Illustration (Source: Aurochsfinancial)
Wealth Management
Concept
Wealth Management roughly translates to wealth management.
It is an investment advisory service that combines other financial services to address the needs of wealthy clients.
This is a consulting process whereby the advisor will learn about the client’s wishes and meet the need by developing a specific strategy using financial products and services. Fit.
A wealth management advisor/wealth manager is a type of financial advisor.
Wealth management advisors use a range of pre-existing financial disciplines, such as financial and investment advice, legal or estate planning , accounting, and tax services. , and retirement plans, to manage the wealth of wealthy clients for a set fee.
The practices depending on the country you are in.
Understanding Wealth Management
There are more than just investment advice, as it can cover all parts of a person’s financial life.
The idea is that instead of trying to integrate different advice and products from a range of experts, HNWI high net worth individuals benefit from a holistic approach.
In which only one manager will coordinate all services needed to manage money and individually plan for the current and future needs of the client or the client’s family.
Although the use of an asset manager is based on the theory that the advisor can provide services in any aspect of the financial sector, some specialize in specific areas. body.
This may be based on the asset manager’s expertise or the central aspect of the business in which the asset manager operates.
Under certain circumstances, an asset management advisor may have to coordinate input from outside financial professionals as well as the client’s own staff (attorneys, accountants, etc.) develop optimal strategies to bring benefits to customers.
Some wealth managers also offer banking or philanthropic advice.
A wealth management advisor needs wealthy individuals, but not all wealthy individuals need an advisor. This service is usually suitable for wealthy individuals with diverse needs.