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Confidus Solutions

Wealth management services for private individuals

Wealth management involves providing advice as well as executing investment transactions on behalf of the client. Typically, wealth managers provide also other financial services to their clients, such as management of client’s securities’ portfolio, financial and tax planning. From the client’s perspective, wealth management is a process of enhancing the financial situation while achieving client’s short as well as long-term financial goals. Private wealth management is typically developed to serve private individuals, who are usually high net worth individuals.

Essence of wealth management services

Often, wealthy private individuals lack the knowledge and time to successfully manage their finances, therefore, they seek the consultation of wealth managers who are educated to manage the funds of private individuals and are experienced in solving different financial problems as well as enhancing the overall financial status of the client.

Usually, a wealth management advisor meets with a private individual, have a comprehensive discussion about client’s financial goals, his or her ability and willingness to risk as well as any other restriction and stipulation the client could have regarding the investment of his or her wealth. Later on, the wealth manager composes an investment strategy that allows the client to achieve his or her goals while being the most suitable for the client taking into account all the information discussed during the meeting. The wealth management advisor then continues to manage the private individual’s funds while utilizing various investment products.

While wealth managers typically cannot offer their clients the same concierge-like and specialised services as private bankers, they spend a great deal of time to understand the client’s needs and developing the most suitable investment strategy for the client. For example, wealth managers cannot open a bank account for the client, but they can assist them in determining which bank account would be the most suitable for the client’s needs.

Services provided by wealth managers include:

Wealth management is usually one division of banking institutions or non-banking financial institutions specialising in providing services to high net worth clients.

Benefits of wealth management services

While you may be extremely knowledgeable in your own area of expertise, you may not be an expert in investing and financial markets. This is completely acceptable and you do not have to spend your time and energy to acquire sufficient knowledge of financial markets to feel comfortable investing on your own. Very often there are simple tricks to know and mistakes to avoid, which are only known by professionals familiar with the financial markets.

Professional wealth managers will guide you through the confusing processes, as well as advise on the good and bad investment ideas and partners.

Another benefit of professional wealth managers is their multi-disciplinary set of skills that will be used in your favour. Wealth manager skills are not limited to being good at allocating assets; professional wealth managers will also be able to help you with tax optimization, legal requirements, retirement and savings goals as well as passing your wealth to the next generations.

The third benefit of acquiring wealth management services is to use the manager as a filter for your investments. If you are a high net worth individual, most likely you are receiving numerous requests and prayers to invest in different business ideas and projects. In these cases, you are able to redirect all such request to your wealth manager and not deal with them. If a genuinely good investment idea will show up, your wealth manager will spot it and present it to you.