Does your money manager pass the Ofsted test? If it doesn’t add up, head for the exit
In the past year, many parents, including myself, have seen Ofsted downgrade their child’s school from “outstanding” to “good”. This is because Ofsted has actively chosen to make it harder for schools to get the top grade.
Raising the performance bar should apply to your investments too, especially if you’re one of the 2.4mn people in the UK who pay for wealth management.
A “mass affluent” person with the required £250,000 to £1mn or more needed to justify hiring a wealth manager is typically forking out 0.25 to 1 per cent of their investments each year in fees, with some firms charging as much as 2-2.5 per cent.
This story originally appeared on: Financial Times - Author:Moira O'Neill
