First Samuel Limited

Professionals of all sorts tend to have 6 reasons for not being good wealth managers

A late start

By the time you have finished professional training you are typically in their middle or late thirties. You probably have a young family for whom to provide, student or other training debt to pay off and perhaps have borrowed funds to invest in a practice or practice premises. Hence your surplus investible funds occur later.

Business debt

It costs money to make money. As noted above, you have probably borrowed to fund your qualifications, training and perhaps to invest in a practice or practice premises.

Time poor

You probably work a ten- to twelve-hour day. You do not have the time and energy left to undertake proper wealth management. Wealth doesn't happen - it takes time and focus.

Financially naive  

You are smart. You have to be smart to undertake the training that you have done. And have to be smart to manage all of the issues along the way. But just because you can self-manage your wealth doesn't mean that you should. Wealth management embraces a range of strategic, investment and administrative skills. You cannot be an expert in all things.  

Trusting of colleagues

You spend a great deal of time in the company of others in your profession. And hence you may be inclined to listen to their personal investment successes. And the tips they give you. But you probably hear only of the winners. And also enjoy the thrill of making important decisions. But that is not wealth management.  

Confuse price with value

You step out of your professional role and look for what you see as good value. But too often you look only at price. In the same way as cut-price professional fees is unprofessional, so too is cut-price wealth management. Buying on the basis of the lowest cost is foolish buying. Look for the best value.

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