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For older generations, banks have been the source of money for the public. Thus, we have built a strong notion within ourselves that investing in banks rather than financial institutions is safe. However, due to the digitalization and onset of Covid-19 people have started to realize returns from banks are insufficient to overcome the increase in prices of necessities in today’s world.
Therefore, many people have started to diversify their investments and invest in financial products issued by financial institutions to save for children’s education and to build retirement plans. This is where a wealth management firm can provide financial guidance.
Benefits of investing through a wealth management firm
A wealth management firm is a one-stop solution for investing in different investment vehicles. A prospective investor requires a wealth management firm because of their:
Holistic approach
Wealth managers take a comprehensive view of a client’s financial situation, considering not just investments but also retirement planning, insurance, philanthropy, and more. This holistic approach ensures that all aspects of a client’s financial life are integrated into a cohesive strategy.
Exclusive access to investment opportunities
Wealth managers often have access to exclusive investment products and opportunities that may not be available to the general public or offered by traditional banks.
Professional-level execution and monitoring of investments
Wealth managers are highly skilled professionals with expertise in investment management, tax planning, estate planning, and other financial matters. They can provide sophisticated strategies and access to investment opportunities not commonly available in traditional banking.
Personalized service & fiduciary duty
Wealth managers work closely with their clients to understand their unique financial goals and create customized strategies to achieve them. They offer individualized advice and solutions, considering factors like risk tolerance, time horizon, and specific financial objectives. Many wealth managers have a fiduciary duty to act in their clients’ best interests. This means they are legally obligated to prioritize the clients’ needs and goals ahead of their own, which can provide an added layer of trust and confidence in the relationship
In conclusion, all of these features make a wealth management firm an apt solution for investors to attain their financial goals. If you have significant assets, and complex financial goals, and require personalized advice and tailored solutions, wealth management might be a more suitable option. However, for basic banking services and more straightforward financial needs, traditional banks can be a convenient and accessible choice.
However, new innovative advancements like AI and Fintech have changed banking from traditional to digital. Thus, banking has become more convenient and easier to use. Many individuals and families find the combination of both services beneficial to address their diverse financial requirements effectively. As always, it’s essential to conduct thorough research and seek advice from qualified financial professionals to make informed decisions.
Author is a Fin-tech entrepreneur having excellent track record of over 20 years of banking and financial industry in U.A.E, Saudi Arabia and India. Wide-range of experience in Corporate & Wholesale Banking, Treasury, Investment Banking, Funds, Corporate, Commercial, Credit, Cash, Trade Finance, & Islamic Operations.
Outclass expertise in Products & Regulatory Controls, Risk Management, in “Business Modeling” focused on bespoke client products along with technology adoption. Proven in-depth understanding of micro/macro financial market econometrics, Offshore, Cross Border Banking and Legal Barriers.
Major Strengths:
• Debt & Asset Management
• Treasury, Investment & Funds
• Credit Management & Product Development
• Structured products and Restructuring
• Hedging and Derivative Markets
• FinTech & Reg Tech Advisory
Expert in Regional/Global Regulatory operational management having exemplary accolades in Islamic Banking with high end achievements in structured products.
Expertise in Global Intelligence, Value Research, Product Development & Processing, projects related to current global disruptive technological changes & its adaptation through FinTech Landscape – micro/macro.
Author is a Fintech Writer, Market Researcher, Speaker & Panelist in various International Banking & Technology Forums: Terrapin, Clear stream/Euroclear, Fleming, BII, Allan Lloyds, Trescon, Alpha-one, PWC, Finastra Universe - Misys-Connect etc.
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