The titles financial advisor and wealth manager are two we often hear used interchangeably; however, wealth managers are trained to offer affluent individuals a range of financial products and services, with the distinct objective of understanding the client through a consultative process that explores each client’s specific desires and financial needs.
Why Wealth Management?
Wealth managers are uniquely client centered; their job is to meet with clients without any presupposition regarding the client’s financial needs. Wealth managers are there no explore a client’s needs, find out what’s important, and provide the appropriate expertise, and the appropriate financial products or services.
Some wealth mangers specialize in services and products they feel most confident with, while others offer a variety of skills, including accounting, legal, tax, retirement planning, and investment services.
Wealth managers might choose to work/consult individually with clients, or they might choose to work in teams with a investment and wealth management company.
In this way, wealth managers are able to offer affluent clients a more holistic approach to their financial aspirations, coordinating several services needed to manage clients’ money and plan for their families’ future financial needs.
Why Wealth Management Matters to You
Finding a wealth manager is a personal endeavor that should be considered carefully, and with strict attention to detail. Many financial advisors are not good candidates for becoming successful wealth managers. Likewise, not all wealth management companies employ successful wealth managers.
However, a qualified wealth manager can help affluent clients achieve diverse wants and needs, with expertise in specific or a range of financial products or services.
The relationship you establish with a wealth manager is designed to help guide the appropriate financial products and services, which is debatably less pragmatic and more a diverse skillset obtained through years of financial experience.