3 Common Functions of a Wealth Manager
Many people concerned about planning for their future and retirement come across the term wealth management. They wonder what wealth managers do and if they may need the services of one the these highly skilled professionals. Wealth managers cater to clients with a considerable amount of money. Their clients include corporate executives and those with large trust funds. They may even offer wealth management for professional athletes. Here are three of the primary job functions of a wealth manager.
Capital Gains Planning
People with a lot of money need investments. When an investment makes money, that profit is called a capital gain.
Capital gains are taxed at a lower rate than income earned from a salary. With proper planning, capital gains taxes can be minimized or avoided completely.
Wealth managers utilize strategies to assist high-net-worth individuals maximize capital gain income while minimizing taxes.
Estate Planning
Estate planning, at its core, involves how an individual wants their assets disposed of when their life comes to an end. Most people have some sort of estate at the time of death.
When estate planning involves extremely significant assets, this type of planning happens over the course of a lifetime and can … Read more