Are you worried about your financial future? If you have significant assets or you’re near retirement, you need to think about wealth management. When it comes to financial matters, not everyone is a financial expert. Some people have the time and expertise to manage their wealth but the majority of affluent people need full-time financial managers to avoid loss of capital. It has become a necessity for high-net-worth families to seek wealth management services to meet their long-term financial goals. Now you may ask what exactly wealth management is and if you need a wealth manager to take care of your assets and investments. So, let’s delve into the details of wealth management to help you create a robust and diversified portfolio.
What is Wealth Management?
Wealth management is a service offered by Certified Financial Planners that involves managing a person’s wealth and assets. Wealth managers, also known as portfolio managers, offer financial planning and investment management services to ensure the best interest of their clients. Unlike other financial planning services, wealth management includes a complete range of financial services that meet all financial needs of the clients such as investment advice, estate planning, accounting, retirement plans, and tax services. It is a tailored plan developed to meet long-term financial goals.
Wealth management is more than just investment advice. The services offered by traditional financial advisors don’t suit the needs of high-net-worth individuals because they have complex investment portfolios. With a liquid net worth of hundreds of thousands of dollars, the tax situation also becomes complicated. Another layer of complexity is added when assets and holdings are located in both the United States and Canada. It means that the financial services needed by high net worth individuals differ from that of average investors. It is also noteworthy here that wealth management and asset management are not the same things. Asset management involves managing particular assets. While wealth management is a complex task that requires the assistance of a qualified expert to perform financial tasks such as maintain retirement accounts, acquiring stocks and bonds, managing cross border holdings and more to maximize a client’s return.
Why You Need a Wealth Management Firm?
Wealth management service helps taking care of everything related to a person’s financial life. It is a complex job that can only be performed by a professional having relevant qualifications and experience. Every high net worth individual or business needs to hire a wealth management professional to monitor the money obtained through income, financial investments, taxes, or any other sources. A dedicated wealth management firm can evaluate your financial situation and formulate a strategy to manage your revenue and income. Hiring a wealth manager like Thane Stenner makes sense when you need services such as:
- Develop an Investment Plan
- Investment portfolio management and advice
- Estate Planning
- Retirement Planning
- Accounting and tax services
- Charitable giving plans
- And other related services
It can be overwhelming to manage your finances while running a business. Hiring a wealth management firm can give you peace of mind by taking complete care of your personal and business finances. Your manager can even create a strategic plan for your present and future needs that can include your estate plan, trust services, or business succession plan. So, wealth management is a high-level strategic financial and investment service for accredited investors and individuals with high net worth. A professional wealth manager can also provide cross-border wealth management services. The experts at a wealth management firm can create a solid portfolio and assist you in planning your financial future. Their services will help in improving your financial conditions by developing strategies that help in maintaining and growing your wealth. The services offered by wealth managers are invaluable; however, finding the right professional can be tricky. Hiring a dedicated wealth management firm is crucial, but choosing the right professionals is equally important.