What is wealth management? Source: Flickr/Ken Teegardin

This is one term that has been defined in different ways. The definition varies according to context and needs of each client. In general terms, wealth management includes all those practices that properly manage the wealth of families, small businesses, or high net-worth individuals. These practices or financial services include investment portfolio management and financial planning.

Some wealth management firms include other services such as estate planning, tax collecting, investment management, retail banking, and more. 

High-net-worth investors make use of private wealth management.  The services of private wealth managers encompass investment services such as business-succession or stock-option planning.  The idea is to keep an investor within a comfortable set of capabilities that will depend on financial status and options.  These services are intended to follow a client’s financial well-being throughout the client’s life.

The wealth management services are consultative because they are client-centered. The manager knows what is best for the client based on experience and context.  Then he or she will bring in the best advice and the appropriate experts.  Therefore, wealth management involves a team rather than a single person.

The services of wealth managers are not to be confused with that of financial advisors. A financial advisor could very well be part of a wealth management team.  A financial advisor can extend their services to wealth management and generate a much better income.

The fees of wealth managers vary widely and must be researched before making any final decision. These fees are usually based on a percentage of the assets that are under management.  Typically, a wealth manager would get 5% of the income generated by their services.

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