Insights
By: Matthew Brown
Introduction to Stonehage Fleming Wealth Planning
Stonehage Fleming Wealth Planning provide integrated planning and investment advice focused on the needs of UK resident and domiciled, deemed-domiciled clients.
What is wealth planning?
Kate Boswell and Matthew Brown on helping individuals and families articulate a strategy for their wealth
KB: In its simplest sense, Wealth Planning is about helping individuals and families to articulate a vision for their wealth and then implement the component parts of it. To be a good wealth planner you need to be a strategist – starting by understanding the big picture before drilling down into the individual technical aspects of a client’s affairs.
MB: Wealth planning is about understanding where our clients are currently, where they want to be and then understanding if their affairs are arranged in the most appropriate way to get them efficiently from A to B.
At what point do people tend to come to you for advice?
MB: Rarely, someone will come to us who simply has a sense that their wealth is at a level where they need professional advice. Usually, however, there is a trigger - be it a pension, investment or tax question. However, to deal effectively with the specific issue, we have to look at the broader picture to understand the context of the question asked. Having ascertained a client’s wider financial position, we can often add much more value in many areas of their wealth planning.
How to you get to grips with individual client requirements?
KB: I often ask new clients what sort of help they feel they need, because I think it is important to make sure that the role we play for our clients adds genuine value to their situation. Making the initial process as consultative as possible ensures that.
We’re also very good at being nosy! Really understanding a client means more than knowing their financial ins and outs – it means understanding what motivates them and what genuinely matters to them. Only once you know this can you say that you act as their trusted adviser.
MB: First we want to know about the nuts and bolts - assets and liabilities, income and expenditure. Wealth is only important relative to what you spend. But we also have to know a client’s objectives. Understanding what someone wants to achieve is fundamental to wealth planning. We also ask a client what keeps them awake at night. Those three things - understanding where someone is, financially, what they want to achieve and what concerns they have - form the basis of a strategic plan.
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Stonehage Fleming denotes that a company is a member of the Stonehage Fleming Family and Partners Group. The information in this article does not constitute an offer or a solicitation and is provided for information purposes only to describe the services offered by Stonehage Fleming and not as the basis for any contract for the purchase or sale of any investment product or service. Investments can fall as well as rise and investments and products mentioned in this presentation may not be suitable for everyone. This article does not take into account the individual circumstances, needs or objectives of the recipient. We do not intend for this information to constitute advice and it should not be relied on as such to enter into a transaction or for any investment decision. Stonehage Fleming Wealth Planning accepts no liability for any action you may take or omit to take as a result of this article. It is not the intention to make our services available in any territories where to do so would be unlawful. Stonehage Fleming Wealth Planning Ltd is authorised and regulated by the Financial Conduct Authority in the UK. © Copyright Stonehage Fleming 2019. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, recording, or otherwise, without prior written permission.