registered in England (No. 02080604) STRATEGIC FINANCIAL PLANNING | INVESTMENT MANAGEMENT | CONSOLIDATED REPORTING HOW TO PICK YOUR WEALTH MANAGER IN 2020? to know your adviser and for them to get to know you. "It is worth the initial investment," he says. "We are all human beings and some people just don't get on; that is not to say you have to get on, it just helps if you do. Ensur- ing you and your family feel comfortable with a wealth manager is important as you will be sharing a lot of personal and financial infor- mation with them and hopefully the relation- ship will stretch into the foreseeable future." Find out what areas of specialism the financial planner has and what back-up plans are in place for when he or she is away from the office. Make sure everything is transpar- ent, particularly charges as there can often be hidden extras. And also be clear on exactly what level of service you are getting in return. Will you get quarterly updates or more fre- quent communications? Is an investment manager available at the end of a telephone? How proactive are they? How quickly will they How to pick a wealth manager in 2020 With the rise of digital investment solutions, knowing how to choose the right wealth manager for you can be a confusing and uncertain process ow to select a wealth manager is not just an ultra-rich billionaire's dilemma. More and more people in the UK need advice about their pension sav- ings, investments, belongings and property. Against a backdrop of the damaging clo- sure of high-profile Woodford Investment Management and continuing uncertainty in global markets, it is harder than ever to preserve capital and have a decent income when bank deposits pay derisory interest. Yet, despite hourly reports of scamsters preying on vulnerable individuals, people often spend more time planning their holi- days than selecting an adviser A total of 3.6 million households in Britain hold wealth of more than £1 million, accord- ing to the Office for National Statistics. That equates to one in five over the age of 65, and many people within ten years of retire- ment have amassed large sums in pensions, redundancy or inheritances. So what's the first step in choosing the right wealth manager for you? Firstly, any prospective wealth manager should be authorised by the Financial Conduct Authority, which can be checked via the FCA's online Financial Services Register. Often professional advisers, such as accountants and lawyers, will have a net - work of contacts and are well placed to steer you in the direction of a wealth manager. Friends and family, particularly, if they have been with a firm for a long time and have had good service, are another possibility. Make sure you visit the prospective finan- cial planner's office. First impressions and gut instinct are important; even the quality of the furnishings and layout of the desks, as well as the website and mobile phone apps and paperwork, deserve scrutiny. If you're really stuck at where to start, it is often advised to look for a wealth man- agement firm that has been in business for a decade or more, or quoted by financial journalists as a trusted authority. Billions of assets under management from many cli- ents are also reassuring. Ask for testimonials from clients. Look for reviews on websites. Patrick Connolly, chartered financial planner of Chase de Vere, says: "When look- ing at which financial advice firm is right for you, you need to decide whether you want to meet face to face with your adviser, whether you're happy to work with them remotely by telephone or email, or whether you just need some information and then you're happy to make your own decisions. "If you make your own decisions, even if you've received guidance or information, then you are entirely responsible for your decisions. You will have no comeback if it all goes horribly wrong." George Houston, technical director at Mat - tioli Woods, advises to take some time to get Simon Brooke Award-winning freelance journalist, he writes for a number of international publications and specialises in business, finance, marketing and lifestyle trends. Benjamin Chiou Managing editor for special reports at Raconteur, he writes about business, finance, economics, culture and technology. Tim Cooper Award-winning financial journalist, he has written for publications including The Spectator, London Evening Standard, Guardian Weekly and Weekly Telegraph. Stephanie Hawthorne Freelance financial journalist covering pensions, property, law and investment, she is the former editor of Pensions World and former deputy editor of Financial Times' Money Management. Felicia Jackson Former editor at large of Cleantech Investor, founding editor of New Energy Finance and European contributor to Forbes.com. Nicola Tavendale Freelance journalist, she writes for a range of financial publications, including FIA MarketVoice and FX AlgoNews. move when shares underperform or a com- pany gets a series of profit warnings; will your holding languish in your portfolio for months? Robin Eggar, co-head of UK investment management at Brooks Macdonald, says having a proper comparison is useful, so it's necessary to meet and interview more than one adviser. "It is also important to note who is at that first meeting. Is it the person who is running your relationship going forward or a new business winner who needs to meet a sales target?" As well as choosing someone you can trust, you should look for properly qualified indi - viduals. There are a myriad of financial qual- ifications that can give comfort, such as the CISI Diploma in Wealth Management, the CFA Investment Management Certificate (IMC) Chartered Financial Planner, STEP (Society of Trust and Estate Practitioners) qualifications and accreditation from SOLLA (Society of Later Life Advisers). Fees vary enormously. Wealth managers such as Quilter Cheviot might charge 1 per cent plus 0.2 per cent VAT a year of the port - folio value for discretionary management. Some financial planners operate on an hourly fee basis. Financial planners will take care to match your goals, such as concerns over the environ- ment. Most wealth managers have been, and still are, ahead of the game when it comes to environmental, social and corporate govern- ance (ESG) or sustainable investing. Malcolm McLean, senior consultant at Barnnett Waddingham, says: "They have moved on from what has been rather face- tiously described as the 'green versus greed dilemma' with ESG investing now being a key point of conversation with their clients." Be on the look out for warning signs. Rob Burgeman, investment manager at Brewin Dolphin, says: "If there has been a raft of neg- ative publicity about a wealth manager, this should warrant investigation. When looking for a wealth manager, make sure you do your own due diligence. Use the internet to see what the media and wider industry are saying about an organisation you are interested in talking to. Make sure you don't just rely on the media profile on their own website, research news articles and reports." As well as ensuring they are suitably quali - fied and regulated, other warning signs could be a lack of experience and/or a lack of clarity over charges. If the investment manager can't show you long-term performance records against an appropriate index, avoid them. Other danger signals include the pros- pect of exceptionally high returns, exotic offshore investments, recommendations for products you don't understand, you don't feel comfortable with your adviser or don't fully trust them. Avoid advisers who can only sell a restricted range of products and anyone who pressurises you to make a deci- sion. Don't speak to cold callers or respond to unsolicited emails. Many individuals are at risk of falling for scammers' so-called investment opportuni- ties, taking only a day to make a decision with a lifetime to regret it. So take your time and don't rush. It pays to do your homework. Distributed in Publishing manager Alexion Lai Although this publication is funded through advertising and sponsorship, all editorial is without bias and sponsored features are clearly labelled. For an upcoming schedule, partnership inquiries or feedback, please call +44 (0)20 8616 7400 or e-mail info@raconteur.net. Raconteur is a leading publisher of special-interest content and research. Its pub- lications and articles cover a wide range of topics, including business, finance, sustainability, healthcare, lifestyle and technology. Raconteur special reports are published exclu- sively in The Times and The Sunday Times as well as online at raconteur.net. The information contained in this publication has been obtained from sources the Proprietors believe to be correct. However, no legal liability can be accepted for any errors. No part of this publication may be reproduced with- out the prior consent of the Publisher. © Raconteur Media /wealth-management-2019 @raconteur /raconteur.net @raconteur_london WEALTH MANAGEMENT H Y B R I D M O D E L S I N H E R I T A N C E F U T U R E V O L A T I L I T Y Providing both robo-advice and face-to-face communication is increasingly hard to master When it comes to preserving and protecting family wealth, where do you start? How greater automation will impact volatility and affect stock market dynamics? 02 06 08 raconteur.net Stephanie Hawthorne H A D V I C E Contributors Brokerage firm Family office MOS T COMMONLY USED WE ALTH MANAGEMENT PROVIDERS Providers that clients currently use, and expect to use in the next three years Commercial or retail bank Alternative investment firm (such as hedge fund, real estate and private equity) Asset/fund manager, including mutual fund firms Full-service institution/ universal bank Online trading platform Independent financial adviser Fintech, including robo-adviser Private bank First impressions and gut instinct are important; even the quality of the furnishings and layout of the desks I N D E P E N D E N T P U B L I C A T I O N B Y 2 4 / 1 1 / 2 0 1 9 # 0 6 3 1 R A C O N T E U R . N E T Design Joanna Bird Sara Gelfgren Kellie Jerrard Harry Lewis-Irlam Celina Lucey Colm McDermott Samuele Motta Jack Woolrich Head of production Justyna O'Connell Head of design Tim Whitlock Managing editor Benjamin Chiou Associate editor Peter Archer Deputy editor Francesca Cassidy Digital content executive Taryn Brickner Design Joanna Bird Sara Gelfgren Kellie Jerrard Harry Lewis-Irlam Celina Lucey Colm McDermott Samuele Motta Jack Woolrich Head of production Justyna O'Connell Head of design Tim Whitlock Managing editor Benjamin Chiou Associate editor Peter Archer Deputy editor Francesca Cassidy Digital content executive Taryn Brickner Now Future 0% 20% 40% 60% KE Y FAC TORS IN WE ALTH MANAGEMENT REL ATIONSHIPS Ranked by percentage of clients who rated the following of high to very high value EY 2019 56% 53% Pricing Personal attention 53% Advisory capabilities 52% Quality and reputation 49% Technology EY 2019 10% 30% 50% DISCLAIMER: Content in this publication should not be used as financial advice – please ensure you always seek the help of a qualified financial adviser.

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