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.

Image result for Common 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 continue well after a person’s passing.

A wealth manager is concerned with keeping taxes to a minimum and protecting the inheritances of heirs. These goals are often accomplished through years of reducing the size of the wealthy person’s estate well before death. Skilled use of life insurance, monetary gifts and charitable contributions are among the most popular ways to reduce an estate’s assets.

Risk Management

Wealth managers are also concerned with minimizing the financial risks associated with unexpected life events. These complicated asset protection strategies are often accomplished with the use of life, liability and long-term care insurance. 

Wealth managers provide a vital function for people of significant means. Through this career path, these professionals often end up as high-net-worth individuals as well.

Related Posts

The Advantages of Hiring a Financial Planner

There are many advantages to hiring a financial planner. Not only does a planner know how to handle your money, but they can also help you plan…

How to trade CFDs in Singapore effectively

CFD trading comprises a high level of risk but can be very rewarding if done correctly. Traders wager on the direction that the price of an asset…

Things to Avoid When Starting a Business

Compared to previous years, starting a business is now easier to do. By utilizing a smartphone and a stable internet connection, for example, anyone can use the…

Why You Should Be Using a 6x6x10 Powder Coating Oven

Powder coating is an essential part of many manufacturing processes. The process of powder coating involves spraying the surface of a product with a thin layer of…

The Process Involved With Business Relocation

Are you dissatisfied with your current telephone service? You’re not alone. Millions of Americans are tired of paying the high prices and restrictive contracts of the big…

Three Things to Consider When Getting A Finance Expert Witness for A Money Laundering Case

When you consider hiring an expert witness in finance for a money laundering case, consider a few things. In addition to the expert witness finance qualifications, the…