Wealth Management Is A Big Financial Paradigm

Do you know what exactly wealth management is or what does these wealth management firms in Delhi do. Some say that it is more of investment management whereasat times, it appears that the companies known for investment advisory services are now incorporating wealth management into their marketing campaigns further confusing the general public with these inter changeable disciplines.So, let me tell you that wealth management is much more than investment management services. A wealth manager is focused on the client, to ensure that all aspects of the client’s financial affairs are being managed appropriately and in accordance with their life goals. A wealth manager extracts important information through a discovery process and listens attentively when the client speaks of goals and dreams. The wealth manager’s goal is to uncover a client’s key financial needs, their worries, concerns and how they want to be remembered, and to whom.It is the wealth manager’s job to take this information and assist the client in developing a customized financial plan (also referred to as a financial road map) and help with the plan implementation. This advanced planning involves cash flowing planning, tax mitigation, asset protection, and asset transfer. The wealth manager coordinates with other advisors, such as insurance brokers, estate attorneys, and tax professionals to assist with the plan implementation. The wealth manager’s job does not end here.

Monitoring the investment, financial, and estate plan is crucial. It is important that clients understand that financial planning is not a onetime event, it is an on-going process. The wealth manager meets with the client on a regular basis (at least once a year) to evaluate investment performance and to review the financial plan and update it accordingly for any changes that have taken place. It is important that the investment and financial plan are in sync. For example, there may come a time that the financial plan indicates that a predetermined goal can be achieved with less risk. At a minimum a discussion should take place in this case to determine if the investment portfolio should be adjusted to take on less risk. Financial plans need to be kept current and in focus because of an ever changing investment, tax and legal landscape.Finally, wealth managerscollaborate with the advisors who are part of the financial team.

To conclude, wealth management delhi is a bigger financial paradigm that incorporates several financial specialities in itself.

I write article On behalf of Wealthcareindia.com, a leading Wealth Management & Financial Planning Company in Delhi, offers Online Financial Planning, SIP Investment or SIP Mutual Funds services by Certified Financial Planner.