Wealth Management for Growing Wealth in Hereford.

Wealth Management is a complex task but one that can make a huge difference to your finances. With the right advice, you can grow your wealth and organise your estate and assets the way you want, while minimising risk. At  Blueprint Financial Solutions, we’ve been helping people with their wealth management for many years. Want to know more? Here’s our Blueprint guide. 

Financial Planning v Wealth Management

First things first: financial planning and wealth management. They’re the same thing, aren’t they? The short answer is no. Financial planning involves creating a plan for your financial future by setting objectives and designing strategies to achieve those goals. It can encompass:

• Budgeting
• Saving
• Investing
• Retirement planning
• Tax planning
• Estate planning. 

Meanwhile, wealth management is a more holistic approach that involves giving advice to create, build and protect your wealth and minimise your tax liability in a long-term plan that’s developed through an ongoing relationship. Wealth Management can include:

• Investment management
• Tax optimisation
• Estate planning and trust services
• Philanthropic planning
• Risk management
• Business succession planning
• Cross-border planning

What happens when your assets increase?

A wealth manager will develop a strategy to maintain and increase your wealth based on your financial situation, goals, and risk tolerance. As your assets grow, your priorities and risk tolerances change. Your adviser can rebalance your portfolio to suit your new situation and keep it aligned with your needs, for example, via diversification. 

Alternatively, your wealth manager may recognise that you’re getting close to retiring and therefore need to save as much money as possible. In this case, they’ll understand that your risk tolerance is decreasing and will therefore suggest safer investments than before. 

How investment, tax, and estate planning considerations start to overlap

When you reach a certain amount of wealth, it’s normal for your investments, tax obligations and estate planning to start to overlap. A good wealth manager will see this coming and anticipate the situation. Wealth, just like your health, must be carefully maintained. Your assets need to be shielded from erosion by taxation, the effects of inflation and investment risks. A wealth manager will be aware of this and will be able to see the big picture. 

Why wealth management involves a long-term relationship 

Once your wealth manager develops your main financial advisory plan, they will regularly meet with you to update goals and review your financial portfolio based on possible risks and new financial opportunities. The wealth manager will also review your financial portfolio to rebalance it. During regular wealth management meetings, wealth managers will investigate if you would benefit from additional financial services. In this way, with regular meetings, you and your wealth manager will build a strong, long-term relationship, with the wealth manager giving tailored advice for your particular situation.

Wealth Management in Hereford

 If you feel that you would benefit from the expertise of a wealth manager, the next step is to get in touch with our Hereford team here at Blueprint Financial Solutions.