What Does a Wealth Manager Do Exactly?
In the simplest terms, a wealth manager is an advisor who helps investors preserve and grow their wealth and achieve their financial goals, from a comfortable retirement, to funding children’s education, or caring for family and generations to come.
A wealth manager starts by assessing your financial situation, objectives, and risk appetite, and then proposes a holistic investment strategy to protect and grow your wealth. Depending on what the investor needs, a wealth manager may advise on investment planning, retirement planning, estate planning, etc.
The next step is to implement your investment strategy and manage your investment portfolio to ensure it remains within your risk parameters and objectives.
Meanwhile, you are free to focus on everything else in your life.
Is Wealth Management Expensive?
Everyone must work for a living and wealth managers are no different. Can you afford them?
The good news is that good wealth managers pay for themselves. Investors rarely pay for their wealth managers from their own pocket. The fees are usually paid from the enhanced risk-adjusted returns, especially in times of recession and volatility.
Who Needs a Wealth Manager?
Unless you’re an investment professional, you should delegate the management of your wealth to a trusted wealth manager and focus on more important things in your life. You may wish to concentrate on self-improvement, focus on your own business that created your wealth, or just enjoy more leisure time knowing that your wealth is in safe hands.
Since 2004, The Family Office has been the wealth manager of choice for more than 500 ultra-high-net worth families and individuals, helping them preserve and growth their wealth through customized solutions in diversified alternatives and more.
Schedule a call with our financial experts and learn more about our wealth management process.
Are you interested in learning more? Check out our article on the importance of investment managers.