Wealth management is a financial service concept that emerged as a specific offering during the 1990s. Generally, firms that offer such a package provide a wide range of financial services to their clients that will include such basic elements as estate planning, asset management, and even private banking options. The use of this service can be helpful when an individual has amassed a large amount of assets and needs assistance in managing all of them effectively.
In the best examples of wealth management, the client will be able to take advantage of a wide range of services that can include the management of everything from the mundane daily task of balancing the checkbook to long range planning for a trust or estate. One of the more popular aspects of such a package is managing investments and the tax planning that is associated with them. This financial service can also be helpful for people who are just beginning to grow their assets, and who would rather spend time dealing with other issues than managing their finances.
Because wealth management is a form of private banking services, people who want to enter the field usually prepare by obtaining educational credentials that are directly connected to financial disciplines. A wide range of professionals may be involved in these services, including attorneys, certified public accountants, insurance professionals, and brokers. In recent years, accredited courses and seminars on wealth management have become more common as the demand for this type of service has increased.
The services included with a wealth management package will often include management of the investment portfolio, with brokers empowered to buy and sell on behalf of the client. Attorneys will help to structure family corporations, trusts, and other components that can make estate planning more complete. When it comes to taxes, the service will also clients prepare all reports and returns, offer advice on tax laws related to various aspects of the estate, and provide general advice that is in the best interests of the client.