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Since the enactment of the Trustee Act 2000, charity trustees have been required to review their professional advisors on a regular basis.
There is no expectation that this means a regular change, but it is incumbent on trustees to record that a process exists and is followed.
A periodic complete reappraisal can be beneficial to the investor and the investment manager.
The investor has the opportunity to consider new investment opportunities and strategies.
The investment manager gains the certainty that the investment strategy is current for the investor's needs and is well articulated.
Private Wealth may be invested through a number of structures ranging from personal portfolios to ISAs and PEPs, self-managed pension plans (SIPPS or SSAS), trusts and investment companies.
Families may wish to establish an overarching strategy for all family assets.
More typically different portfolios will develop different investment strategies reflecting the needs of beneficiaries, current tax treatment and tax planning issues.