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What is wealth management?
The first thing that may come to mind when considering wealth management is the idea of a personal banker assisting a wealthy person in building a substantial amount of wealth. But all it really entails is managing investments for a variety of clients in order to provide them with higher returns. When wealth and money management are taken into account, they can help you reach your long-term financial objectives, such as buying the house of your dreams, funding your child's education, saving for retirement, and much more.
How does wealth management work?
The main goals of wealth management are improved investment returns and financial planning. This is how wealth management operates since the long-term preservation of funds is its guiding principle:
- The first step is for your wealth manager to understand your financial goals, time horizon, and risk appetite.
- The second step is to come up with a suitable plan for you. This involves suggesting the right strategies, products, and investments for you. The wealth manager also takes into consideration your liquidity concerns, tax liabilities, and current as well as past investments.
- The third step is to execute the plan. The money is invested in the financial instruments of your choice and your investment strategy is implemented
- The last step requires evaluating and modifying your plan from time to time, as per your changing needs.
What are the features of wealth management?
- Wealth management is tailor-made and client-specific. So, the products and investment types are suggested based on your preferences. Your risk appetite, timeline, liabilities, assets, etc., are kept in mind before devising a plan of action.
- The job of a wealth manager is not limited to advising alone. Instead, they offer several financial services, such as managing your wealth, finding opportunities to create more wealth, and revisiting your plans after periodic intervals.
- Wealth management involves using a variety of aspects to not only manage your wealth but also to align with your family’s needs. Some of the duties of a wealth manager include tax management, retirement planning (annuity plans), personal finance management, and insurance planning (term, health, endowment, unit-linked plans and more).
- Wealth managers are experts in specific fields of finance. So, they offer their professional expertise in many unique areas to create wealth.
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