The wealth management firm is recently getting hyped as people start hiring wealth managers to manage comprehensive, holistic advice in a broad range of financial areas. Today Julio Herrera Velutini, Britannia Financial Group founder, are going to explain what wealth management is, how to works and do you really need a wealth manager and why?
So, without any further ado, let’s get to the topic right away.
What is Wealth Management?
A comprehensive service called wealth management helps mid- to high-net-worth customers build their fortune, control their exposure to liabilities, and come up with plans to transfer their wealth to the chosen heirs. As opposed to working with an adviser who is primarily focused on financial planning or investment management, wealth management services take a complete approach to the financial condition of higher-net-worth customers.
The following are some common services provided by wealth management companies:
Guidance and management of investments
Thorough financial planning
Accounting and tax planning services
Estate preparation
Planning philanthropically
Legal assistance
Retirement preparation
However, some of these services could be provided in collaboration with a third party. Among these, legal services come to mind.
What is the Process of Wealth Management?
The goal of wealth management is to meet each client's unique financial and life planning needs. The process begins with an interview with a wealth management adviser to talk about the client's financial condition, goals, risk tolerance, and any other relevant issues.
The wealth manager creates a customized plan for the client based on this conversation, which may also involve a thorough questionnaire. This plan will contain strategies to help the customers achieve their objectives and address their financial issues.
The adviser transfers the customer's assets to the firm and starts the investing process after developing the strategy and discussing it with the client. Typically, the adviser will touch base with the customer at certain intervals. Investments and goals will be examined and changed as appropriate at such sessions.
Do I really need a Wealth Manager?
Your financial circumstances, financial objectives, and level of financial skill all play a role in whether you decide to work with a wealth manager. You might not require the assistance of a wealth manager if you are clear about your objectives and confident in your capacity to select the goods and tactics that will help you increase and safeguard your money.
As per Julio Herrera financial guide, a wealth manager, on the other hand, might assist you in making wise financial decisions and offer guidance along the way if you encounter problems or have requirements that would benefit from expert advice.
Your accountant or lawyer, for example, may be able to offer advice on whether a wealth manager may assist with your financial needs. Other experts you interact with on a daily basis may also be able to.
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