Wealth management services cover a wide range of areas. These services are provided to high and ultra-net-worth individuals. They offer financial planning and investment management, as well as tax and estate-planning advice. They also provide services to corporations. The goal of wealth management is to maximize client's wealth.
Generally, the wealth manager's strategy should match the financial goals and risk tolerance of the individual. For instance, a wealth manager may steer clients away from high-risk, growth investments and towards safer, longer-term investments to preserve wealth and assets. However, high-net-worth individuals have more complex needs than those of regular investors.
For those with high-net-worth assets, wealth management services are a must. They can help you set up a trust for your children or grandchildren, or be a beneficiary of your parents' estate. Moreover, these services help minimize taxes and maximize income. In addition, they are invaluable for estate planning and can provide access to estate planning and real estate professionals.
A wealth manager will spend a significant amount of time talking with you about your financial situation. He or she will ask you about your goals, family background, and risk tolerance. They will then discuss various asset classes and the appropriate investments that are right for your goals. They will also discuss the options for selling assets that are not performing as well as expected.
Wealth management services can be provided by independent wealth management firms or multi-licensed portfolio managers. Large brokerage houses and banks have divisions dedicated to serving high-net-worth clients. These managers use their experience in risk management and estate planning to serve their clients. They may also partner with tax and legal professionals. In addition, some banks use advisory talent pools to aggregate the services of various professionals.
When looking for a wealth manager, it's vital to choose a firm that has a great reputation in the field. Moreover, the firm must possess the right licenses and expertise. Certified investment management analysts, certified financial planners and private wealth advisors are good options. Ask around to get feedback and recommendations from existing clients. You can also check their background and fee schedule.
Wealth management is not suitable for everyone. It's not limited to wealthy individuals, but the services provided by a wealth manager can improve your financial status. They can also help you increase the value of your investments. Alternatively, you can seek financial advice from a tax planner, who offers similar insight. In some cases, wealth managers specialize in specific financial services, like estate planning and investing.
Wealth managers typically serve high-net-worth clients, with assets of $1.5 million or more. In addition to offering investment advice, these professionals charge their clients fees based on the type of investment they recommend. The fees may include account set-up fees, annual retainer fees and commissions on specific trades. Wealth managers also develop customized plans based on their clients' goals and risk tolerances. Some wealth managers may even coordinate tax planning with retirement planning and financial projections.