What is Wealth Management?

Wealth management refers to the discipline of managing wealth with an aim of maximizing gains and minimizing losses. We are not talking here about stock market or real estate here, but about wealth management that is concerned with helping people to manage their wealth. The term was first used by Burt Reynolds in his novel Grease; it has its roots in the field of philosophy. It can also be used as the management concept of the Wealth and Asset Management (WAM) discipline, which was introduced by the World Wide Organization (WO).

Wealth management

Wealth management or wealth guidance provides several services to a broad range of customers ranging from affluent to extremely wealthy and high-net-price individuals and families. Some of these advisors provide advisory services to individuals and family businesses. These firms also serve as financial planners, financial consultancies, asset managers, and asset allocation advisers. Some advisers also help businesses to reduce their taxes by providing them with strategies for incorporating costs savings and by minimizing their tax obligations through strategic tax planning. Some other advisers offer specialized wealth management advice and offer specific services for wealthy families or affluent individuals.

One of the main services provided by the wealth manager or wealth advisor is financial planning. This is particularly important for those who are approaching retirement age because financial planning can make sure that you are able to fund your retirement, if you have one at all. The financial planning service can also help you if you are already retired but looking forward to supplement your income by making investments to boost your retirement earnings. A wealth manager’s advice may be especially valuable if you have no retirement plans or pension and are looking forward to supplementing your income. Even if you have a pension, the financial planning adviser can help you maximize it and reduce your tax liability so that you can get the most out of your pension.