Wealth Management
Candlefocus EditorWealth management integrates asset management, tax planning, retirement planning, estate planning, and other services. The ultimate objective is to create a comprehensive plan that best meets the needs and goals of a high-net-worth individual. Wealth management is often provided by a team of professionals which can include financial advisors, financial planners, estate planning professionals, tax advisors and insurance specialists. Many wealth managers also include access to dedicated bankers that provide custom tailored banking services for their clients.
Wealth managers differ from traditional financial advisors and planners in that they are typically compensated in one lump sum instead of the fees that are commonly associated with the traditional services. This setup gives the client and advisor more time to become better acquainted and better understand the client’s needs and objectives. Wealth managers have access to more services and investments than traditional advisors, which allows them to more fully customize plans for their clients.
Wealth management enables wealthy individuals to develop a financial plan that meets their individual needs. It is a service that is tailored to focus on each client’s long-term financial goals, their personal risk tolerances, and their current situation. Building a financial plan that incorporates all of the client’s financial goals and needs can help them achieve a sound financial future. By working together with a wealth management advisor, individuals can gain the advice, guidance, and expertise necessary to make well-informed decisions on their personal finances.