What You Need To Know About Wealth Management
Wealth management is one of the financial planning services offered. Generally, this is very comprehensive and combines investment management, tax guidance, financial advice, legal assistance, and estate planning. This is typically reserved for wealthy clients of financial firms. While you might not require this service right now, it is good to know more about it to decide if you need it later on. Here are the most important details about this service.
What Is It?
In short, this is the highest form of financial planning. Typically, it is a tailored plan that helps you manage your wealth. This service is generally geared towards the ultrawealthy individuals who need extra help managing their assets. Your financial planner can also work alongside your lawyer and accountant to help ensure your goals are being met.
How Much Is Necessary To Get Started?
A lot of money is necessary to get started. Each firm will set a minimum, although these tend to be steep. For instance, most firms set the minimum somewhere between $2 million and $10 million. That said, there are simpler options that are off-the-shelf rather than custom, which you can often get into if you have at least $250,000.
Is It Worth It?
At the end of the day, your manager will help you with your financial needs. While this sounds similar to what a financial planner does, this is a more comprehensive package. That means you have one person helping you with all your needs, rather than hiring different people to help you with taxes, retirement, and investing.
Is it Like Portfolio Management?
It takes portfolio management to a new level. Most of the time, it includes guidance on all aspects of your financial situation. Meanwhile, portfolio management focuses on crafting an investment strategy. As a result, it generally doesn’t extend beyond this service.
If you have a lot of money and need help managing it, this may be the service for you. This comprehensive service can help you conveniently manage your wealth.
