Process of Wealth management26/06/2021 1 By indiafreenotes
Wealth Management is an investment advisory service that combines other financial services to address the needs of affluent clients. Using a consultative process, the advisor gleans information about the client’s wants and specific situation, and then tailors a personalized strategy that uses a range of financial products and services.
Data Gathering: Establishing details about your assets and liabilities, income and expenditure. Understanding arrangements already in place and attitude to investment risk.
- Assets (and their fair market value)
- Monthly Cash Expenditures
- Income Tax Situation
- Wills and Trusts
- Insurance Contracts
- Retirement assets
Goal Setting: Establishing your goals and aspirations for the short and long term. Understanding your commitment to meeting your objectives
Define the terms of engagement: Wealth Manager for providing his services has to define the terms of engagement, the service deliveries and the fees the wealth manager is going to charge the client for his services.
Identification of Needs: We will analyze your current position and assess any gaps in your situation. Next, identify what needs to be done to meet your objectives. Once the objectives have been identified, we begin the process of analyzing your financial information to develop a strategy for your individual financial plan. We pay particular attention to those areas of your plan of utmost importance to you.
Report Preparation: Our analysis and recommendations are presented in a written report. This forms the basis of a formal review at which we agree on an action plan. Upon completion of analysis, we can provide an outline of an overall strategy.
Analyzing the opportunities and challenge: Analyzing the opportunities and challenges is explaining the client the risk factors associated with each investment alternative that the wealth manager purposes.
Implementation: The best plan is worthless without proper implementation so in this critical step we walk with you to put the plan in action. Effecting the plan will invariably involve new and changed arrangements. We liaise with providers and other professionals to implement the agreed plan.
Review and Revision: Wealth management is a long-term plan that requires regular annual review. Changes in your circumstances are considered as well as fund performance.
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