Wealth management is the process of managing an individual’s financial, investment, tax, legal and estate planning. A thorough process manages more than just investments. It protects the financial planning of a person for the entire life. You can find institutes in addition to independent certified financial planners like Teresa Collo. They can handle your personal in addition to business financial needs.
These independent financial planners might be chartered accountants, MBA’s, licensed portfolio managers and investment advisors. Besides these independent planners, you can find institutions too like, large corporations, retail banking, large banks, and large brokerage houses. They use various tools for managing your existing funds and boost your potential to generate income from assets and investments. Wealth management has several benefits and offers various services.
Types Of Services Offered (For Individuals)
*Estate Planning – This might include your entire estates and property. It provides assets planning projects, your estate from creditors and lawsuits. In addition, it helps in saving taxes since a professional like Tyronne Jacques of this type offers the very best advice.
*Tax Planning – Tax planning is all about minimizing your tax returns. An independent professional like Teresa M. Collo will design strategies to increase tax benefits and relief Investment Planning. They understand how to plan charity and apply for tax exemptions. So, you will have the ability to support a cause and save some money in the form of taxes.
*Investment Planning – This types of wealth management includes investments in diversified markets. Your money should not be blocked in a single industry or market. An economic planner like Thomas a. Rothstein will generate a varied investment portfolio.
*Insurance Planning – Insurance is a very crucial facet of an individual. It is very important to plan your insurance needs. An independent certified planner will evaluate your case and suggest the best possible insurance plans.
*Retirement Planning – That is about assessing your future financial needs, i.e. how much money you would require during old age.
*Wealth Transfer – Wealth management also can help you transfer your wealth to your legal heirs and other beneficiaries after your death. It provides tools like wills and trust. Besides these services, you can also expect business planning, business succession planning and asset protections.
Benefits Of Financial Planning
There are several benefits of financial planning. It can help in reducing income tax, estate tax and capital gains tax. In addition, it lets you multiply your assets and earn higher yields. A diverse portfolio prepared by Mario Rotanelli is going to do the trick. It protects your assets from liabilities, creditors, mortgages and much more.
Wealth management secures your principal assets and helps in increasing the rate of return in your assets and investments. Several tools are used for achieving this purpose. The various tools have been in the form of savings planner, education planner, time deposit calculator, etc.
Financial planning was earlier limited by corporate world. It didn’t exist at a person level. However, with awareness and requirement for a professional planner individuals too have chosen such services. It’s beyond investment planning because it is a holistic approach for managing the financial life of an individual.