Before we explain what is Wealth management? It is quite essential to know the meaning of these two terms Wealth and Management.
What is Wealth?
Basically wealth is an abundance of variable material resources. The meaning of wealth is not straightforward. Wealth is basically a person's net worth. Wealth can be explained as assets minus liabilities.
What is Management?
Management is the art of getting the work accomplished by the efforts of other persons and factors. Management involves Planning, Organizing, Staffing, Controlling, Directing an organization.
What is Wealth Management?
Wealth Management is a discipline that incorporates financial planning, Investment portfolio management and a number of financial services. It is a professional service it can also encompass all parts of a person's financial life. Wealth management is done by wealth managers. Wealth managers can be MBAs, CFAs, certified financial planners or any credentialed professional money manager who works to enhance the growth and income. Investors must have already accumulated a proper amount of wealth for wealth management strategies to be efficient and effective. It can be provided by large company entities, independent financial advisers or multi-licensed portfolio managers. Their services are designed to focus on high-net worth customers. Wealth Managers use their experience in estate planning, risk management and legal specialists, to manage the holdings of high net worth client. Wealth managers must contain a current profile of client holdings.
Wealth management is an integrated process for helping clients manage their wealth. It involves huge a wide range of services and the services depend upon each investor but the condition is that services should include investment management, financial planning, retirement, Estate planning, tax planning, debt management and cash flow. It is based on the long term relationship with the customer.
It results in deeper customer relationship which leads to increased profitability and more client referrals. Wealth management offers wealth managers the opportunity to cross-sell a huge range of services and products to each customer as appropriate. Wealth management is an emerging sector.
Role of Your Wealth Manager
The Diagnosis - Risk Profiling
We assess your investment goals and future requirements and also determine your propensity for risk. Thus providing you with options that are best suited for you.
The Prescription - Asset Allocation
The Prescription - Asset Allocation Keeping your risk profile in mind, we draw up a personalized, practical financial plan. Thereby, allocating products based on your needs and expectations.
The Assessment - Investment Monitoring
The Assessment - Investment Monitoring With regular and timely updates, we keep you informed of the developments in your portfolio. This regular "Wealth Check-Up" helps you to assess portfolio performance on an ongoing basis.
The Follow-ups - Portfolio Rebalancing
The Follow-ups - Portfolio Rebalancing Keeping track of the latest market trends and information, our experts help you rebalance your portfolio. Ensuring that you maximize returns while minimizing potential risks.