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Understanding Wealth Management

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The term 'wealth management' is used often in various settings, whether in mainstream financial articles or by financial advisors to their clients. Its meaning is straightforward, as it describes the investment advisory services that a wealth manager (a firm or an individual) provides to an affluent client. The wealth management process is a consultative one, so the advisor must first understand a client's needs before creating a customised solution.

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Understanding Wealth Management

  1. 1. Understanding Wealth Management Kevin Neal Business
  2. 2. 2 U n d e r s t a n d i n g WEALTH MANAGEMENT The wealth management process is a consultative one, so the advisor must first understand a client’s needs before creating a customised solution. T he term 'wealth management' is used often in various settings, whether in mainstream financial articles or by financial advisors to their clients. Its meaning is straightforward, as it describes the investment advisory services that a wealth manager (a firm or an individual) provides to an affluent client. The wealth management process is a consultative one, so the advisor must first understand a client's needs before creating a customised solution.
  3. 3. The idea behind wealth management is that rather than having various solutions and pieces of advice from different professionals, an affluent client (or high- net-worth individual) benefits from a single manager who provides a holistic solution. Some wealth managers provide services in a variety of financial fields, while others choose to specialise in specific areas. Working Structure In some situations, a wealth manager may have to work together with other financial experts and the client’s own team to come up with a financial strategy that suits the latter’s needs. Therefore, it’s vital to understand that wealth managers work to meet the needs of affluent individuals, but not all such individuals need wealth management advisors. Wealth managers can be part of a larger entity or work as a small-scale business. Depending on the type of business they handle, they can go by a different title, including financial advisor or financial consultant. 3 In some situations, a wealth manager may have to work together with other financial experts and the client’s own team to come up with a financial strategy that suits the latter’s needs.
  4. 4. To learn more about this topic, visit the blog of Kevin Neal.

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