Wealth management is an investment-advisory discipline which incorporates financial planning, investment portfolio management and a number of aggregated financial services. In simple terms, it is a science of Judicious use of available Financial Assets and allocating aptly towards the achievement of Financial Goals. Financial Assets can either be Physical assets like Real Estate, Gold & other Tangible Assets or Non-Physical Assets such as Equities, Debt, Goodwill, Copyright, etc.
Obviously, one has to look for following aspects before assigning a Financial Asset to a Financial Goal.
- Flexibility in Financial Transaction
- Efficiency in Tax Returns
- Real Rate of Return
- Time Horizon of financial Goal
Wealth Management includes the activities of Financial Goals Planning, Wealth Creation, Wealth Enhancement, Succession Planning, Asset Protection and undertaking Review & Monitoring activities with corrective actions, if required, on regular basis.