Most of us have switched banks many times in our lives. Some of us will even do it every six months to chase the latest deal. But far fewer of us ever switch wealth manager, whether it be a financial advisor, private bank or investment manager.
‘It takes too long.’ ‘It’s a hassle.’ ‘I’ve known my advisor for years.’ You might have any of these reasons for staying put, but if your wealth manager isn’t the right fit for you and your portfolio is underperforming, not taking action could prove costly.
Are you perfectly matched with your wealth manager?
If you don’t think changing is right for you, ask yourself how you really feel about your current wealth manager:
Do you get the time and attention you deserve?
Do they understand your financial priorities?
Are their Wealth Management fees competitive? (Do you even really know what you’re paying?)
How do your investment returns compare?
This is from a blog Find a Wealth Manger.
They go on to say “Don’t settle for poor value and hidden wealth management fees. Let’s look at an example. Imagine client A pays their wealth manager an annual fee of 2.5% on an investment portfolio worth £1m, while client B pays 1%. Over 10 years, client A will shell out £364,335 for their advisor’s management fee alone, while client B will pay £155,752**. What seems like a minor difference in fees can really add up over the long term. Ask your advisor what their Total Expense Ratio (TER) is – anything above 1.7% is on the high side.”
The downside is most wealth managers have high charges. If you think its possible to save £15,000, then you can easily save more. Want a conversation?