High-net worth individuals are huge fans of this and rely on it to manage their money and plan for their current and future needs. Yes, that’s called wealth managing!
Wealth management entails more than just investment advice, andencompass all aspects of an individual’s financial life. To know more about how the celebrities and other big names manage their dearth of money, despite having such a hectic lifestyle, read on. In this blog,you will get a detailed introduction to wealth management, and a sneak-peek inside the lives of wealth managers.
What is wealth management?
Wealth management is an investment advisory service that combines the services provided by all financial sectors to address the needs of potential customers. It is a consultative process where the advisor gives information about the client's requirements and constructs a bespoke strategy. All this is done by employing a mix of appropriate financial products and services, utilizing the spectrum of all financial disciplines that are available.
Thus, wealth management involves the management of affluent clients’ wealth for a certain fee by providing services including:
o Financial and investment advice;
o Legal and estate planning;
o Accounting and tax service;
o Retirement planning.
Who is a wealth management advisor?
Wealth management advisors are hired by affluent individuals who are wealthy and possess a wide array of diverse financial needs. Wealth managers can choose direct employment at a firm dealing with investments may gain more knowledge in a particular area of market strategy. They can also choose to work at large banks, where they will get the opportunity to focus on areas such as the management of trusts and available credit options. This may also include overall estate planning or insurance options.
One of the strategies employed by wealth managers is the development of a plan that can maintain and increase the clients’ wealth. This is usually based on their financial situation, goals and comfort level with risk. Post-development of the original plan, wealth managersconducts regular meetings with clients to update goals, as well as review and rebalance the financial portfolio. They then investigate whether additional services are required, with the purpose of achieving the ultimate goal of being able to remain in the client’s service throughout their professional career.
Wealth managers may be employed as part of a small-scale business or a larger firm, but aretypically associated with the finance industry. Depending on the type of business, wealth managers may choose to work under different titles ꟷ Financial Consultant or Financial Advisor. Likewise, clients with varied requirements may receive the entire service from a single designated wealth manager or have access to members of a specialised wealth management team.
If you are interested to know more about this exciting field of financial management, take the leap to skyrocket your career advancement by opting a Wealth Management programme.