BREAKING DOWN 'Wealth Management'
Wealth management is more than just investment advice, as it can encompass all parts of a person's financial life. The idea is that rather than trying to integrate pieces of advice and various products from a series of professionals, high net worth individuals benefit from a holistic approach in which a single manager coordinates all the services needed to manage their money and plan for their own or their family's current and future needs.
Strategies of a Wealth Manager
The wealth manager starts by developing a plan that will strive to maintain and increase the client's wealth based on that individual's financial situation, goals and comfort level with risk. After the original plan is developed, the manager meets regularly with clients to update goals, review and rebalance the financial portfolio, and investigate whether additional services are needed and with the goal of remaining in the client’s service throughout his lifetime.
Here at Entirety Financial, we use a variety of detailed financial planning softwares in addition to our deeply forged relationships to establish, implement, and monitor our clients wealth management.
This holistic approach allows you to see how different scenarios, financial choices, and assumptions affect your plan and give you a comprehensive look at the big picture. Because “...when you know better you do better.” - Maya Angelou
Cited from Investopedia