Wealth management is a high level professional service that combines financial and investment advice, accounting and tax services, retirement planning and legal or estate planning. It is an umbrella term used to cover a variety of services provided to individuals and families. Services like these are offered to provide benefits with two main goals, growth and investment of their existing investment.
A wealth manger deals primarily with individual retail customers and advice them on various financial products and services provided by the entity. He/She is expected to have thorough knowledge of finance as well as his/her company’s various product offerings to identify the need of the customer and advise them accordingly.
A wealth manager develops a plan in the starting and will try to increase his/her client’s wealth based on the financial situation, goals and comfort of that individual. After the plan drafting the manager meets regularly with the client for regular updating of goals, review and rebalances the financial portfolio, investigate whether additional services are needed with the ultimate goal being to remain in the client’s service throughout their lifetime.
The American Academy of Financial ManagementTM is the international professional organization for Wealth Managers, Private Bankers, Portfolio Managers, Investment Advisors, Asset Manager, Project Manager and Trust and Estate Practitioners worldwide. This organization has set up its Indian chapter American Academy of Financial Management India Pvt. Ltd. AAFM India promotes Financial Advisory and Wealth Management Advisory Standards in the country by actively engaging with all the stake holders including the Government, Regulators, Educational Institutes, Training Providers, Financial Services Companies, Banks, etc. AAFM India in association with AAFM offers its Global Expertise to build and promote the International Best Practices in the field of Finance and Financial Advisory.
Wealth Management services are attracting more attention as the economy is moving towards higher income patterns and saving patterns which needs to be taken care of.