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

5 Factors That Affect The Value Of Land

Many¬†factors affect land value,¬†and critically understand how they work before buying your property. Knowing what to look for in a piece of land is almost more essential…

Quality Video Production Equipment

Quality Video Production Quality videos are bait for attracting people to your products and passing a message that your content has the convincing power to get their attention….

A complete guide about b2b cold calling outsourcing

Like you, people like you have been using various sorts of cold calling as a successful technique to increase conversions for decades. While the concept and practices…

3 Things To Do When Considering Auto Loans

There are a lot of perks to owning a new car. The vehicle is often covered by a warranty for the first few years of ownership, meaning…

Do UK brokers use Forex robots?

Forex trading is a tricky business, with the market being open 24 hours a day and fluctuating at different times of the day. If you’re a UK…

Essential Features of Plastic Postcard Mailers

Mailers are a great tool to promote your business. They allow you to showcase your product and connect with customers simultaneously. If you haven’t tried using postcards as…