What is Wealth Management?
- Wealth Management is a service that gives clients financial and investment advice, accounting and tax services, retirement planning, legal and real estate planning.
- FSC is built on Client centric model which helps to have a detailed view of the client with their associated relationships, Financial Account, Financial Holdings, Financial Goals, Assets and Liabilities etc…
Wealth Management Personas
- Client
- Advisor
Client
- Client can have 360 degree view of their finances with respect to their households, Businesses and related individuals.
- Client can plan his financial goals, investments and plans according to the detailed finances listed.
Advisor
- A wealth manager/ advisor can study about clients finances, goals and plans and advice accordingly that helps the advisor.
- A wealth manager/ Advisor can build 1-to-1 relationships with clients for key investment decisions.
- A wealth manager/Advisor coordinates with financial experts, attorneys, accountants and insurance agents to give consolidated advice for client’s long term goals
- A wealth manager/Advisor work with the following kinds of accounts.
- Investment accounts
- Bank accounts
- Insurance policies
- Assets and liabilities, such as a home mortgage
Process
- Advisor gathers information about client’s current finance situation and guide them with their objectives like
- Investment Planning
- Income Tax Planning
- Retirement Planning
- Insurance Planning
- Business Planning
- Education Planning
- Cash Flow Analysis etc.
- Once the objective of the client is finalized Advisor helps to analyse the information, recommend a Plan and implementing the plan.
- Advisors also monitor the plans progress, update and improve the plan and also assist clients with day to day financial decisions
