Solutions

What Is Wealth Management?

Wealth management is a system of services, solutions and consultations designed to help affluent individuals effectively manage, invest and use their money. Wealth management solutions recognize high-wealth individuals may have higher tax burdens, more complex portfolios, complicated inheritance concerns and greater liability risks when compared to medium-income and lower-income individuals. These solutions offer expert advice and assistance to address these and other issues.

The Importance of Wealth Management Planning

It’s hard to overstate the importance of wealth management planning. Wealth management services are important because they:

• Assist with wealth transfer: Estate planning is an important factor for many affluent individuals. Wealth planning can help these individuals use their money as they wish, even when they are no longer present. Planning can also help reduce taxes and ensure your money protects the families, businesses, charities and other entities you care about.
• Help individuals achieve goals: Wealth can open many doors, but only when it’s used correctly. Wealth management services help individuals use their money to maximum impact, whether that means giving money to charity works, distributing the money to family or having enough to plan for larger purchases. Wealth managers work to help high-net-worth individuals grow their wealth and maximize the impact of their money.
• Protect individuals: Individuals with large assets can be vulnerable to excess tax burdens, fraud, inflation and other concerns. Wealth management helps individuals keep track of large amounts of money and assets while keeping that wealth safe and available for the individual. Professionals can help ensure you keep and grow you assets.
• Take a holistic approach: When managing large amounts of complex assets, there is no one-size-fits-all approach. An affluent individual may have overseas investments, multiple properties and assets of many different sizes and classes. A holistic approach helps manage all of these pieces and translates them into usable funds which can be used for a specific lifestyle.
• Help with decision-making: Individuals with high net worth have many options for investing, using and spending their money. Many products are available on the market, and it can be a challenge to determine which ones offer the right mix of growth, risk management and ROI. Since affluent individuals may have different levels of financial literacy, professional assistance can be helpful when making choices from an almost endless array of products and services.