Wealth management or wealth advisory offers services to a broad range of customers ranging from wealthy to high-net worth and ultra high-net worth families and individuals. The scope of such services is quite broad, as it includes investment in stocks, mutual funds, real estate, residential and commercial properties, and even raw land. Other services could include estate planning, tax planning, and charitable giving.
Many individuals choose financial planners and investment advisors (WMOs) with whom they share their concerns about money. While the goals of financial planners and investment advisors are similar, their fee structures are not. Financial planners can work independently and in firms; investment advisors work for government or privately for large or small firms. Most people go for the former, while the latter are preferred by a select few. Financial planners and investment advisors could be self-employed, paid on commission, or work at law firms.
When you’re looking for a wealth management advisor, do your research. If possible, try to find someone who has worked with you before and someone who understands your concerns about finance, investment advice, and estate planning. You should ideally select two or three candidates to get a sense of how they’ll manage your wealth. In addition, if you can find some independent reviews, that would be even better.