Wealth Management

What’s Wealth Management?

Wealth management is an investment advisory service which joins other financial services to cover the needs of affluent customers. With a consultative process, the adviser gleans information regarding the customer’s needs and particular situation, and then tailors a personalized plan that utilizes a range of financial services and products.

A wealth management adviser or wealth manager is a sort of financial adviser who takes a wide perspective of available financial areas and services, such as investment and financial information, legal or estate planning, accounting, and tax services, and retirement planning, to handle an affluent customer’s riches for one set fee. Various advisors have different procedures for structuring their charges. Clients that need comprehensive wealth management services and expect to set a long-term relationship with a financial adviser often work under a fee-only or an assets under management (AUM) agreement with their advisor.

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Understanding Wealth Management

Wealth management is more than just investment advice: It can encompass all parts of a individual’s financial life. Rather than trying to incorporate pieces of information and various goods from several professionals, high net worth individuals are more likely to benefit from a holistic approach. In this process, one manager coordinates all services required to handle their money and plan for their own or their family’s present and future needs.

Many wealth managers can provide services in almost any part of their financial area, but some choose to concentrate in particular areas. This may be dependent upon the expertise of a particular wealth manager, or the principal focus of the company where the wealth manager functions.

In certain cases, a wealth management advisor might need to coordinate input from external financial experts in addition to the customer’s own service professionals (as an example, an attorney or accountant) to manage the perfect strategy to benefit the customer. Some wealth managers also offer banking services or guidance on philanthropic activities.

A wealth management adviser needs affluent individuals, but not all wealthy individuals require a wealth management advisor. This support is generally appropriate for wealthy people with a broad variety of diverse needs.

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KEY TAKEAWAYS

  • property management is an investment advisory service which combines other financial services to cover the needs of affluent customers.
  • A wealth management adviser is a high-level specialist who oversees an affluent customer’s wealth holistically for one set fee.
  • This support is generally appropriate for wealthy people with a broad variety of diverse needs.

Wealth Management Example

Those wealth management advisors in the direct use of an investment company may have more knowledge in the field of market plan, while people who work for a large bank may concentrate on the management of trusts and available credit options, general estate planning or insurance choices. The position is considered consultative in character, as the main focus is providing needed guidance to people using the wealth management services.

Wealth Management Business Structures

Wealth managers may work within a small company or as part of a larger company, one generally linked to the finance market. Based on the company, wealth managers may function under different names, including financial advisor or financial advisor. A customer may receive services from one designated wealth manager or might have access to members of a specified wealth management group.

Fees for a Wealth Manager

Advisors can charge for their services in a lot of ways. Some work as fee-only advisers and charge a yearly, hourly, or flat fee. Some work on commission and are compensated through the investments they sell. Fee-based advisors make a combination of a fee plus commissions on investment goods offered.

A survey of almost 1,000 advisers finds that the median advisory fee up to $1 million of assets under management is 1 percent. But many advisers charge more, particularly on smaller account balances. People with larger balances can often pay considerably less, with the median AUM fee in fact declining as resources increase.1

Credentials for Wealth Managers

You need to check the credentials of a professional to determine which designation and training may best meet your needs and situation. The top three specialist adviser credentials are Certified Financial Planner, Chartered Financial Analyst, and Personal Financial Specialist. Many websites for professional certifying organizations permit you to vet if a member is in good standing or has had disciplinary actions or complaints.23

FINRA, the financial sector regulator, has a tool which explains professional designations. You can also see if the issuing organization requires continuing education, takes complaints or has a way for you to confirm that holds the credentials.4

Strategies of a Wealth Manager

The wealth manager begins by creating a program that can maintain and increase a customer’s wealth based on that person’s financial situation, goals and comfort level with risk. Following the original plan is designed, the supervisor meets regularly with customers to upgrade goals, review, and rebalance the financial portfolio, and investigate whether additional services are necessary, with the ultimate aim being to stay in the customer’s service during their lifetime.

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