Wealth managers typically coordinate estate planning, legal and tax advice, and investment portfolios for high-net-worth individuals, while concierge companies are more likely to be involved in arranging support and advice from experts in more domestic affairs such as travel and education. However, Tutors International have remarked on a noticeable blurring of the lines between concierge and wealth management organisations, with wealth management often being provided as a branch of a client’s one-stop advisory service.
Tutors International, provider of full-time private tutors and travelling tutors, reported an increased number of enquiries for private tuition from wealth managers on behalf of their clients. The wealth managers extend their services beyond financial and investment management and into lifestyle and domestic affairs.
“Wealth Managers are often in a position to appreciate the non-work stresses of their clients, such as academically-failing children or those with learning difficulties, or stressful exam preparation, for example. Being able to recommend professionals of standing who have a track record of successful management of these things means that the client can spend less time worrying about them, safe in the knowledge that they have the best possible help", said Adam Caller, founder and director of Tutors International.
“Not only does this help the client maintain and grow his or her wealth without so much distraction, but it shows that the wealth manager takes a sensible and helpful interest in the overall well-being of their client.”