IFA/ Wealth management query

Kirkmain

What size of estate (property, stock, cash, chattel) is considered large, and would be worth engaging with a wealth management advisor?

Also how do they charge. Is it a fixed cost per advised or is it calculated as percentage of the estate value they are being asked to manage?

thank you

HappyHarry

Kirkmain said:

What size of estate (property, stock, cash, chattel) is considered large, and would be worth engaging with a wealth management advisor?

Also how do they charge. Is it a fixed cost per advised or is it calculated as percentage of the estate value they are being asked to manage?

thank you

You should be using an Independent Financial Adviser, who may or may not be a Wealth Management company.

It varies from IFA to IFA what size of assets they would advise on. Typically £250,000 plus though there is a huge variance depending on the company you end up speaking to.

IFAs will do both charging structures. Speak to some and find one that fits your style.

eskbanker

Kirkmain said:

What size of estate (property, stock, cash, chattel) is considered large, and would be worth engaging with a wealth management advisor?

It may depend on what you're hoping to achieve, e.g. to what end would you wish to include your home and chattels in any assessment?

Kirkmain

eskbanker said:

Kirkmain said:

What size of estate (property, stock, cash, chattel) is considered large, and would be worth engaging with a wealth management advisor?

It may depend on what you're hoping to achieve, e.g. to what end would you wish to include your home and chattels in any assessment?

sorry wasn't clear, properties are BTL investment properties and commercial rents. Not the house I live.

I guess to maximise disposable income in the time I have left, but also to leave as much as possible to my descendents without incurring IHT

eskbanker

Kirkmain said:

eskbanker said:

Kirkmain said:

What size of estate (property, stock, cash, chattel) is considered large, and would be worth engaging with a wealth management advisor?

It may depend on what you're hoping to achieve, e.g. to what end would you wish to include your home and chattels in any assessment?

sorry wasn't clear, properties are BTL investment properties and commercial rents. Not the house I live.

I guess to maximise disposable income in the time I have left, but also to leave as much as possible to my descendents without incurring IHT

Fair enough, sounds like you'll have more than enough assets to warrant engaging an IFA then!

jimjames

Kirkmain said:

eskbanker said:

Kirkmain said:

What size of estate (property, stock, cash, chattel) is considered large, and would be worth engaging with a wealth management advisor?

It may depend on what you're hoping to achieve, e.g. to what end would you wish to include your home and chattels in any assessment?

sorry wasn't clear, properties are BTL investment properties and commercial rents. Not the house I live.

I guess to maximise disposable income in the time I have left, but also to leave as much as possible to my descendents without incurring IHT

IFAs don't generally advise on BTL so unless you're planning on selling them you might not actually get much benefit. Most IFAs will do a free initial conversation so maybe worth speaking to some first

Kirkmain

jimjames said:

Kirkmain said:

eskbanker said:

Kirkmain said:

What size of estate (property, stock, cash, chattel) is considered large, and would be worth engaging with a wealth management advisor?

It may depend on what you're hoping to achieve, e.g. to what end would you wish to include your home and chattels in any assessment?

sorry wasn't clear, properties are BTL investment properties and commercial rents. Not the house I live.

I guess to maximise disposable income in the time I have left, but also to leave as much as possible to my descendents without incurring IHT

IFAs don't generally advise on BTL so unless you're planning on selling them you might not actually get much benefit. Most IFAs will do a free initial conversation so maybe worth speaking to some first

Even if the mortgage is fully paid off and its essentially an asset that brings in passive income? 

eskbanker

Kirkmain said:

jimjames said:

Kirkmain said:

eskbanker said:

Kirkmain said:

What size of estate (property, stock, cash, chattel) is considered large, and would be worth engaging with a wealth management advisor?

It may depend on what you're hoping to achieve, e.g. to what end would you wish to include your home and chattels in any assessment?

sorry wasn't clear, properties are BTL investment properties and commercial rents. Not the house I live.

I guess to maximise disposable income in the time I have left, but also to leave as much as possible to my descendents without incurring IHT

IFAs don't generally advise on BTL so unless you're planning on selling them you might not actually get much benefit. Most IFAs will do a free initial conversation so maybe worth speaking to some first

Even if the mortgage is fully paid off and its essentially an asset that brings in passive income? 

I suspect that the point was that IFAs are unlikely to offer advice relating to buying BTLs, but in the context of designing a decumulation and IHT planning strategy then existing assets and income streams can't really be ignored....

dunstonh

Kirkmain said:

jimjames said:

Kirkmain said:

eskbanker said:

Kirkmain said:

What size of estate (property, stock, cash, chattel) is considered large, and would be worth engaging with a wealth management advisor?

It may depend on what you're hoping to achieve, e.g. to what end would you wish to include your home and chattels in any assessment?

sorry wasn't clear, properties are BTL investment properties and commercial rents. Not the house I live.

I guess to maximise disposable income in the time I have left, but also to leave as much as possible to my descendents without incurring IHT

IFAs don't generally advise on BTL so unless you're planning on selling them you might not actually get much benefit. Most IFAs will do a free initial conversation so maybe worth speaking to some first

Even if the mortgage is fully paid off and its essentially an asset that brings in passive income? 

So, what would you need an IFA for?

Kirkmain

dunstonh said:

Kirkmain said:

jimjames said:

Kirkmain said:

eskbanker said:

Kirkmain said:

What size of estate (property, stock, cash, chattel) is considered large, and would be worth engaging with a wealth management advisor?

It may depend on what you're hoping to achieve, e.g. to what end would you wish to include your home and chattels in any assessment?

sorry wasn't clear, properties are BTL investment properties and commercial rents. Not the house I live.

I guess to maximise disposable income in the time I have left, but also to leave as much as possible to my descendents without incurring IHT

IFAs don't generally advise on BTL so unless you're planning on selling them you might not actually get much benefit. Most IFAs will do a free initial conversation so maybe worth speaking to some first

Even if the mortgage is fully paid off and its essentially an asset that brings in passive income? 

So, what would you need an IFA for?

I'm getting a bit old to be stressing about dealing with agents and tenants and property upkeep. I don't know what's round the corner. I wany my descendents to be able to benefit from my wealth

Albermarle

Kirkmain said:

dunstonh said:

Kirkmain said:

jimjames said:

Kirkmain said:

eskbanker said:

Kirkmain said:

What size of estate (property, stock, cash, chattel) is considered large, and would be worth engaging with a wealth management advisor?

It may depend on what you're hoping to achieve, e.g. to what end would you wish to include your home and chattels in any assessment?

sorry wasn't clear, properties are BTL investment properties and commercial rents. Not the house I live.

I guess to maximise disposable income in the time I have left, but also to leave as much as possible to my descendents without incurring IHT

IFAs don't generally advise on BTL so unless you're planning on selling them you might not actually get much benefit. Most IFAs will do a free initial conversation so maybe worth speaking to some first

Even if the mortgage is fully paid off and its essentially an asset that brings in passive income? 

So, what would you need an IFA for?

I'm getting a bit old to be stressing about dealing with agents and tenants and property upkeep. I don't know what's round the corner. I wany my descendents to be able to benefit from my wealth

So you are thinking about selling up the BTL's and want advice on how to handle the proceeds along with your other assets?
From your other threads I think you have quite a high wealth value.
Also from other threads a 'normal' IFA should be OK to handle funds up to say £3 Million ?? Above that may need some more specialised knowledge, depending on exact circumstances.