What Is Health Management and How Does It Work?
Assisting the clients, their families and their business ventures in the integration and financial strategies of the wealth that they are going to accumulate in their lives is what wealth management is all about. In dealing with your finances in a confusing and unstable financial world, it is best to ask the assistance of an expert in wealth management to guide you and help you. In order for you to achieve your objectives, we have prepared a personal financial plan and a foundation for you.
Although the term wealth management has become very popular, the answer to the question what is wealth management is not unclear to all. Wealth management and financial planning are two alike terms. Both are able to help clients in reaching their decisions and goals for the business. There is a unique way to distinguish financial planning from wealth management and that is through their clients. Wealth managers are professionals needed by high-net worth individuals, small business owners and even families to help them with their estate planning, legal resources, accumulation of wealth, protection of properties as well as its distribution.
Are high-net worth individuals really able to make a difference between financial planning and wealth management? To make you understand further, you can think of a wealth manager as your medical surgeon while considering the financial planner to be your family doctor. In other words, the wealth manager gets the more complicated task. High-net worth individuals consider estate planning, legal resources, managing of taxes and investment management as very different things. High-net worth clients also consider social security benefits, retirement plans and succession plans different, although they probably do not need these retirement proceeds.
Indeterminately you have to be able to know who these high-net worth clients are. There is no general agreement in the industry regarding that matter. Many place it in the $5 to $10 million range while others place it in the $1 million or more range.
With all these said, what exactly is the job description of a wealth manager?
Being in the wealth manager position is just like being in other occupations like financial planners, investment advisors as well as financial advisors. Their work is composed of communication with the clients, identification of goals, and making a plan on how these goals can be achieved.
The clients of the wealth managers have a lot to do and needs more attention that is why they are fewer in number compared to the clients that the financial planner and financial advisor have. It is very important to put the clients needs and demands first if you are a wealth manager so that you can assure the security of their wealth. After analyzing all the information including the contributing factors, the wealth manager should then develop a plan on solving these problems.