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The Basics of Wealth Management

Wealth shouldn't just "sit" like a sandbag. It needs to be taken care of. Otherwise, its value erodes over time.

The first thing to do is to prevent value-loss (through consumption or devaluation), but the second thing is more appealing - increasing wealth! Don't just preserve it, increase it!

Wealth management essentially includes: financial planning, investment portfolio management and in many cases a pack of financial services as well.

Some definitions will call wealth management a "discipline", but it's often provided as a service by various financial institutions.

In order for specialized firms to offer this service, it's usually required for the client to own assets of at least 100,000 USD, but even more often the minimum limit is 1 million USD. Yes, wealth management firms target the high worth individuals.

Major financial institutions, such as banks frequently provide wealth management services. Of course, there are specialized wealth management firms as well - which function independently.

These independent firms are financial planners which strive to understand their clients' financial goals. Literally, the firms will help the client achieve his/her goals - whether its debt management, wealth preservation or increasing wealth.

Managing wealth essentially includes: financial planning (including long-term planning), portfolio diversification, risk management etc.

If you don't have a substantial wealth or, if you would like to manage your wealth independently, you can still achieve this. With proper education and some experience, expert advice, this can be done in a professional manner, even individually, without paying a wealth management firm. Just use this website as your primary resource!

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