Is an expert in self-managed superannuation more of a wealth manager than a stockbroker? While most clients grasp the distinctions between an accountant and, for example, a lawyer, do they know what a wealth manager and a certified financial planner are? Does it make a difference?
A term like “asset management” soon becomes a buzzword in our young sector. ‘Holistic,’ ‘fees for service,’ and ‘trails’ are examples of similar phrases. All of them are as misunderstood and misapplied as the marketing-driven ‘fat-free’ and ‘light’ food labeling we see on grocery shelves. Wealth management, in my opinion, requires the following elements:
• Deliveries made in close collaboration with your customers
Wealth managers help customers by working closely with them regularly to discover their individual needs, as well as how those needs vary over time and designing solutions to meet those needs. Wealth managers continue to assist their customers in making sound financial decisions throughout time. If you’ve to get focused on investment management, like many others, you’ll realize that if you want to be a wealth manager, you’ll need to broaden your services.
• Options and solutions that are unique to you
Wealth management experts provide solutions tailored to each client’s specific requirements, according to Billy Crafton from San Diego. Several of the following services may get as part of this package: Investment management, insurance, estate planning, taxation, cash flow management, debt management, leasing, stock brokerage, retirement planning, banking, charity giving, financial structuring, gearing, and specialty products are just a few of the services available.
• A consultative method
An adviser’s wealth management method must get clients’ goals and most financial demands and requirements, according to Billy Crafton from San Diego. A wealth management approach entails much more than simply making a financial product suggestion. Counseling, challenging, teaching, advising, and directing customers to manage their financial problems and create their potential is part of an industrialized wealth management process. The deep and trusted connections with customers, who rely on a Wealth Management business as financial lives grow.
• Relationship Management
Networking focuses on three areas; Fully accepting and meeting the crucial needs of your wealthier clients over time arranging and coordinating a network of leading economists to assist you in meeting customers’ requirements and working effectively with your clients’ other consultants, such as lawyers and accountants.
Clients must work with specialists, each specialized in a different area, such as an investment adviser who manages portfolios, an insurance agent who sells life insurance, an accountant who handles taxes, and an estate planning lawyer. Clients who want to simplify their money have become less interested in this segmented strategy as their finances have become more complex.
• Advisory services for investors
Many wealth managers’ service is investment advice, which serves as the cornerstone for their client relationships.
• Advanced planning is essential.
Beyond investing, advanced planning tackles four areas of financial needs: wealth increase, wealth transfer, wealth protection, and charity giving.
Billy Crafton San Diego Financial Advisor 