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Smart Thinking

07.07.21

Accessing the right professionals to keep your finances in order, can be tricky. James Matthews spoke to Alex MacEwen for a few pointers

What led you to establish The Wealth Consultant?

The idea came about following countless conversations with friends and family about their personal finances. Everyone had different circumstances, experiences and levels of understanding, but the issue that kept cropping up was the significant knowledge gap and not knowing who to speak to. Worryingly, those with the least understanding seemed the most reluctant to seek advice as they often didn’t know where to begin.

What services do you offer?

The Wealth Consultant doesn’t directly offer financial investment advice. The company is here to help you access the right professionals to help you meet your financial goals; whether you’re looking to start investing for the first time or are seeking advice on the options available to you. It could also be that you already have a wealth manager in place, but don’t feel they are meeting your needs to best effect and you’re considering a change.

The range of services include:

  • Alternative Investments
  • Estate and Inheritance Tax Planning
  • Legacy and Succession Planning
  • Investments (Onshore and Offshore)
  • Pension Investment and Consolidation
  • Retirement Planning
  • Savings
  • Tax Planning
  • Wealth Planning
  • ESG Investments

Individuals who plan their retirement and seek advice have on average a 50% larger pension pot* and feel 20% more fulfilled** than those who don’t. *(Office for National Statistics, Wealth and Assets Survey2019).   **(Visual Capitalist, BlackRock Investor Pulse Survey 2018)

How does the process work?

For a free digital introduction, the client simply completes our online questionnaire www.thewealthconsultant.co.uk/questionnaire, which consist of 10 questions and takes no more than 2 minutes to complete. The Wealth Consultant will then contact the client by phone, within 24hrs, to have an initial no-obligation discussion to outline the client’s current situation and financial aspirations. The Wealth Consultant will then match the client to three suitable wealth mangers and facilitates an introduction by email. Itis then over to those wealth managers to follow up directly with the client. We also follow up with the client within a week to see how the process is progressing.

In addition, we offer a personal introduction following a one-off consultation, at a fixed fee of £250, as well as a facilitated introduction, where we run the entire process and host introductory meetings with wealth managers. This bespoke service, is charged at £1,000.

What differentiates you from your competitors?

The personal nature of our introductions. Owing to our depth of knowledge within the industry, we have curated a platform based on personal relationships, not corporate ones. We never introduce clients to companies - always to individual wealth managers.

The second key differentiator is transparency, with regards to fees. All wealth managers on our platform pay the same fee. We do not charge introductory or success fees, nor do we charge any form of commission. As such, our introductions are strictly based on merit, and afford no conflicts of interest.

How have clients’ expectations changed since the pandemic?

A great deal has changed since the pandemic, and exactly how the dust settles remains to be seen. One notable shift however, is a freeing up of time, enabling individuals to look more closely at their wealth planning, and consider their long-term financial goals, whether that be how to make provision for school fees or plan for retirement.

It has also made it easier for clients to ascertain whether they have been fortunate enough to receive sound advice from their wealth manager. Alarmingly, recent research from Boring Money, suggests that 26% of clients have had no contact with their IFA during the Covid-19 pandemic.

How do you go about choosing the right wealth manager?

As important, if not more important, is how to avoid choosing the wrong wealth manager, which can have detrimental effect on your wealth portfolio. At The Wealth Consultant, we carry out a rigorous short-listing process to meet individual client’s situation and needs. We do the initial search and select, to provide a choice of three potential wealth managers, in the comfort that each is more than capable of providing the services that you require.

Important aspects to consider include – is this someone you can see yourself working with over the long term? What is the fee structure? Try to get an accurate picture of the total costs including any financial advice, investment management and underlying fund charges.

On average, we save our clients 1% on annual fees. If your client invests £500,000 as a lump sum, with a 25-year investment horizon, targeting 7% annualised return gross offers, their investments could benefit by £412,577

hello@thewealthconsultant.co.uk

https://www.thewealthconsultant.co.uk

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