Discretionary Management

If you wish to leave the whole business of investment selection and fund switching to someone else, a number of private banks and wealth management houses will run your portfolio for you. This is ‘discretionary management’ where you give them the discretion to make the investment decisions on your behalf to achieve agreed financial goals and you deal with a nominated manager.

As always, these services come at a cost – generally around 1 per cent pa extra charge but do ask about any expenses charged on top. The results from these services vary greatly and you should always ask for examples of their actual past performance.