Wealth management services are an umbrella term that covers a wide array of important services to help you make more from your money. As well as advice on managing your finances it can also cover aspects such as guidance on handling your taxes, planning your estate and at some points this may also include legal assistance.
Specialized help
Wealth management may involve working in tandem with accountants and legal professionals. The idea is to create a plan that has been specifically tailored for a client. For example, you may want to have a special fund created for people to donate to a charity.
How does this differ from financial planning?
A financial planner will tend to focus more on a particular area, such as offering advice on retirement plans. Wealth management is also different from managing a financial portfolio in that the service there is based on how to reduce the risk and maximise returns on investments but generally this does not come with additional planning services.
So is this just for wealthy people?
While it is true that a lot of clients who need Wealth Management Services In Orlando, FL are affluent, this does not necessarily have to be the case as some will also offer services to people on middle incomes as well.
In short it is best to talk with a financial advisor such as the Oxford Advisory Group to see what kind of wealth management services they offer and to see if they are appropriate for your needs.
