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Wealth Management
  Wealth Management is an advanced investment advisory discipline that incorporates financial planning and specialist financial services. The key objectives are to provide high net worth individuals and families with tailored retail banking services, estate planning, legal resources, taxation advice and investment management, with the goal of sustaining and growing long-term wealth. Whereas financial planning can be helpful for individuals who have accumulated wealth or are just starting to accumulate wealth, one must already have accumulated a significant amount of wealth for the wealth management process to be effective.

What is Wealth Management?

Wealth management is a financial service concept that emerged as a specific offering during the decade of the 1990's. Generally, firms that offer a wealth management package provide a wide range of financial services to their clients that will include such basic elements as estate planning, asset management, and even private banking options. The use of a wealth management service can be helpful when an individual has amassed a large amount of assets and needs assistance in managing all of them effectively.

Wealth management can be provided by independent financial advisers or large corporate entities whose services are designed to focus on high-net worth retail customers. Such customers would be considered 'mass affluent' or 'upper retail' clients because of their net worth, the number of potential products they own from financial institutions, their assets under management and other methods of segmentation. Large banks and brokerage houses create separate sales forces, services and other 'benefits' to retain or attract these customers who are typically more profitable than other retail banking, brokerage, or insurance customers.

In the best examples of wealth management, the client will be able to take advantage of a wide range of services that can include the management of everything from the mundane daily task of balancing the checkbook to long range planning for a trust or estate. One of the more popular aspects of a wealth management package is managing investments and managing the tax planning that is associated with the task. The financial service can also be helpful for people who are just beginning to amass a large number of assets, and would rather spend time dealing with other issues than managing finances.

Because wealth management is a form of private banking services, persons wishing to enter the field usually prepare by obtaining educational credentials that are directly connected to financial disciplines. A wide range of professionals may be involved in the extension of wealth management services. Attorneys, certified public accountants, insurance professionals and brokers may all be involved in providing services to wealth management clients. In recent years, accredited courses and seminars on wealth management have become more common as the demand for this type of service has increased.

The services included with a wealth management package will often include management of the investment portfolio, with brokers empowered to buy and sell on behalf of the client. Attorneys will help to structure family corporations, trusts, and other components that can make estate planning more complete. When it comes to taxes, a wealth management service will also prepare all reports and returns, offer advice to the client on tax elements involved with various aspects of the estate, and in general provide advice that is in the best interests of the client.




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