Wealth management is about taking care of all your financial needs together with those of your family; but the reality is that very few of us manage our finances as best we might. This is hardly surprising – the financial world is complex and fast-changing, with a myriad of choices available. Achieving a successful outcome means spending huge amounts of time researching those choices and options. And yet most of us have neither the time nor, it has to be said, the inclination to make the most of what is on offer.

The simple way out of this dilemma is, of course, to seek financial advice and, sensibly, many of us do just that. The problem is that much financial advice is too narrow, addressing the immediate need but failing to see the bigger picture. For example, if you ask for advice on investing tax-efficiently in an Individual Savings Account (ISA) you will probably get it.

What you don’t get, however, is a view on whether you would be better off putting the money into your pension plan or reducing your mortgage borrowing. Your financial situation is unique, so the core of wealth management should be a personal service and a long-term relationship with a chosen adviser, combining regular and comprehensive reviews of your personal finances.

Wealth management should provide a co-ordinated or holistic plan for all aspects of your affairs. Rather than sell you a financial product and never see you again, a wealth manager should be on hand throughout your life. For a successful relationship, you have to trust your wealth manager implicitly and there has to be empathy with your aspirations. Only in this way can you create a successful strategy for your financial affairs.