Wealth Management is the process of providing financial services that address the needs of affluent clients. Wealth management serves to address the financial needs of affluent clients by creating a personalized strategy that involves a variety of financial products and services. Wealth Management can include the following services:
-Money Management
-Financial Planning
-Investment Advisory Services
-Estate Planning
-Accounting Services
-Retirement Planning
-Tax Planning
However, depending on the specific needs of the client, this list can become more or less extensive.
How can Wealth Management help me?
Wealth Management is a service that can be very beneficial to many affluent clients. While many affluent clients are usually financially literate, there are many developments in the financial space that occur every day. It is very difficult to keep up with developing trends while also tending to your daily tasks. This is where a Registered Investment Advisory firm comes into play. A Registered Investment Advisory firm can help find solutions to current financial situations using a variety of financial tools and strategies. A Registered Investment Advisory firm would also work to improve your current financial situation even if the client doesn’t see any room for improvement.
What is the difference between Wealth Management and a Family Office?
Both Wealth Management and Family Offices services are very similar to each other while also catering the same clientele, that being affluent individuals and families. However, Family Office Services provides an even more comprehensive type of service when compared to Wealth Management. Family Office services can include a variety of additional services that don’t necessarily have an impact of the financial life of the client, such as concierge services and wellness services. Wealth Management only seeks to address the client’s financial needs. Family Office Services seeks to serve the client in any way possible.
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