It is important to manage it well to keep all in the family.
Your financial needs are different, so should the investment option be.
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12 SEPTEMBER, 2017
What is Wealth Management?
It is a common notion that wealth management is financial planning. However, financial planning is just a small part and there’s a lot more to wealth management.
The goal of wealth management is to sustain and grow long-term wealth. From an affluent person's standpoint, wealth management is a science of enhancing their financial situation in a strategic manner. It is a continuous investment-advisory process that is a combination of financial planning, investment portfolio management and a number of aggregated financial services.It offers several strategies and plans that allow individuals or companies to attain all possible financial goals in a systematic manner.
Wealth management is a continuous investment-advisory process that is a combination of financial planning, investment portfolio management and a number of aggregated financial services. It offers several strategies and plans that allow affluent individuals or companies to attain all possible financial goals in a systematic manner
The accredited financial advisory professionals who guide the high-net-worth individuals (HNIs), small-business owners or families with support in retail banking, estate planning vehicles, legal resources, tax management, business-succession or stock-option planning, risk management, investment management, etc are "Wealth Managers".
Importance of wealth manager
Wealth management is an important practice, but not all investors have adequate knowledge of wealth management. Most investors perceive wealth management process to be a smooth ride. This is very different in reality, of course. Markets do not move in a straight direction, and unexpected factors usually get in the way of savings. This is where the expertise of a wealth manager can be put to use.
Wealth managers take advantage of their experience and knowledge, and regularly update and change their client’s investment profile based on where they are in their life cycle, with respect to other surrounding factors.
By examining the historical patterns of the portfolios, wealth managers estimate all possible outcomes around the long-term average return. Here, they measure risk as a probability that you won’t meet your financial goals and consider investing with an exclusive objective of minimizing this risk. This way, risk management becomes a central part of wealth planning process, and the probability of not reaching financial targets gets more attention than short-term losses.
Benefits of wealth manager/management
The job of a wealth manager goes far beyond just helping clients identify potentially profitable stocks, bonds, mutual funds, or managing investments, etc. Below mentioned are some of the essential benefits of having a wealth manager…
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