Wealth management refers to planning financial perspective and monitoring credit bureau service in advance with the help of advices from professional investment service providers. Wealth management helps in a sustained and long term growth in wealth. Wealth management is am important aspect in business related to U.S. Small business owners, banking firms, government authorities and even family management requires wealth management.
Monetary planning is the method of planning which helps each person in adding more wealth and managing already earned wealth. In United States, the concept of wealth management started from 1990’s where many insurance companies, brokerage firms and private banks started their business in this field. As the assets started increasing in the society, people were in search of firms who could manage their wealth and also provide professional advices on increasing their productivity.
Initially only well established corporations were in need of wealth management services, but later even individuals started opting for this service. Stock trading, equity investment, structural investment, mutual funds, precious metal trading and foreign exchanges are some of the products which are catered under wealth management.
There are many individual advisers and huge private firms who extend their services and helps people for their wealth management. Their customers varies from retail bankers to well established corporations. Each customers contact these wealth managers for increasing their worth net incomes. Based on the net worth of the customers they can be categorized based on the products owned by the customers, net worth, assets managed by them and much other wealth and income related factors. Based on these factors, wealth management policy differs for each customer.
Recent years, we see more banks are also getting involved in providing wealth management services in U.S. These banks try to attract new customers and also retain existing customers from moving to other banks in U.S. But, it should be noted that, wealth management is not a kind of banking. It comes under separate service offered by some private bankers. In the year 1999, Glass-Steagall Act was passed, which helped many banking firms to have insurance, banking and investment to be operated in a single office.
Many career opportunities on wealth management also got introduced in U.S with increasing demand for wealth management services. Leading educational centers like American academy of Financial management also called as AAFM which was certified by Charted Wealth Manager also called as CWM provided courses on wealth management. They also conducted training sessions for many corporations in U.S and also for individuals.
Right person should be contacted for planning wealth management. In U.S, wealth management advices can’t be provided without getting license from the government. Here, only lawyers, some CPA’s and brokerage firms have the license to provide tax related advice and legal regulations on wealth management. People who work for brokerage firms, banks and law firms are the right people to contact for wealth management planning. Other small service providers can be contacted only for services restricted to office or home.