If you have, or are considering appointing, one or more discretionary fund managers, it is important they understand your needs at outset and that your affairs are reviewed at regular intervals.
The fund manager needs to understand clearly your objectives so they can assess the level of risk to be taken and agree suitable targets. Equally important is to understand the tax position to ensure they are holding the right assets of the portfolio in the right tax wrapper to minimise liability to tax.
Once the portfolio is up and running it is then crucial to review the performance of the manager. This should be done against the objectives they were given and agreed, and against their peer group using appropriate benchmarks and indices.
Inflation can improve or ruin your financial plans
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