Traditionally, wealth management services were the preserve of the very rich, who needed help to manage substantial sums of money. However, the world wide web has opened up the world of financial management to a much wider audience and one doesn't have to be a millionaire to take advantage of these sorts of services. Other than managing stocks and shares portfolio, wealth manager can also help the clients to pick and choose between different collective funds in which they may be interested. He can also help the client in selecting from a range of wealth management plans, tailor-made to the needs and criteria of specific individuals. One may choose to invest purely for the purpose of increasing long-term capital or wish to take a more balanced position between long-term gains and immediate income.
In addition to advising clients on managing individual portfolio, a wealth manager may offer independent financial advice about a range of personal finance products. He could also help with tax planning, including minimizing potential liabilities such as capital gains tax or inheritance tax. A wealth manager should be able to help clients to unlock money in current investment in assets, continually monitoring the breadth and direction of the markets to make quicker adjustments in investment portfolio. Some wealth managers also provide online research tools, investment calculators and access to wealth management reports. Wealth management is all about managing investment returns and risks for well-endowed clients, both individual and institutions with investible funds. It requires the wealth manager to have both breadth and depth of the financial markets, the instruments, the players, as well as the environment.
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