Private wealth management is the practice of combining several different financial activities such as personal investment management, financial planning and portfolio management to grow the wealth of a, mostly affluent, individual’s net-worth. Simply put it is a broad term for planning an individual’s investment strategy with the goal of growing that person’s wealth.
From the view of an advisor or other finance professional wealth management is the practice of an advisor delivering a suite of financial services to a client as a means in which to use their existing wealth to create further wealth.
Wealth management services cater for individuals who though have a significant amount of capital that they wish to invest and grow but do not have the time, experience or knowledge in order to do so effectively. In order to make-up for this short coming private individuals will engage the services of wealth managers to help them better grow the value of their portfolio.
What does a wealth management plan typically involve?
Typically a wealth manager will meet with prospective clients and work to establish clear financial goals with the individual. The wealth manager is then able to put forward a methodology in order to help that person achieve those goals and if approved will invest the clients’ money into various options such as stocks, bond and indices as laid out by the strategy.
More far reaching applications of the title wealth manager can be applied to those concerned with the administration and governance of large family trusts. It is also possible that wealth managers will also offer banking and lending services.
While in theory a professional delivering wealth management services can provide any type of financial practice ever conceived in order to achieve results, it is typical that most managers specialise in services and products that they are most knowledgeable on and most likely to achieve positive returns for their clients with.
It is common for private wealth management services to be carried out by both large corporate businesses and independent advisors.
Are you interested in enlisting wealth management services? The team at Infinite Wealth has knowledge and experience in growing private portfolios to deliver positive returns. Get in touch with us today on 08 9438 6333 or click here to contact us.