5 things you need to know about chartered wealth management

How good are you at saving money? Probably not as good as you’d like to be, judging from the results of a poll recently reported by The Telegraph; apparently, many parents secretly dip into their offsprings’ piggy banks.

A white piggy bank for saving money

Alternatively, maybe you have enjoyed great financial success but still handle your money in a haphazard manner. Through using chartered wealth management, you could make such disorganisation a thing of the past. Here are several reasons why.

Arranging for your money to be managed in a more careful way can help you to avoid needlessly frittering away much of your wealth. Money that would otherwise be wasted can instead go towards, for example, helping your children through university or ensuring a more comfortable retirement for yourself. All of that can come closer to reality when your money is handled through a wealth management service tailored to meet your particular requirements.

There’s a key difference between chartered and unchartered

What is the difference between wealth management and chartered wealth management? Basically, that the latter is provided by a chartered company. This means that the financial planning business Partridge Muir & Warren is a provider of chartered wealth management, as the company is a member of the CII – this is the Chartered Insurance Institute. This is clear from the ‘Financial Planners: CII Chartered’ badge on the homepage of the Partridge Muir & Warren website.

More specific implications of chartered status

There are various titles that the CII bestows on individuals or organisations that have earned chartered status from this professional body. A range of these titles are detailed on the CII’s website.

Piles of pound coins

However, if we return to the example of Partridge Muir & Warren, we can see that this company has been given one of the CII’s Corporate Chartered titles. The ‘Financial Planners’ title indicates that the firm has employees who hold professional qualifications and comply with the CII’s ethical code of conduct. The company is also indicated as committed to professionally developing employees.

Portfolios of many different sizes can be catered for

Whatever company you seek a chartered wealth management service from, make sure that you are within its target client base. While services in this bracket might be commonly used by households with portfolios worth about £600,000, you shouldn’t feel disheartened if your own portfolio’s starting value is as low as £100,000; you might come across a company that will consider supervising such a portfolio provided that additional assets are likely to be later introduced.

You can help counter problems arising from inflation

In May, UK inflation reached a four-year peak, as the Express has reported. This wasn’t convenient for people whose incomes were fixed; pensioners a good example.

While the state pension does grow with inflation, retirees still need to discern how they can prevent rising living costs cutting away at their other income streams. Chartered wealth management delivered by Partridge Muir & Warren can help them do this; the company’s website has comprehensive details about how.

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