Should You Choose Full Discretionary Wealth Management, or a Wealth Advisory Service?

When it comes to your investments, it can often pay off to have professional wealth management of one kind or another. Wealth managers can look at your priorities and aims in terms of your money, and help you find and manage a portfolio that can help you get the most out of your capital. This can take a lot of pressure off you and means you can be assured that when you don’t have the time to stay on top of economic and market changes and react accordingly, your money is still being placed where you want it.

Different Wealth Management Options

A lot of companies offer wealth management, and it is well worth talking to advisors before deciding what level of management you want. Solutions offered by well-regarded wealth management services like usually include a full discretionary wealth management service and a wealth advisory service. These can both be fantastic options to help you get more out of your investment, however, it is important to choose the one that closest fits your own preferences and aims.

What is Discretionary Wealth Management?

Normally, discretionary wealth management is a solution whereby the company you engage with to manage your portfolio takes full control of your investment activity. They do this after going to a lot of effort to understand your financial outlook, needs, and preferences, and are accountable to you, providing reporting and analytics to keep you informed of the actions they have taken and the value of your portfolio. This is the best option if you want to take a hands-off approach, and allow experts to manage the day-to-day running of your investments.

What Is a Wealth Advisory Service?

If you opt for a wealth advisory service instead of discretionary wealth management, you will play more of a hands-on role in the running of your portfolio, but with the benefits of expert oversight from your personal wealth management advisors. This is the best option if you want the assurance of professional wealth management, but like to be personally active in the markets.

In either case, your current financial approach, preferences, and investment objectives will be thoroughly discussed with your advisors, and strategies updated to reflect changes in your own circumstances or goals as well as economic and market factors. Which is the right option really depends on how much you personally want to involve yourself in your own private wealth management.

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