Q&A – What is Wealth Management and What does it Involve?

wealth management

Wealth management is a process through which you can project your wealth, reduce your tax liability, release wealth to enjoy a better retirement lifestyle, and pass on your wealth as tax-efficiently as possible.

Who is it for?

Anyone who has meaningful assets in savings, pensions, property or possessions – pretty well all of us, in other words.

What does it involve?

Wealth management is tailored to your individual circumstances. It can include wills, trusts, tax planning, equity release, Deeds of Gift and a variety of other options.

Why should you do it?

There can be many reasons. One is to enjoy the maximum benefit from your wealth during your lifetime. Other benefits are to minimise Inheritance Tax and to ensure your wealth is distributed and used as you would wish after you die. It’s also very important to consider the legal aspects of wealth management, not just the financial aspects.

Private banking vs wealth management – what’s the difference?

In general, private banking services are aimed at ‘high net-worth’ individuals. Wealth management, on the other hand, is a catch-all term and applies to most people. There is a great deal of overlap with the products and processes used by the private banking divisions of financial institutions and with more general wealth management.

Powells Wealth Management Service

The wealth management service offered by PowellsLaw is built around individual circumstances, rather than specific products or services. We can help with all aspects of wealth management and later life planning so you can enjoy a more comfortable retirement and have the peace of mind that your family and loved ones will be taken care of. Contact us today to find out more.

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