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A Registered Investment Advisor Since 1984 |
Wealth Management is an advanced investment advisory discipline that incorporates financial planning and specialist financial services. The key objectives are to provide families with tailored services, estate planning, legal resources, taxation advice and investment management, with the goal of sustaining and growing long-term wealth. Whereas financial planning can be helpful for individuals who have accumulated wealth or are just starting to accumulate wealth, one must already have accumulated a significant amount of wealth for the wealth management process to be effective.
Wealth management can be provided by independent financial advisors or large corporate entities whose services are designed to focus on high-net worth retail customers. Such customers would be considered 'mass affluent' or 'upper retail' clients because of their net worth, the number of potential products they own from financial institutions, their assets under management and other methods of segmentation. Large banks and brokerage houses create separate sales forces, services and other 'benefits' to retain or attract these customers who are typically more profitable than other retail banking, brokerage, or insurance customers.
Investment management is the professional management of various securities (shares, bonds, etc.) and assets (e.g., real estate), to meet specified investment goals for the benefit of the investors. Investors may be institutions (insurance companies, pension funds, corporations, etc.) or private investors (both directly via investment contracts and more commonly via collective investment schemes e.g. mutual funds) .
Asset management is a complete and structured approach to the long-term management of assets as tools for the efficient and valuable delivery of community benefits.
An effective manager can mean the difference between the success and failure of any company.
Life planning focuses on the human side of financial planning. In life planning we discover clients' deepest and most profound goals through a process of structured and non-judgmental inquiry. Then, using a mix of professional and advanced relationship skills, we inspire clients to pursue their aspirations, discuss and resolve obstacles, create a concrete financial plan, and provide ongoing guidance as clients accomplish their objectives.
Life Planning may refer to or encompass financial planning, career planning, family planning (for instance, formulating a reproductive life plan), planning how to live with a disability (for instance using Person Centered Planning).
Life planning is a special discipline in the financial planning industry. Financial planners have come to realize that money touches all areas of a person's life. Often, closely-held dreams and emotions crop up during the financial planning process.
Transition planning is a continuation of life planning working with career management, health maintenance, elder care, keeping aging clients in their homes, monitoring and safety considerations involving parents and grown children not fully out of the nest and still drawing on the Bank of Mom and Dad, business growth and transition issues, property maintenance, care of pets, travel, philanthropy, the list goes on. One out of four families is already in a care giving situation; one out of ten is sustaining a disabled child.
In general usage, a financial plan can be a budget, a plan for spending and saving future income. This plan allocates future income to various types of expenses, such as rent or utilities, and also reserves some income for short-term and long-term savings. A financial plan can also be an investment plan, which allocates savings to various assets or projects expected to produce future income, such as a new business or product line, shares in an existing business, or real estate.
Financial Advice is advice given in relation to financial matters such as investing, insurance, borrowing, saving and retirement planning. ...
en.wikipedia.org/wiki/Personal_financial_planning
Retirement planning is the process of planning for retirement, specifically in terms of making financial plans. Most often, retirement planning involves depositing money into a retirement account, and purposefully saving money for the future. There are many different types of retirement plans available, including an Individual Retirement Account (IRA) and a 401(k) plan. In most cases, employees are provided with a retirement plan by their employer, and contributions to the plan are deducted from the employee's paycheck. Some employers will match a certain percentage of an employee's contributions, adding more money to their account. Most plans have different rules and guidelines, including details such as when the money can be withdrawn.
Retirement planning encompasses the plans and actions that individuals take to prepare a smooth transition from a life based mainly around working to a life based mainly around not working.