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Wealth Management

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(Chicago, Illinois - Alvin Wei-Cheng Wong)
 
 

 

- Investments and Wealth Management

Wealth management is an investment advisory service that combines other financial services to address the needs of affluent clients. It is a consultative process whereby the advisor gleans information about the client's wants and tailors a bespoke strategy utilizing appropriate financial products and services. 

A wealth management advisor or wealth manager is a type of financial advisor who utilizes the spectrum of financial disciplines available, such as financial and investment advice, legal or estate planning, accounting, and tax services, and retirement planning, to manage an affluent client's wealth for one set fee. 

 

- Private Wealth Management

Private wealth management is an investment advisory practice that incorporates financial planning, portfolio management, and other aggregated financial services for individuals, as opposed to corporations, trusts, funds, or other institutional investors. From the client's perspective, private wealth management is the practice of solving or enhancing their financial situation and achieving short-, medium-, and long-term financial goals with the help of a financial adviser. 

From the financial adviser's perspective, private wealth management is the practice of delivering a full range of financial products and services to clients, so that those clients can achieve specific financial goals.

Some private individuals of means may lack the time, effort, or knowledge to manage their own finances. So they seek the counsel of wealth managers who specialize in managing the finances of private, often high-net-worth individuals (HNWI). HNWIs have unique financial situations that require greater diligence and a higher degree of active management. 

HNWIs require a more holistic approach to investment management than many financial advisers are capable of providing. HNWIs can have issues with income taxes, estate planning, investment management, and other legal issues that need more attention and specific expertise than traditional investment advisers are qualified to give.

 

  • Private wealth management is primarily useful to high-net-worth individuals. 
  • Several types of institutions, from large banks to small family offices, provide private wealth management. 
  • Private wealth managers generally charge a small fee based on the assets under management.
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