Wealth management or wealth management advisory provides solutions to a wide array of clients ranging from affluent to high-net-worth and ultra-high-net-worth individuals and families. It is a discipline which incorporates structuring and planning wealth to assist in growing, preserving and protecting wealth, whilst passing it onto the family in a tax-efficient manner and in accordance with their wishes. Wealth management brings together tax planning, wealth protection, estate planning, succession planning and family governance.
Wealth management is the highest level of financial planning services. Wealth management generally includes comprehensive investment management alongside financial advice, tax guidance, estate planning and even legal assistance.
The type of service offered by a wealth management firm is best suited to affluent clients. But while you may not require wealth management now, your needs are likely to change over time. At some point, it may be time to look into wealth management.
Wealth Management: What is it?
Wealth management is the most advanced form of investment advisor services. A wealth Advisor typically creates a specially tailored investment strategy and plan for their clients to help them manage their assets.
Wealth managers generally aim their services at the highly affluent and may have expertise in the types of financial questions that affect the ultra-wealthy, such as how to avoid the estate tax. They often coordinate services among different experts, such as working with a lawyer or an accountant on your behalf.