Questions And Answers
Wealth Management - what the heck is it?!
asked by Jennifer Bennet posted 3 Years ago at 11:10
I keep on hearing this term "wealth management" but what on earth does it actually mean? my IFA tells me he is a wealth manager - I keep on telling him that I dont have any wealth! . But jokes aside, is it just a term to get more money out of me and if it isnt what does it really mean in practical terms?
1-6 of 6 Answers
Ross Kerslake answered 3 Years ago at 11:18, last modified: 2 Years ago at 14:56here is a "short" definition I found....
"A type of financial service that combines personal investments, tax planning strategies, estate planning and legal counsel. It is designed to provide a broad array of services within the confines of one office"
Hope this helps Jen.
Jennifer Bennet answered 3 Years ago at 11:20, last modified: 2 Years ago at 14:56Gosh! But many thanks Ross...
Jack The Lad answered 3 Years ago at 11:27, last modified: 2 Years ago at 14:56Morning - I have a theory. The banks and investment world cant make enough money out of us so they create a name that sounds like we are getting something wonderful and then give us another reason why we need them. After they have lost our money they will disappear with a huge fat bonus!
Brian101 answered 3 Years ago at 11:44, last modified: 2 Years ago at 14:56I should be reading the morning paper or be on a run! but this is an interesting conversation. Got to admit I'm with Jack a bit on this, cynic that I am sometimes. It smacks of more fees and charges. Having said that, I'm sure that there are some very good advisers out there doing a great job and one that is necessary to a lot of people. I hear this term high net worth, but what about us poor people who are the masses that dont have a zillion £ in the bank and do need advice?
Insinger de Beaufort UK (BNP Paribas Wealth Management) answered 3 Years ago at 17:18, last modified: 2 Years ago at 14:56As a professional advisor, I believe it is essential to understand a clients wider affairs even if I am only responsible for the managment of a small portion of their overall wealth. By taking into account assets (or liabilities) that a client may hold elsewhere, this enables me to provide a service more suitable to their circumstances. This is what I understand by wealth management.
Peter Fitzgerald CFA
Andrew Diver answered 2 Years ago at 18:58, last modified: 2 Years ago at 14:56I am with Brian101 on this. High net worth individual, wealth management all marketing phrases.
An excellent IFA can provide "wealth management" as much as an private bank. It is a word which means they want to help with everything, not just a single aspect of your financial affairs.
About Q&AGet your questions answered by a unique network of professionals and fellow consumers for free. Share your knowledge and experiences by answering other consumer questions from the Total Investor community.
- General Topics
- Finance & Mortgage
- Wealth Management
- Retirement Planning & Annuities
- Offshore, International & Expat
- Estate Planning
- Group & Corporate Business
- Campaign Board
- Lifestyle & Planning
- Legal Matters
- Tax & Accounting Matters
- Property Matters
- General Insurance