Being money-minded isn’t an attribute possessed by all. Ones who are blessed with the art of managing their finances; are visionary about their goals and confident in their strategies of sustaining and multiplying their wealth over time. For others, wealth managers come in handy who are certified professionals equipped with an advanced level of expertise in their field, and they will leave no stone unturned in maximising profitability while optimising their financial strategies for their clients to let them achieve financial freedom along with the peace of mind.
Before looking around for a chartered wealth manager that helps make informed decisions in managing finances, one should be crystal clear about the individual financial objectives and goals. To seek maximum assistance from a wealth management firm like 1 Finance or any other financial planner for that matter, one should always take into consideration the following factors related to them:
- Investment schemes & policies
- Approach to individual financial needs
- History of their previous clients
- Niche products & offerings
Gaining theoretical knowledge from reliable sources like a finance magazine or journal, podcasts, and videos always go a long way in creating financial literacy. Still, when applying those insights practically, only a professional should be approached for the same. There are a variety of qualified professionals in this domain who are recognized through different certifications and titles, such as CIMA (certified investment management analyst), CFP (certified financial planner), CPWA (certified private wealth advisor), etc. These highly qualified folks undertake the following services while leading their potential customers toward financial well-being:
Investment management: Implementing the right investment strategies to amplify the return on investments is something that these wealth managers are skilled at. And, if they are licensed investment advisors, they can assess your investment portfolio with a personalised approach tailoring it according to your risk tolerance and investment goals; for this, they may charge an annual service charge.
Financial advisory: When it comes to financial planning, financial planners like 1 Finance lead with a holistic approach that includes investing, saving, and spending correctly. These plans are formulated according to plans like saving for university, retirement, or any major life event that requires strong financial backing. Circumstances may vary, so these strategies can be altered periodically according to the current financial position.
Estate planning: Many among us are too worried about our wealth management for future, how it’s going to be when we are not available in our mortal state to manage things. These financial experts can handle that as well by creating wills, trust papers and designating beneficiaries in our absence.
Tax planning: For clients struggling with liability management who own huge businesses or multiple sources of income, these managing geeks act like a breather because they are aware of tried and tested strategies that help minimise liability and maximise income when it comes to tax management.
Wealth management for retirement: objectifying the retirement plan when there is a job to do or a business to operate in an economically unstable landscape can get overwhelming. These circumstances create an impact on retirement advisor to design retirement plans crafted to suit our lifestyles while allowing their clients to choose products among various asset classes, such as tax-saving mutual fund investments, SIPs in debt and equity mutual funds, etc.
Therefore it is obvious that the objectives of wealth management range from maximising wealth, ensuring financial security & freedom, and preserving assets for future generations. What sets them apart from regular financial planners is their ability to understand their clients’ financial landscape thoroughly and their unwavering commitment to preserving their assets over a period of time.