Wealth management is, in short, the whole package. Wealth management companies like Sanlam Private Investments provide the full range of financial services from investment advice to accounting, retirement planning to tax services, all for a single set fee.
What Are the Benefits?
The main benefit of wealth management is that it consolidates matters and makes managing your financial life that much simpler. Whatever you need in regard to your money, you can go to one place and discuss the situation.
Typically you will work with a single adviser that you will come to know and trust, with whom you can develop a long-lasting working relationship. This is not only more comfortable than the somewhat detached relationship many of us have with our banks, it also means that the agent in question will really get a good grip on your wants and needs over time and be able to fully tailor their advice to your unique situation.
While clients have a single point of contact, this doesn’t mean there’s only one mind at work when it comes to devising and implementing financial solutions for them. On the contrary, they consult with whole teams of specialists, combining the power of the personal touch from someone who knows your situation intimately with the breadth and depth of experience you can only get from many minds working in tandem.
Of course, one of the other most obvious benefits is that it is a service that can actually make you money. Properly managed investments will pay off enough to more than offset the price of the service and give you the funds to plan for your future or for further investments.
Is Wealth Management Right for You?
Many wealth management services have an emphasis on investment and creating a profit for their clients to make the fee worthwhile. This means it may be less suitable if you only have one or two needs, and investment doesn’t really figure into any of them.
The people in the best position to make use of wealth management are those with substantial capital who can reasonably expect to need to make use of a wide variety of services at any given time.
The fact that it centralizes all of the services it provides in one place makes it of particular value to those who do have this capital but don’t have a lot of time to spend on strategizing and allocating funds, so if you’re a successful entrepreneur with a packed schedule it may be the perfect thing for you.