Private Wealth Management is generally a financial-related service provided to or sought by high net worth individuals. In its broadest sense, the service encompasses everything that has to do with the safekeeping and growth of a client’s financial wealth and assets. The private wealth manager will liaise with professionals and experts in the financial sector on behalf of their clients to provide them with the specific service that they need, such as investment assistance, portfolio management, estate planning, accounting and taxes, and sometimes, even insurance needs.
In a word, private wealth management covers anything and everything that has to do with managing and increasing the client’s assets and financial portfolio.
How does it work?
First, the private wealth manager will meet with the client to study their portfolio and assets, discuss their financial goals (short, mid and long-term), and their knowledge about financial tools. During the initial meeting, the private wealth manager will also ask questions about the client’s personal life—not to be intrusive but rather, to know more about their plans, goals, how they grew their wealth, their dreams for their family, and such. All the information gathered from this interview can greatly help the wealth manager develop a solid financial plan for the client.
The plan will then be presented to the client, and thoroughly discussed to ensure that the client fully understands the direction towards which the wealth manager is steering him or her. At this point, financial experts may be brought in (for the specific tools or strategies included in the financial plan) to further explain the process to the client.
Once everything is in motion, the wealth manager will provide the client with regular updates to ensure that everything is going smoothly—and if need be, to discuss changes that can be done to benefit the client.