Wealth Management
Wealth management combines investment management with broader financial services such as financial planning, tax considerations, estate and succession planning, and risk management. It typically serves high-net-worth and ultra-high-net-worth individuals and requires a holistic understanding of a client’s financial situation, objectives, and regulatory environment. Wealth managers are expected to act in the client’s best interest while ensuring suitability, transparency, and ongoing oversight.
Private banking, wealth advisory
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Examples
A wealth manager works with a high-net-worth client to understand their assets, income, liabilities, investment goals, and risk tolerance. Based on this information, the wealth manager develops and implements an investment strategy, provides ongoing advice, and reviews the client’s portfolio over time. The relationship may also include coordination with tax advisors, legal counsel, and other professionals to ensure the client’s wealth is managed consistently and responsibly.
FAQ
What does a wealth manager do?
A wealth manager provides a wide array of financial services, depending on the client’s specific needs. This can include investment planning, financial planning, tax optimisation, retirement planning, risk management, and so on.
Who needs a wealth manager?
Wealth management is typically utilized by upper-middle class and high-net worth individuals. This is because they require more complex financial planning and investment strategies to maintain and grow their wealth over time.
What is the difference between wealth management and financial planning?
While similar, wealth management and financial planning differ in scope. This is because wealth management is a holistic approach. Namely, financial planning is only one part of wealth management, which can also encompass investment management, tax strategies, estate planning, and risk management.
