Wealth Management Explained
Wealth management is a professional service which covers all aspects of a client’s financial life. This includes investment advice, accounting, retirement or estate planning, tax services and any other financial advice, all in one place. A single wealth manager coordinates all these aspects for the client, utilising input and advice from external sources such as the client’s solicitor or accountant and other financial experts. The independent financial services company Shard Capital provides a personalised wealth management service, conserving and growing wealth for a variety of different clients. The wealth management services of Shard Capital range from domestic concerns such as investment and retirement planning, through to offshore investor needs. Wealth management services are used by high net worth individuals, families and small business owners who want to coordinate all their financial planning in one place.
Wealth Management Strategies
Wealth management is not simply investment advice: it encompasses the entire financial life of a family or individual. A single wealth manager uses a holistic approach, integrating products and advice from a series of professionals with the aim of delivering a strategy that will grow wealth. The individual strategy will depend on a variety of factors, such as the client’s tolerance for risk, their personal objectives and their current financial situation. The wealth manager will meet with the client regularly, updating the strategy and rebalancing the investment portfolio as required to meet changing needs.
Wealth Management Specialisation
Wealth managers deliver a service that encompasses every aspect of financial planning. However, many will specialise in a specific area and focus their strategies accordingly. For example, a wealth manager who is tied to a bank might concentrate more closely on credit options, insurance and the management of trusts, while one who is associated with an investment firm might have more focus on market strategy. Clients using wealth management services may therefore choose to access to a wealth management team rather than a single wealth manager.
Investment and Planning
The investment portion of wealth management involves the construction of a balanced investment portfolio. This includes asset allocation and selecting individual investments on behalf of the client. The planning function incorporates estate planning and tax planning based around this investment portfolio. Wealth management services can be provided by independent financial advisers, large corporate entities or multi-licenced, specialised portfolio managers dealing with high net worth individuals.