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Mulland Fraser’s Wealth Management: Do You Need It?

Wealth Management Meeting

The popular rule of thumb is that if you would have to ask how much the price of something is, you might not probably be able to afford it. On a similar note, if you’re wondering whether you need a wealth manager in the first place, the answer is that you might probably not need this. 

However, people with significant wealth know their portfolios can be eaten away by inflation, recession, and complacency. Their family affairs can also eat their wealth, so this is why wealth managers enter the picture to protect an individual’s fortune. See more about wealth management on this site here.

What is Wealth Management?

Wealth management includes taking care of one’s portfolio and receiving sound financial advice from licensed professionals. Aside from the comprehensive guide, tax planning, investing, estate planning, stock option, and charity-giving are involved. This is common for people with high net worth, where the minimum can range from $250,000 to $2,000,000.

This is where professional financial advisors take a look at a person’s overall financials. They are concerned with investing and stock management, and most financial services are consolidated into a single firm.

Key Objectives

One of the objectives of wealth management is to make a client’s portfolio preserve its value or make it grow. Each client’s goals are different, and many firms will tailor their advice and services according to their needs. They will help clients maximize their wealth and help their portfolios generate income. They will also set sound strategies for wills, trusts, and estate planning. Others aim to maximize the client’s finances and help manage their investments regularly.

This is a holistic service where strategies are devised to ensure wealth is passed on to the heirs. Generally, the focus is on helping clients with mid to high-net-worths preserve their portfolios, and a comprehensive approach is taken to ensure proper planning is implemented. Get more info about maximizing investments in this URL: https://www.investopedia.com/articles/stocks/11/increase-investment-performance.asp. 

Why is this Important?

Many people experience a phenomenon called buyer’s remorse at some point in their lives. Others are asking themselves if they really needed to eat in that expensive restaurant or if they really needed that $16,000 car. It’s generally natural since the environment where many people are now has evolved. One mistake in one’s finances can prove fatal, where the consideration of opportunity costs is required, so one does not risk survival.

Fortunately, this is an atavistic response where the modern world provides various resources and plenty of job opportunities. Nowadays, it’s now possible for individuals to make about $2,000 every week. On the flip side, it’s usually the life-changing sums of money that need protection, and these are the ones that many people can’t afford to lose. This is where a wealth manager’s services become very important.

While some people have a natural disposition to manage their finances, others can simply lose focus. Over 90% of the affluent don’t have the inclination or the time to become their own financial managers. This can also apply to people who tend to work over 40 hours a week. On the other hand, the primary role of these managers is to prevent client capital loss. This is possible by diversifying the portfolio and creating a robust strategy that can withstand market conditions.

Asset vs. Wealth Managers

Real Estate Investment 

Wealth managers are usually different from people who handle their clients’ assets. Many wealth management firms like Mulland Fraser are not generally inclined to invest in a specific financial product. Instead, their job is to help individuals achieve their long-term goals and ensure that their decisions will benefit their clients’ daily lives.

Their jobs might include acquiring individual bonds, establishing a retirement account, creating a will, and many more. They use advanced techniques to maximize returns and have a wide range of experience and knowledge regarding real estate and fundamental stock analysis. 

On the flip side, asset managers don’t often have a fiduciary duty to their clients. These professionals can be involved in the specific management of a client’s rental apartment, or they can handle hedge funds that are worth over a million dollars. It’s best to choose the ones that will maximize the value of one’s portfolio, and due diligence is always advised when investing. Call one today to learn more about their products and services.


More on this topic:

Top FOUR Merits of Hiring a Financial Planner Today 

Top FOUR Merits of Hiring a Financial Planner Today 

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