Wealth Management Domain knowledge

What is Wealth Management-Wealth management is a high-level professional service that combines financial/investment advice, accounting/tax services, retirement planning and legal/estate planning for one fee.

Clients work with a single wealth manager who coordinates input from financial experts and can include coordinating advice from the client’s own attorney, accountants and insurance agent.

Some wealth managers also provide banking services or advice on philanthropic activities.

Wealth management combines both financial planning and specialized financial services:

  • personal retail banking services
  • estate planning, legal and tax advice
  • investment management services.

The goal of wealth management is to sustain and grow long-term wealth. The net worth needed to qualify for wealth management services vary among institutions, but the net worth threshold typically starts at about $20 million.

Also depending on the institution, the range of services available is highly customizable in order to meet the specific needs of the client.

According to investopedia-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 for one set fee.

Clients work with a single wealth manager who coordinates input from financial experts and can include coordinating advice from the client’s own attorney, accountants and insurance agent. Some wealth managers also provide banking services or advice on philanthropic activities.

Who will provide wealth management

Wealth management Service is provided by

  • banks,
  • professional trust companies,
  • and brokerages.

For those with sizeable assets, professional wealth management can help you plan your estate or invest your assets based on personal criteria and financial goals.

Key areas in wealth management

  • Anatomy of wealth management
  • Deposit and investment related services
  • Special credit card facilities and electronic banking service
  • Safe deposit vault and safe custody services of commercial banks
  • Taxation services
  • Estate planning services

Wealth Management system is an integrated platform designed to support high demand of customer relationship businesses and a complex portfolio management analysis.

The solution provides technology that helps private wealth institutions utilize their customer’s database more proficiently and more efficiently. Wealth management System offers a one-stop solution to take the guess work out of mandatory rollovers so you can save time and money.

How it works

Wealth management is an advanced investment advisory discipline that incorporates financial planning and specialist financial services.

The key objectives are to provide high net worth individuals and families with tailored retail banking services, estate planning, legal resources, taxation advice and investment management, with the goal of sustaining and growing long-term wealth.

Example  for wealth management

For example, those in the direct employ of a firm known for investments may have more knowledge in area of market strategy, while those working in the employ of a large bank may focus on areas such as the management of trusts and available credit options, overall estate planning or insurance options.

The position is considered consultative in nature as the primary focus is providing needed guidance to those using the wealth management service.

Wealth management can be provided by independent financial advisers or large corporate entities:

  • whose services are designed to focus on high-net worth retail customers. Such customers would be considered mass affluent or upper retail clients because of their net worth, the number of potential products they own from financial institutions, their assets under management and other methods of segmentation.
  • Large banks and brokerage houses create separate sales forces, services and other benefits to retain or attract these customers who are typically more profitable than other retail banking, brokerage, or insurance customers.
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Author: Srini

Experienced software developer. Skills in Development, Coding, Testing and Debugging. Good Data analytic skills (Data Warehousing and BI). Also skills in Mainframe.