Often many investors get confused with the terms of wealth management and investment management. But what do these terms really mean and what are the main differences between the two? Discussing these will help you decide which would work the best for your investments, says celebrated Astro Strategist cum Business Astrologer Hirav Shah.
What is Wealth Management?
Hirav Shah explains, “Wealth management is all about taking care of finances and implementing strategies or methods to manage the same. With the help of wealth management, investors can easily achieve both short-term as well as long-term financial goals. Wealth management companies also handle the client’s investments using a wealth management system and also provide them with various other services like accounting, tax advice, legal planning, and much more.”
Investors might have to pay fees for personalized services when there are high asset thresholds. The fees paid could be easily justified through the savings made by the services provided by them.
The Advantages of wealth management
Wealth managers do offer a number of services, which are in-line with those offered by an investment manager, and this highly benefits the clients. Also, some of the additional services that are provided by a digital wealth management platform can provide investors with more advantages.
A Coherent Strategy
Wealth management looks after all the aspects of the financial affairs of their clients and creates a customized strategy to realize the set objectives. For example, a wealth manager can combine 2 different services and can create an ideal way to pay off the mortgage and also plan for retirement at one go- all this without much risk. Such a holistic approach helps the fund manager to understand as well as predict how the finances of an individual interact. This also helps them to organize the client portfolio appropriately.
A wealth manager from a digital wealth management platform provides a single focal point for their client’s financial matters. By choosing a wealth manager, one can easily replace the necessity to have different advisors like a financial planner or a manager.
What is Investment Management?
According to Hirav Shah, an investment manager advises, organizes, and also helps grow his/her client’s investments. In most cases, an investment manager has a discussion with their client about their financial goals, their risk abilities, and creates an investment portfolio that suits all the requirements. They keep their clients updated about the created portfolio, recommend changes when needed, and implement the same.
The Advantages of Investment Management
Most of the services often involve paying fees and also require a minimum investment to be made. However, with investment management, one can expect to receive a number of other benefits as well, like reduced risk, the convenience of investing, and great returns.
Which is the ideal one for you?
Well, if you have been wondering about what to choose, your decision should depend mostly on the net worth and the kind of assistance you might require. The services of wealth managers are often chosen by affluent clients and the wealthiest clients also receive great discounts on the fee.
So, if you just want to invest well and wish to see it grow, you can hire the services of an investment manager or invest online on a reputed digital wealth management platform. take the consultation of a Business Astrologer for more ideal results in a quick time.