Global financial institution providing wealth management, asset management, and banking solutions for affluent individuals.
I was sold a vision of bespoke wealth management but what I received felt more like a standardised service with a premium price tag. My so-called personalised portfolio looks suspiciously similar to their model portfolios. Returns have been below benchmark. Currently considering switching to a different provider.
Pros: Initially impressive onboarding
Cons: Standardised service at premium price, below-benchmark returns
The advice from Northern Trust is sound and well-researched. However, the total costs including management fees, fund charges, and platform fees add up to more than I expected. Performance has been decent but after fees, the net return isn't dramatically different from what I could achieve with low-cost funds.
Pros: Professional advice, well-researched recommendations
Cons: Total costs reduce net returns significantly
Northern Trust provided a holistic financial plan covering investments, tax planning, estate planning, and pension consolidation. Everything is integrated and makes sense as a complete picture. My portfolio has performed well and the tax savings alone have more than covered the advisory fees.
Pros: Holistic planning, tax efficiency, good portfolio returns
Cons: Annual fee is premium but justified
My wealth manager at Northern Trust has been invaluable. They took the time to understand my financial goals, risk tolerance, and life circumstances. The investment strategy they built is tailored to my needs, not a one-size-fits-all model. Regular reviews keep everything on track. Worth every penny of the management fee.
Pros: Truly personalized service, tailored strategies, regular reviews
Cons: Higher minimum investment required