Wealth Management Services

Wealth management services generally cover financial advice, estate planning, insurance planning, tax guidance, comprehensive investment management, and sometimes legal assistance. A wealth advisor or manager handles complex financial issues and leads a team of financial professionals to help clients. Often, wealth management companies serve more affluent clients. Even if you do not need wealth management services in Orlando, FL, now, you may need them in the future if your financial status changes.

What is Wealth Management

Wealth management is on the higher echelon of advanced investment advisors and management services. A wealth advisor usually creates a customized investment plan and strategy for clients to help them track and manage their assets more effectively. For instance, these professionals may help wealthy clients legally avoid estate tax.They may also work with an accountant or lawyer to assist clients.

Wealth management involves handling confidential and sensitive client information, including information about the client’s family members if needed. Wealth management is important for the rich because people with large assets may find it hard to manage them in the long run and may need help with asset management.

What is Private Wealth Management

Wealth management deals with the management of the wealth of clients, including individuals, institutions, banks, etc.

However, private wealth management is more specific. It is wealth management for individuals only. Private wealth management is the financial planning, investment advisory, and wealth preservation of individuals called High net worth individuals (HNWI) or Ultra high net worth (UHNWI) individuals. These individuals have a net worth of $1 million (HNWI), $30 million (UHNWI), or more.

The more wealth these individuals accumulate, the more reason to hire a private wealth management consultant or advisor. These consultants are then paid depending on their services and how much money they make for the individual.

HNWI and UHNWI are more likely to gain access to investment opportunities that are only available to people with a certain amount of assets. This is where the private wealth management consultant comes in to help the client make the right investment decision.

What is a Wealth Management Advisor

A wealth management advisor or consultant manages their clients' different financial needs while also giving them financial advice and guidance.

A wealth management advisor pays attention and thoroughly understands the financial goal and vision of their client and creates a strategy on how to use the available financial resources/disciplines to achieve these goals. The wealth management advisor takes charge of the investment advisory of their clients, the estate planning legal documents, insurance plans, and tax planning.

It is a common phenomenon to use a financial advisor and a wealth management advisor interchangeably. However, these two people have different roles and services they provide.

While a financial advisor deals with more general affluent clients, which are clients who have a liquid asset of about $100,000 to $1 million, wealth management advisors work more specifically with HNWI and UHWI clients.

This is because HNWI and UHWI clients have a distinct circle of investment opportunities that are different from the general public, and for them to make better investment decisions, they need a wealth management consultant or advisor who is familiar with the HNWI investment policies that can give more direct and accurate advice.

What does a wealth management advisor do?

As earlier mentioned, a wealth management advisor helps affluent clients with the planning and implementation of financial strategies in order to achieve their goals.
Wealth management services offered by an advisor can also include help with developing and implementing a plan to meet the client’s retirement income needs.

A wealth management advisor provides a holistic financial plan, advice, and guidance after comprehensively assessing the client’s financial goals and vision. Some wealth management advisors also offer legal services.

Do I need a wealth manager?

The need for a wealth manager largely depends on your financial vision and goals.

Are you clear about your financial goals? Do you have clear financial strategies and products you are working with to grow and preserve your wealth? Have you planned your estate and prepared for retirement? Do you have plans on how to reduce your tax liabilities? Do you have a balanced investment portfolio?

You should consult a wealth manager if you answered no to all these questions.

How do I choose a wealth manager?

Your wealth manager will determine your financial security and how much your wealth will grow over time.

When choosing a wealth manager, here are what to look out for:

Firstly, their past and current clients. Before agreeing to work with a wealth manager, ensure they have worked with your type of client in the past. If they have worked with clients similar to you in terms of net worth and investment circle, they will have access to investment opportunities and financial knowledge specific to yours.

Secondly, their certification and level of experience. Enquire about their level of experience, certifications, and knowledge. This will help you know if they are qualified to work with you and if they can be trusted to give you financial advice.

Lastly, their communication skills. Ensure they ask the right questions. The right wealth manager will be curious about your financial plans and will also be able to explain terms and financial strategies you don’t understand.

Wealth Management Advisor in Florida & South Carolina

If you need a wealth management consultant or advisor in Orlando, FL, or beyond, contact Oxford Advisory Group. We specialize in tax help, estate planning assistance, investing advice, and wealth management guidance that can give you financial stability when it is time to retire.

Our wealth management advisors are dedicated to seeking to protect your assets and maximizing your financial potential. We listen to our client’s goals, create a realistic and understandable strategy, and we make use of available financial resources to help achieve your goals.

Reach out to schedule your wealth management consultation with us today!