A financial advisor’s success is defined by three main components: their excellent service and performance helping clients grow wealth, their professional reputation to attract and maintain clients, and their ongoing education and awareness of finance and market conditions.
Inflation remains the major theme so far in 2022 impacting daily habits, long term plans and financial markets. With inflation readings setting 40-year highs, both bond and stock investors had to adjust quickly to reprice securities in a high inflation environment.
The relationship between an advisor and client should be a strong one. After all, you will be entrusting your financial future (at least part of it) with your advisor. It’s important to get to know your advisor and to engage with them both professionally and on a personal level. You will want to consider what qualities you value and how you would define a good working relationship.
There are five main types of wealth management, all of which a qualified financial advisor can help you with: financial planning, asset allocation, asset management, estate planning, and tax accounting. Let’s take a closer look at each of them.
As you begin the process of wealth management after choosing an advisor, your next step is to complete a portfolio audit to understand the full picture of your wealth. Let’s discuss the whole process and the functions of wealth management, so you know exactly how your valuable assets will be handled by a financial advisor.
But what, exactly, is wealth management? Is it the same as financial advising? While the average person will sometimes use the two terms interchangeably, they refer to different types of professionals. In this article, we’ll not only break down the differences between these roles—we’ll also take a deep dive into the world of wealth management advisors—their responsibilities, the services they provide, and more.