Covering the basics of wealth management

More than just a premiere source of investment advice, wealth management has the capability to encompass all parts of an individual’s financial life. It is referred to as a high-level professional service, combining financial and investment counseling, retirement planning, accounting and tax services, and legal or estate planning for a single set fee. 

Image source: medium.com

A client works with one wealth manager whose job is to coordinate input from financial experts, and may also include coordinating advice from their client’s personal attorney, accountants, and insurance agents. Other wealth managers deliver banking services or guidance on philanthropic pursuits. The concept for this type of service is to consolidate pieces of advice and different products provided for by a series of professionals into a single wealth manager. High net worth individuals benefit from this holistic approach. 

All the services needed to manage a client’s wealth are rolled into one, and it presents an advantage in planning and managing money to plan for a client and their family’s current and future needs. Wealth managers still have their specializations even when their profession relies on the theory that they can provide services in any given area of the financial field. This could be dependent on the expertise of a wealth manager, of the primary focus of the business wherein the wealth manager operates. 

Small-scale businesses and large firms that are generally part of the finance industry employ wealth managers. At times, wealth managers function under different titles, which includes financial advisor or financial consultant. Clients may receive services from an individual designated wealth manager or have access to members of a particular wealth management team. 

Image source: abc-mallorca.com

Alex J. Ness has years of experience in the areas of private banking, wealth management, and investment. In the past, he established, co-founded, and worked with different companies. For more updates from Alex J. Ness, click here.

The Growing Impact Of Artificial Intelligence In Everyday Lives

Only about a decade ago, most of the devices and gadgets that are now considered part of everyday goings-on were not around: from smartphones and fitness wearables to HD-resolution medical scanners and SSD cards. The advent of digital technology and global access to the internet have paved the way for the increased role of artificial intelligence in modern society.

Image source: nmims.edu

Indeed, AI devices are changing both the way people look at leisure and how businesses are conducted. AI has had a huge impact on various industries, from gaming and real estate to the automobile and healthcare industry. AI has given rise to various Internet of Things or IoT technologies, virtual and augmented reality property tours and improved patient data interpretation. Pretty soon, self-driving cars will be hitting the road.

The rise of AI technology aids in streamlining business operations, enhancing products offerings, and improving customer support. Industries are benefiting from AI’s ability to offer better analytical systems and interpret larger data sets. Efficient banking experience, speedier freight services, better GPS tracking to combat fraud—the benefits of AI are endless.

All in all, AI systems are making the words “efficiency” and “convenience” synonymous with modern living. Mundane work can be delegated to AI devices; people are freed up and can focus more on higher-level cognitive tasks to improve relationships, work output, and generally gain more time for, well, being human.

Image source: intel.com

Alex J. Ness has years of experience in the areas of private banking, wealth management, and investment. He is the Executive Chairman and Co-founder of health tech company Welwaze Medical, Inc. More on Alex’s work and interestshere.