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. 

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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. 

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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.