What is Wealth Management?
Wealth Management is a financial service that helps people determine and formulate how to organize their financial life through wealth planning strategies. These strategies cover the basic elements of asset management, investment management, estate planning, and so much more. Usually, firms offer all these services to their clients after a comprehensive discovery process of the clients needs and plans for the future. Wealth management firms provide these services for individuals who have amassed large sums of money and assets that require professional money management.
A good wealth management firm does more than just manage your wealth, it helps you determine what’s really important.
Asset Protection. When your financial adviser knows your financial situation they can help you plan against possible threats that could undermine your assets. These threats could be inflation, taxes, creditors, lawsuits, and market volatility. It’s their job to maintain your wealth and help it grow.
Investment Management. Your investments are one of the most important parts of any wealth strategy. It’s a fact that your investments must be shaped to meet present need and future goals. Life happens and a financial advisers job is to have the necessary funds available to meet these needs. The growth of your investment portfolio is the way your life’s goals and needs can be secured.
Estate Planning. Your wealth manager has a responsibility to manage your money while you’re alive and also after you die. Planning for the transfer of your estate to your family after death is the way you can still take care of family obligations when you’re gone.
Your Business. Your wealth manager knows the connection between your life and your business is important. A good wealth management business knows that your business is really just like an investment, only it is the biggest and most important one. The management of it’s cash flow and debt, determines its overall success.
Debt Strategy. The borrowing of money with a specific goal of freeing assets to work harder for you is a strategy that wealth managers use to build even more wealth. Investment and borrowing are linked to an overall wealth building plan.
A good wealth management firm, like Laing Rose, makes sure it continually monitors your assets and balances it with your specific life goals. Managing wealth successfully is not a part time job and is not a job for the layman. It is a job for a professional wealth manager. Your wealth manager does the work of managing your money so you can benefit from the the work you have done creating it.
Category: Family Finances
