Wealth Management; Nowadays It is a popularly used set of words, a vast majority of the people thinks it is only for the wealthy people, but without their knowledge, they are dealing with a wealth management company or a wealth manager in their day to day life.
According to Wikipedia, wealth management is “an investment-advisory discipline which incorporates financial planning, investment portfolio management and a number of aggregated financial services”. High-net-worth individuals (HNWIs), small-business owners and families who desire the assistance of a credentialed financial advisory specialist call upon wealth managers to coordinate retail banking, estate planning, legal resources, tax professionals and investment management”
Sounds technical? not at all, you will be able to explain to anyone about what is wealth management after reading this short read.
it is very straightforward. In simple terms, wealth management is an art of enhancing an individual’s financial situation. From the Wealth manager’s perspective, wealth managing is the skill of a consultant or advisory team to provide a vast range of financial services and products to client in a counselling way.
Why you should have a wealth manager?
A good wealth manager will understand your financial situation and your goal; he will propose you the best financial medium in existence based on your capacity of risk-taking. Theoretically, a wealth manager can provide every single financial product in presence. In a practical market condition, wealth managers have different specialization such as stocks, asset & real estate etc.
As I told before, your personal banker is a wealth manager to you, your insurance advisor is a wealth manager to you and your loan officer is a wealth manager to you. It’s not a must you have to be a high net worth individual to have wealth manager.
You can find a lot of wealth managers and wealth management Companies in this paradise isle, make sure to select a trustworthy and knowledgeable wealth manager to advise you based on your risk appetite, trust me, you will see a drastic difference in your wealth position
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