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Why do you need a Wealth Manager?
Manage episode 324095542 series 3325233
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What is Wealth Management?
It is a common notion that wealth management is financial planning. However, financial planning is just a small part and there’s a lot more to wealth management.
The goal of wealth management is to sustain and grow long-term wealth. From an affluent person's standpoint, wealth management is the science of enhancing their financial situation in a strategic manner. It is a continuous investment-advisory process that is a combination of financial planning, investment portfolio management, and a number of aggregated financial services. It offers several strategies and plans that allow individuals or companies to attain all possible financial goals in a systematic manner.
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Importance of the wealth manager
Wealth management is an important practice, but not all investors have adequate knowledge of wealth management. Most investors perceive the wealth management process to be a smooth ride. This is very different in reality, of course. Markets do not move in a straight direction, and unexpected factors usually get in the way of savings. This is where the expertise of a wealth manager can be put to use.
Wealth managers take advantage of their experience and knowledge, and regularly update and change their client’s investment profiles based on where they are in their life cycle, with respect
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