Wealth Manager Explained
Wealth Manager Explained
These days, you hear a lot of the phrase “asset management” especially in meetings that involve private companies, as well as business-related articles. You even hear this particular term being uttered by financial advisors when consulting with their private clients.
Don’t be confused nor should you be intimidated by the term. In reality, wealth management is very forthright. To the person who is rich and affluent, wealth management is merely the technique of finding ways to manage or even augment his or her financial standing. And then, from the view of the wealth manager, wealth management is the capability of an individual or a team to provide a wide range of services to a well off client in a consultative manner.
Basically, it is a consultative service that makes use of other financial-related skills to tackle and properly address the wishes of wealth clients. It is an advisory service wherein a wealth manager talks to the client about his specific wants and needs, and then, crafts a custom-made strategy that makes use of the right financial services to properly address the client’s concerns.
A wealth manager, wherefore, is a kind of financial guru that uses the entire gamut of financial services available to him or her — which may include but is not limited to investment counsel, estate development, accounting and even planning for retirement — to properly manage a client’s resources for an agreed-upon fee.
This kind of management service varies from one country to the other — it would be wholly different in Seoul, Korea compared to Manila in the Philippines.
Understanding the Job of a Wealth Manager Better
For all intents and purposes, a wealth manager is someone who does more — way more — than just dole out sound investment management advice. Simply put, a wealth manager takes care of a client’s financial standing. The basic concept of a wealth manager is compared to taking bits and pieces of information or advice from a number of different financial experts, affluent clients would be better off just getting all that from just one individual. A wealth manager is often given the task of coordinating the services that are essential to managing the client’s resources in a way he or she sees fit.
While the fundamental concept of a wealth manager is someone who is versatile enough to deliver services from any financial field, there are those that actually elect to become experts in a particular one. This is primarily based on the knowledge, proficiency, and experience of the wealth manager or the main business that the wealth manager functions and exists in.
In particular situations, a wealth manager may have to organize information from different financial gurus as well as those coming from the client’s personal circle like his or her battery of lawyers and accountants to bespoke a campaign to effectively. As a matter of fact, there are even wealth managers that provide banking services or healthy advice regarding philanthropic endeavors.
A wealth manager may work under the umbrella of a scaled-down business or a much larger one that deals with matters concerning the financial realm. A wealth manager may be known by a number of different titles such as a financial consultant or financial adviser. There are event times that a wealth manager is called as an investment management manager. Depending on the client’s specific needs, he or she may be provided with services from a singularly focused wealth manager or may have access to a cache of different team members.
All that being said, it is not a given that financial advisors would be particularly great or successful at being wealth managers. There are a lot of financial advisors that are experiencing success at running or managing resources that are not especially inclined to diving headfirst into the profession of being a wealth manager.
It also must be noted that employing the services of a wealth manager is not for each and every affluent individual. Rather, it is especially useful and apt for wealthy people that have a wide range of needs that need tending to.
So basically, to sum it all up: the term wealth manager or wealth management is often seen or heard in this day and age. It’s not an intricate or complex business term. Rather, it is a consultative process that aims to manage, develop and spread the resources of affluent individuals in a manner that suits their specific wants and needs.
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