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Finance from A to Z: Week 23 (W)

Finance from A to Z: Week 23 (W)

It goes without saying that having money offers you access to the world's limitless joys as well as the peace of mind that comes from not having to labor nonstop to support a happy, healthy, and profitable lifestyle. You have more time and financial flexibility to seek your pleasure. Having stated that, what happens when you eventually get wealthy? This week's installment will examine the fundamentals of wealth management.

W stands for Wealth Management!

What Is Wealth Management?

Wealth management is generally known as an investment advisory service that delivers a full range of financial services and products to an affluent client in a consultative way. The process is consultative-the advisor gleans information about the client’s wants and specific situation, then tailors a personalized strategy that uses a range of financial products and services. With that said, these personalized strategies are often of a holistic nature meant to cover a wide range of services including investment advice, estate planning, retirement, tax planning and estate planning. A wealth manager can, in theory, provide every single financial product in existence, but the reality is that most wealth managers specialize in services and products they feel most comfortable with. The upside to this is the fact that there exists a plethora of advantages, supported by research, that are derived from the usage of investment oriented wealth managers. So, what exactly do wealth managers do?

A wealth manager is a certified professional who provides financial advice and services to clients who need wealth management help. They are a licensed financial professional who typically provides a comprehensive range of services with the goal being to help clients grow and preserve their wealth over the long term. With that said, successful wealth management does not necessarily mean one is required to utilize the services of a wealth manager or financial advisor; wealth management can also be the process of making decisions about your assets independently. So long as the overarching goal of wealth management— achieving financial security and growing and protecting your wealth—is accomplished, the means of doing so does not really matter. 

Types of Wealth Management Services

There are an abundance of wealth management services available, so we’ll just cover the notable few:

  • Investment management. Together with you, a wealth manager will develop an investing strategy that is tailored to your goals and degree of risk tolerance. If the manager is a licensed investment advisor, they may also choose and manage investments on your behalf in exchange for an annual fee.
  • Financial planning. You may create a financial plan with goals for saving, investing, and spending with the assistance of a wealth manager. The manager can also assist you with retirement planning, college savings, and other significant life events. As your circumstances change, you can regularly review these strategies.
  • Tax advice. A wealth manager may offer guidance on how to organize your money so that your tax burden is as small as possible. This is crucial if you run your own business or have several sources of income.
  • Estate planning. You may create a plan for what will happen to your possessions when you pass away with the aid of a financial manager. This can entail choosing beneficiaries and establishing a will or trust.

Is wealth management for you?

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. 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 you with your financial needs. Other experts you interact with on a daily basis may also be able to.

That’s all for this week! Thank you for reading, and see you in the next one!

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