Wealth Management Is The Process Of Meeting The Needs Essay

1539 WordsDec 20, 20167 Pages
WHAT YOU NEED TO KNOW ABOUT WEALTH MANAGEMENT Wealth management is the process of meeting the needs and wants of affluent clients by providing financial products and service. Since ancient Roman senators hired financial advisers to lend out their money, people with wealth have needed someone to manage it. High-net-worth individuals thus call upon wealth managers to help them develop strategies of how to effectively manage their wealth. The term 'wealth management ' started in 1933 and came into more use in the private client divisions of firms like Goldman Sachs and Morgan Stanley. These firms formed divisions which were designed to deliver different services from those offered to the mass market. Wealth managers provide clients with a wide range of services, depending on the client 's needs and the focus of the firm. Tax accounting: Financial advisors help clients handle, complete and submit their taxes. Financial planning: Financial advisors provide advice on how to reach future life and financial goals by providing information about investing, saving, taxes and estate planning. Investing: Clients who want to invest seek the services of wealth managers for professional advice. Insurance Services: Many financial advisors include insurance products in their package of money management services. Money and wealth management: This provides management of the client’s finances, including selection of securities and completes financial management. Wealth

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