Wealth management is a specialized financial advisory service focused on managing money for individuals and businesses. It encompasses a wide range of activities such as investments, taxation, estate planning, and even assisting small businesses with treasury functions.
High-net-worth individuals often seek wealth management services. Wealth managers possess in-depth knowledge of financial strategies for affluent clients, offering customised solutions tailored to meet their unique needs. These services also play a critical role in developing estate plans. Typically, wealth management firms charge fees ranging from 1% to 1.5% of the assets under management.
Five Types of Wealth Management
Private Wealth Management
Private wealth management (PWM) focuses on offering comprehensive financial services to individual clients rather than corporations or institutions. PWM combines financial planning, portfolio management services, and other personalised offerings.
From a client’s perspective, PWM helps improve financial circumstances and achieve specific goals. Advisors offer a range of financial products and strategies designed to meet individual objectives.
Investment Advisory Services
Investment advisors …