What is wealth management?

Wealth Management is an investment advisory service that combines other financial services to address the needs of wealthy clients. Through a consultation process, the advisor obtains information about the client's wishes and the specific situation, and then designs a personalized strategy that uses a range of financial products and services.

What is wealth management?

Wealth Management is an investment advisory service that combines other financial services to address the needs of wealthy clients. Through a consultation process, the advisor obtains information about the client's wishes and the specific situation, and then designs a personalized strategy that uses a range of financial products and services. Wealth management is the highest level of financial planning services. It typically includes comprehensive investment management along with financial advice, tax guidance, estate planning, and even legal assistance.

In fact, many private wealth managers will coordinate with other financial experts, such as accountants or estate planning specialists, on behalf of clients, to offer comprehensive financial advice. Wealth Management is a type of financial advisory service for accredited investors and others with high net worth. wealth managers provide advice on investments, estate planning, taxes, and anything else that can help increase a client's wealth. In general, wealth management involves coordinating all the moving parts of a client's financial position into a comprehensive wealth plan.

There are many roles in wealth management and counseling, but managing and leveraging customer relationships to identify and deliver business development opportunities are fundamental skills for all of them. A wealth manager should be able to assist you with all your financial planning needs, including, for example, managing the tax ramifications of business revenues and creating a donor-advised fund for your charitable contributions. Wealth management can be considered as a comprehensive service focused on giving a holistic view of the client's financial landscape, including services such as investment management, financial planning, tax planning and estate planning. While it is common for a wealthy person to sit down with a wealth manager to address a particular need (e.g.

investment management), the primary goal of the advisory wealth manager is to understand the individual and find out what is important and why. It is a discipline that incorporates wealth structuring and planning to help grow, preserve and protect wealth, while passing it on to the family in a fiscally efficient manner and according to their wishes. Or if you prefer all your wealth and financial planning to be done through a single company, you should look for large institutions. A wealth manager could create a holistic financial plan that takes into account each of those needs, either by himself or with an outside counsel.

The term “wealth management” is used extensively, in the boardrooms of private client firms, in commercial and conventional items and by financial advisors vis-à-vis clients. Each client's needs and situation are different, and good wealth advisors will adapt their advice accordingly. Importantly, every part of a client's financial landscape, whether tax planning or wills and estates, is coordinated to protect the client's assets. Wealth management is the consultative process to meet the needs and desires of wealthy customers by providing the right financial products and services.

Generally, people with large amounts of wealth need more services to manage their assets than people with less wealth. Some wealth advisory firms have both CFP and CPA on staff that can work together to help you manage your entire financial picture. A wealth management office would not only invest these funds in a discretionary account, but would also provide the will and trust services needed to minimize taxes and plan estate.

María Hilfiker
María Hilfiker

Beer ninja. Wannabe zombie maven. Extreme food expert. Alcohol buff. Extreme music evangelist. Incurable burrito ninja.