Wealth management is the process of managing an individual’s financial, investment, tax, legal and estate planning. A comprehensive process manages more than just investments. It takes care of the financial planning of an individual for the entire life. There are institutes as well as independent certified financial planners like Teresa Collo. They can handle your personal as well as business financial needs.
These independent financial planners could be chartered accountants, MBA’s, licensed portfolio managers and investment advisors. Apart from these independent planners, there are institutions too like, large corporations, retail banking, large banks, and large brokerage houses. They use various tools for managing your existing funds and increase your potential to generate income from assets and investments. Wealth management has several benefits and offers various services.
Types Of Services Offered (For Individuals)
*Estate Planning – This would include all your estates and property. It includes assets planning projects, your estate from creditors and lawsuits. It also helps in saving taxes since an expert like Tyronne Jacques in this area offers the best advice.
*Tax Planning – Tax planning is about minimizing your tax returns. An independent professional like Teresa M. Collo will design strategies to increase tax benefits and relief. They know how to plan charity and apply for tax exemptions. So, you will be able to support a cause and save some money in the form of taxes.
*Investment Planning – This types of wealth management includes investments in diversified markets. Your money should not be blocked in one industry or market. A financial planner like Thomas a. Rothstein will create a diverse investment portfolio.
*Insurance Planning – Insurance is a very crucial aspect of an individual. It is important to plan your insurance needs. An independent certified planner will evaluate your case and suggest the best possible insurance plans.
*Retirement Planning – This is about assessing your future financial needs, i.e. how much money you would require during old age.
*Wealth Transfer – Wealth management also helps you transfer your wealth to your legal heirs or other beneficiaries after your death. It includes tools like wills and trust. Apart from these services, you can also expect business planning, business succession planning and asset protections.
Benefits Of Financial Planning
There are several advantages of financial planning. It helps in reducing income tax, estate tax and capital gains tax. It also enables you to multiply your assets and earn higher yields. A diverse portfolio prepared by Mario Rotanelli will do the trick. It protects your assets from liabilities, creditors, mortgages and much more.
Wealth management secures your principal assets and helps in increasing the rate of return on your assets and investments. Several tools are used for achieving this purpose. The tools are in the form of savings planner, education planner, time deposit calculator, etc.
Financial planning was earlier limited to corporate world. It did not exist at an individual level. However, with awareness and need for a professional planner individuals too have chosen such services. It is beyond investment planning since it is a holistic approach for managing the financial life of an individual.