Making time to plan your financial future is one of the most important investments you can make. Wealth management helps you make better decisions about your money and achieve peace of mind. However, many people do not consider this until later stages of life. 

Financial planning specialist Simon Thompson, of Welby Associates Wealth Management, is our latest Business Leaders guest. In his interview, he delves into the many benefits of financial planning, and how professional financial advice can have a positive impact on your lifestyle.

To learn more, watch our full Business Leaders interview below, or read on for the highlights.

Wealth Management
Wealth Management

Financial Planning: What Welby Associates Offer

Financial planning is the task of determining how a person or business will afford to achieve strategic goals and objectives in the future. 

Speaking on this topic, Simon Thompson outlines how Welby Associates helps its clients, emphasising how financial planning isn’t limited to those with a lot of wealth.

Benefits of wealth management with Simon Thompson

“It’s our job to help people live the best life they can with the money they’ve got.

“It isn’t a focus on money and it isn’t a focus on products, those things are secondary. Our job is to help people live a life that fulfils them and means something to them with the money that’s available to them to do that.”

It is a common misconception that financial planning is needed for big one-off purchases – like a house. However, Simon insists that it is one of the most important ways to ensure a happy life in the long-term. 

He outlines that his company’s job is to “help people define and create a life of significance and build the financial architecture that sits underneath that”.

Some of the questions Simon will ask about a person’s plan for their life will revolve around what income is needed, what timeline applies and what taxation will be involved.

With financial planning, there is a lot more to it than just numbers and percentages. As Simon states: “It’s creating a connection between a life that means something with the income, taxes and products that you have. Then putting in place the best stuff to fund that.

“Most people will associate us with pensions and investments and mortgages and all the rest of it, but that is the tail end of the process. We like to look at the bigger picture.”

welby associates
Welby Associates aim to simplify complex finance planning on behalf of its clients. Image credit: House of Vic-Ryn

Wealth Management Careers: Simon’s Journey

How did Simon’s career lead him to becoming an expert in financial planning and wealth management?

“I’ve been in the industry for ten years.

“I’m not one of those people who knew by the age of seven that I wanted to be a financial planner. I left school at 18 and had a place at university to study psychology in Aberdeen.

After deciding not to follow through with this plan, as he believed it would be a waste of time and money – Simon went to work in a shop.

“At about 23/24 I got to the point where I had to make a change as there’s a cap on what you can earn in retail. I wasn’t being challenged and wasn’t being stretched.

“One of our friends was a financial advisor with one of the banks in Belfast, his job seemed interesting and pretty fulfilling.

“Being relatively OCD on details, I did an analysis of barriers to entry and potential rewards and timeline and qualifications. So I settled on retraining as a financial planner.”

Today, Simon spends his working hours building his client base and looking for ways to add value for his customers.

financial planning
Financial planning can unlock important memories, experiences and opportunities for people and businesses. Image credit: US News Money

What Are the Consequences of Not Having a Financial Plan?

Not having a financial plan in place can create a number of issues in people’s personal lives. As Simon adds: “There are a lot of people who, because they don’t have a financial plan, don’t know what ‘their number’ is: the amount of money, the amount of income, the amount of stuff that people need to be able to live a life of financial freedom.

“Freedom is defined by them because that’s different for everyone. It’s my belief that if you don’t know what that number is, you then could end up not doing enough or doing far too much and missing out on some significant memories, experiences and opportunities.”

When it comes to businesses, this is equally important. Simon offers interesting insights into the unique challenges business owners face.

“For the business owner specifically, one of things I have noticed, and I have noticed it in my own life, is that we get to this point where our business and our actual life are not congruent so the business vision does not support the lifestyle drive.

“You have people who give their life in service of the business, but to such an extent that the business will never serve the life they want to live, as their life has become defined by a business and isn’t defined by anything greater.”

With this in mind, Simon highlights that business owners in this situation need to ask themselves the following questions:

“Are you fulfilled by what you are doing? Does your business still light your fire? Does your business tick all the boxes? Are your services priced effectively to support the level of lifestyle you want? Is your staffing in place and is everything delegated sufficiently to allow you to be released to live the other things of meaning?

“That’s the quality of life stuff that really matters.”

To discover more financial planning expertise from Simon Thompson, check out our full interview. For more information on Welby Associates’s financial planning and wealth management, visit the official website.

Unveiling the World of Wealth Management: Understanding Your Financial Well-being

Imagine having a trusted guide by your side, navigating the often complex and ever-changing world of finances. That’s what wealth management offers – a holistic approach to managing your wealth, ensuring it grows, protects, and fulfills your aspirations.

Clear Definition:

In simpler terms, wealth management is the professional guidance and management of your financial assets. It goes beyond just making investments; it’s about creating a comprehensive strategy that aligns with your unique needs, goals, and risk tolerance. Think of it as a personalized roadmap leading you towards financial peace of mind and achieving your desired future.

Key Services Offered:

Wealth managers wear many hats, providing a range of services to cater to your diverse financial needs:

  • Investment Management: They develop and manage tailored investment portfolios, aiming for optimal growth while considering your risk appetite and goals.
  • Financial Planning: They work with you to define your financial goals (e.g., retirement, education, major purchases) and create a roadmap to achieve them.
  • Risk Management: They identify and mitigate potential financial risks through asset allocation, diversification strategies, and insurance solutions.
  • Tax Optimization: They explore strategies to minimize your tax liabilities and maximize your wealth potential.
  • Estate Planning: They assist in crafting and implementing estate plans to preserve your wealth and distribute it according to your wishes.
  • Retirement Planning: They help you navigate the complexities of retirement planning, ensuring you have sufficient income and financial security in your golden years.
  • Philanthropic Planning: They guide you in aligning your charitable giving with your values and financial goals.

Tailored Approach:

The beauty of wealth management lies in its customization. Your wealth manager takes the time to understand your individual circumstances, unique goals, and risk tolerance. They then build a personalized strategy that caters specifically to your needs and evolves as your life and financial landscape change.

This tailored approach ensures that your wealth management strategy is not just effective, but also meaningful. It reflects your values, aspirations, and the legacy you want to leave behind.

Remember, wealth management isn’t a one-size-fits-all solution. It’s about finding a trusted advisor who understands your unique situation and helps you navigate the path towards financial well-being and achieving your dreams.

Reap the Rewards: Unveiling the Benefits of Wealth Management

Managing your wealth can feel like navigating a complex maze, riddled with investment decisions, tax implications, and long-term planning challenges. That’s where wealth management comes in, offering a multitude of benefits that go beyond simply growing your financial assets. Let’s explore how wealth management can empower you to achieve your financial goals and gain peace of mind:

1. Financial Planning & Goal Setting:

Imagine having a clear roadmap towards your financial dreams, whether it’s a comfortable retirement, a child’s education, or building a legacy. Wealth managers help you define your goals, prioritize them, and create a realistic plan to achieve them. They consider your income, expenses, risk tolerance, and time horizon to craft a personalized strategy that sets you on the path to success.

2. Investment Management & Growth:

Investing can be daunting, especially with ever-changing markets and diverse investment options. Wealth managers leverage their expertise and market knowledge to build diversified investment portfolios aligned with your risk profile and goals. They actively manage your investments, seeking optimal growth potential while mitigating risks through strategic asset allocation and rebalancing.

3. Risk Management & Protection:

Financial life is full of unforeseen circumstances. Wealth managers help you identify and mitigate potential risks like market downturns, economic uncertainties, or healthcare costs. They employ risk management strategies like asset allocation, diversification, and insurance solutions to safeguard your wealth and ensure you’re prepared for any challenges.

4. Tax Optimization:

Taxes can significantly impact your wealth-building journey. Wealth managers have the knowledge and experience to explore tax-saving strategies like retirement accounts, charitable giving, and investment choices. They help you minimize your tax liabilities and maximize your wealth potential, keeping more of your hard-earned money in your pocket.

5. Estate Planning & Legacy Building:

Building wealth is about more than just numbers; it’s about creating a legacy. Wealth managers guide you through the complexities of estate planning, ensuring your assets are distributed according to your wishes and loved ones are cared for. They help you create wills, trusts, and other legal documents to preserve your wealth and pass it on smoothly to future generations.

6. Peace of Mind & Security:

Financial worries can weigh heavily on your mind. Wealth management offers the peace of mind that comes from knowing your finances are in the hands of experienced professionals. Having a clear and personalized plan in place reduces stress and allows you to focus on what truly matters in life.

7. Time Savings & Convenience:

Managing your own finances can be time-consuming and complex. Wealth management frees up your valuable time by taking care of investment research, portfolio management, and tax planning. You can focus on your career, family, and passions while your wealth manager handles the financial complexities.

8. Access to Expertise & Insights:

Wealth managers possess a wealth of knowledge and experience in the financial world. They stay up-to-date on market trends, investment strategies, and tax regulations, providing you with valuable insights you might not have access to on your own. This expertise helps you make informed financial decisions and navigate complex situations with confidence.

In conclusion, wealth management is not just about growing your wealth; it’s about empowering you to achieve your financial goals, protect your assets, and gain peace of mind. By leveraging the expertise and guidance of a trusted wealth manager, you can chart a course towards financial freedom and a brighter future.

Is Wealth Management Right for You? Tailoring Solutions to Your Needs

Wealth management offers a treasure trove of benefits, but is it the right fit for you? The answer depends on your unique circumstances and aspirations. Let’s delve into specific considerations for different audiences:

1. Young Professionals:

  • Concerns: Building wealth from scratch, managing student loans, planning for future goals like homeownership or starting a family.
  • Benefits: Guidance on budgeting, saving strategies, and early-stage investment planning. Proactive risk management to protect future earning potential. Peace of mind knowing your finances are on track for long-term success.

2. Mid-Career Individuals:

  • Concerns: Balancing growing expenses with saving for retirement and children’s education. Optimizing investment strategies for career growth and changing risk tolerance.
  • Benefits: Tailored strategies to achieve multiple financial goals simultaneously. Tax optimization advice to maximize wealth accumulation. Expertise in navigating complex financial products and investment options.

3. High-Net-Worth Individuals:

  • Concerns: Preserving and growing wealth, complex tax considerations, estate planning, and legacy building.
  • Benefits: Sophisticated investment strategies to maximize returns while managing risk. Dedicated wealth management teams with specialized expertise in complex financial matters. Peace of mind knowing your wealth is managed with a focus on long-term goals and legacy preservation.

4. Approaching Retirement:

  • Concerns: Transitioning from income generation to retirement income, ensuring financial security, and managing healthcare costs.
  • Benefits: Retirement income planning to secure a comfortable lifestyle. Risk management strategies to protect retirement savings. Estate planning guidance to ensure your assets are distributed according to your wishes.

Cost Considerations:

Wealth management fees can vary depending on the level of service and your assets under management. It’s important to weigh the costs against the potential benefits and consider the long-term value of professional guidance and expertise.

Level of Wealth:

While traditionally associated with high-net-worth individuals, wealth management is becoming increasingly accessible to a wider range of people. Many firms offer tiered services or minimum investment requirements to cater to various wealth levels.

Free Consultation or Assessment:

Many wealth management firms offer free consultations or wealth assessments to help you understand your current financial situation and determine if their services are a good fit for your needs. This is a valuable opportunity to ask questions, learn more about their approach, and gauge their expertise.

Ultimately, the decision of whether wealth management is right for you is personal. By understanding your specific circumstances, goals, and concerns, you can make an informed decision about whether this valuable service can help you achieve your financial aspirations.

FAQ: Unlocking the Value of Wealth Management

1. How much does wealth management cost?

Fees vary depending on the firm, level of service, and your assets under management. Some offer tiered structures or minimum investment requirements. Consider the long-term value and potential return on investment compared to fees.

2. What level of wealth is necessary for wealth management?

Many firms now cater to diverse wealth levels with various service options. Explore free consultations or assessments to discuss your needs and see if it’s a good fit.

3. What questions should I ask a wealth manager?

Ask about their experience, investment philosophy, fees, communication style, and how they tailor services to your specific goals.

4. How often should I meet with my wealth manager?

Meeting frequency depends on your needs and complexity of your financial situation. Regular check-ins are crucial to adapt your strategy as your life or market conditions change.

5. What are the red flags to look out for in a wealth manager?

Beware of unrealistic return promises, high-pressure sales tactics, lack of transparency in fees or investment strategies, and any discomfort with their communication or professionalism.

Conclusion: Charting Your Path to Financial Prosperity

Wealth management isn’t a one-size-fits-all solution, but a powerful tool that can empower you to achieve your financial goals, protect your wealth, and gain peace of mind. By understanding its tailored benefits, considering your specific needs and life stage, and exploring options through consultations or assessments, you can make an informed decision about whether wealth management can be your guide on the path to financial well-being.

Remember, your financial journey is unique. With the right guidance and a personalized strategy, you can navigate the complexities of wealth management and unlock a brighter financial future.

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