“Wealth Management incorporates financial planning, investment portfolio management and a number of aggregated financial services” (Fields, 2019). Fields suggested “wealth management is more than just investment advice, it can encompass all parts of a person’s financial life.” Ganti (2020) inferred this “consultative process” is guided by a fiduciary who tailors the strategy for the client utilizing “the spectrum of financial disciplines.” These disciplines were previously highlighted in a discussion on Analyzing Personal Finances (Bryant, 2020). This holistic approach to personal finance integrates the client’s other agents (e.g., attorneys at law, tax accountants) to craft the optimal client strategy. As a professional fiduciary it is my experience that wealth management services are best applied to high net worth individuals with a range of personal finance interests including, but not limited to privately-held and exchange-traded securities, complex family dynamics, derivatives, various non-traditional risk management strategies such as third-party and self-insurance policies, uninsurable interests, complex valuation issues, significant cash flow management requirements, and more. These practice standards are adaptable and applied to less complex situations as well.
Bryant, J.C. (2020 August 7). Analyzing Personal Finances. Retrieved from https://tinyurl.com/y3ho8k62
Fields, J. (2019 March 20). Wealth Management: Top 100 Influencers. Onalytica. Retrieved from https://tinyurl.com/y5a2ql5b
Ganti, A. (2020 April 19). Wealth Management. Investopedia. Retrieved from https://tinyurl.com/yaujlefm