Voted #6 on Top 100 Family Business Influencers, most influential expert on Wealth, Finance and Investments: Jacoline Loewen LinkedIn Profile

September 10, 2016

What is wealth management

Wealth management is a common term used by financial advisors in front of their clients, but is it understood? Most clients with portfolios over $2 million in accumulated wealth may be surprised to learn what is available to them now that they are millionaires. 
Jacoline Loewen, Business Development for Wealth Management

Forrbes magazine had a good article asking the question: 

What is wealth management?

Wealth management is very straightforward. From the affluent individual’s perspective, wealth management is simply the science of solving/enhancing his or her financial situation. From the financial advisor’s perspective, wealth management is the ability of an advisor or advisory team to deliver a full range of financial services and products to an affluent client in a consultative way.

Specialized expertise

Theoretically, a wealth manager can provide every single financial product in existence.  In reality most wealth managers specialize in services and products they have experienced. This is where a large wealth manager will be able to offer a more diverse service and be able to call in the expert teams around the different products sch as hedge funds, ETFs or structured products or PPNs.

It all starts with you

A further defining quality of wealth management is that it is delivered in a consultative manner. By being consultative, wealth managers are truly client-centered. A good wealth manager meets a client without any presupposition about what financial products or services are appropriate for that affluent individual.

While it is common for a wealthy individual to be sitting with a wealth manager to address a particular need (investment management, say), the consultative wealth manager’s overriding objective is to understand the person and find out what’s important and why. Then the wealth manager is able to bring in the appropriate experts and provide the appropriate financial products.

You can follow Jacoline Loewen on Twitter: @jacolineloewen

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