Moize Goulamhoussen: The Benefits of Wealth Management
Moize Goulamhoussen is a Senior Portfolio Manager and Wealth Manager with over two decades of experience in the financial industry. This article will provide an overview of what wealth management entails, exploring the role of wealth managers in helping clients protect their wealth and achieve their financial goals.
Wealth managers are professionals who provide financial services and advice to help clients with their wealth journey. Services provided by wealth managers cover various different aspects of financial management, including investments, retirement, and tax and estate planning. Their role ultimately involves helping clients to make smarter choices about their assets, enabling them to protect and grow their wealth and achieve financial security.
Typically providing a wide spectrum of services, wealth managers are licensed financial professionals who work with high-net-worth individuals. Services commonly provided by wealth managers include investment management and tax advice, as well as financial planning and estate planning services. Wealth management fees can vary considerably from one firm to the next. Although most people could benefit from financial planning services, wealth management is a specialized field suited to individuals with a minimum of several hundred thousand dollars in assets.
Wealth managers help their clients to make informed choices about their finances, as well as guiding them through various different financial processes. An accountant, attorney or other professional advisor may be able to help a high-net-worth individual decide whether a wealth manager could help with their financial needs.
When selecting a wealth manager, reputation is all-important. Candidates must also have the right licenses and expertise to give the client sound guidance. Certifications commonly held by wealth managers include Certified Financial Planner (CFP), Certified Private Wealth Advisor (CPWA) and Certified Investment Management Analyst (CIMA), among others.
Individuals seeking to enlist the help of a wealth management firm should conduct thorough due diligence, ensuring that potential candidates have a proven track record of working with clients in similar circumstances to them, as well as a good reputation. Prospective clients will also need to ensure that the wealth manager offers the right financial products and services to meet their needs and that their fees align with the individual’s expectations. Prior to signing with an advisor, the client should ensure that they are comfortable working with this person. Ethics and trust are crucial, as the wealth manager will be making important decisions regarding the client’s finances. It is sensible to meet with several different wealth managers to identify who is likely to be the best fit.
From the wealth manager’s perspective, each client is unique in their objectives and goals. Wealth
management companies draw on the extensive financial planning and investment management skills of their teams, identifying the client’s goals and creating unique strategies tailored to each client’s individual needs. Effective wealth management hinges upon helping clients to make their accumulated wealth work for them, creating bespoke investment portfolios that reflect each client’s unique circumstances, ambitions, interests and risk appetite.
Taking care to plan their financial future is one of the most important investments any individual can make. Wealth management helps people to make fact-based choices about their money, as well as providing vital peace of mind. Whether the client seeks to provide for their own future or pass on wealth to their loved ones, wealth management helps them to protect all of their interests through the creation of coherent, ongoing strategies.
Life can take unexpected turns at times. For high-net-worth individuals, wealth management provides reassurance that they have a robust financial plan in place should unexpected circumstances arise. Boasting considerable financial planning and investment management experience and expertise, wealth managers help clients to chart a course through life, whatever their ultimate goals may be.
