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Key Facts About Wealth Management Financial Services You Need To Know

Key Facts About Wealth Management Financial Services You Need To Know

With the stock market in a bear market and a recession on the horizon, many people have turned to wealth management financial services to comfort consumers and protect their investments. For high-net-worth firms or families, having access to a team of experts who can handle everything from investment management to taxes and estate planning is always in need.

So, what exactly are wealth management financial services? And, is there any other alternative that your firm might use instead of this one? Let's find out the answers by reading this article, shall we?

Key Facts About Wealth Management Financial Services You Need To Know

What is Wealth Management?

Wealth management is an all-encompassing service that helps customers with moderate to substantial assets increase those assets, limit their exposure to liabilities, and plan for the orderly transfer of those assets to beneficiaries of the client's choosing. 

Unlike dealing with an adviser who specialises in either financial planning or investment management, customers of wealth management financial services get attention to all aspects of their own financial lives in order to maximize their returns.

According to a recent poll of financial advisers, the average advising fee (for assets under management up to $1,000,000) is close to 1%. However, there are consultants that charge extra, particularly for accounts with lower balances. The median AUM fee decreases as an investor's assets grow, so those with bigger balances often pay much less.

What services do wealth managers provide?

Investment management, financial planning, tax planning, and estate planning are just a few of the many services under the wealth management financial services umbrella. In detail, some specific services offered by wealth managers include:

  • Accounting and tax preparation
  • Counseling and management of investments
  • Preparing an estate plan
  • Charity strategy
  • Services in the field of law

As mentioned, these wealth management financial services can be provided by a wealth manager or in collaboration with an external organization. For instance, legal service often requires working with a third party to ensure the preciseness of current terms.

Who are the top wealth management firms?

According to Forbes research, top firms that provide wealth management financial services include VMT Wealth management, The MPW and the Burish Group.

VMT Wealth Management

VMT Wealth Management's mission is to provide superior service to their clients at every stage of the wealth management process, from first consultation through final distribution. The firm encourages a unique way of thinking, focusing solely on achieving the highest possible results for its customers.

They take pride in our constant effort to better serve you daily, who come from across the United States and reside in various cities and regions. In a financial landscape where everything from markets and laws to opportunities and problems are constantly shifting, VMT aims to foster stability, clear up any uncertainty, and craft a unique plan for each client. 

The MPW Group

Morgan Stanley's MPW Group offers long-term financial counseling, and the firm works tirelessly to gain and preserve its customers' confidence. They treat customers' funds with the same care they do their own and provide them objective guidance at a fair price. 

The company asserts that it fully comprehends its customers' needs and provides them with the appropriate financial guidance. In addition to traditional IRAs and 401(k)s, this business also facilitates UGMA accounts, stock option plans, asset management, retirement planning, and many more.

The Burish Group

When working with customers, The Burish Group employs 3 main strategies: Liquidity for immediate needs, Longevity for more distant requirements, and Legacy for their family's future. They want to help you care for your current financial obligations while setting you up for long-term financial success. 

The Burish Group is a private wealth management firm featured in 19 different top-tier financial journals, including Barron's, which added them to its list of the top 100 firms in the country for 2021-22.

Its Managing Director - Andrew Burish, promises that the firm's recommendations will always align with its knowledge of international markets and the possibilities. Furthermore, they guarantee that the connection will always be one-on-one and tailored to the customers.

Alternatives to wealth management

If wealth management financial services are not the best fit for your personal finances, there are alternative avenues to explore:

  • Compared to more established wealth management firms, the costs of Personal Capital's online advising and management platform are far more reasonable.
  • Personal advisor services can also be a potential option for those seeking financial guidance.
  • Robo advisers have been more popular recently and may provide a lower-cost option.

This article includes essential notes about wealth management financial services that you should know to consider your current financial situation. We hope that it is helpful, and if you have any finance-related questions, don’t hesitate to contact us to get assistance.

About DNBC Financial Group

When it comes to international financial transactions, DNBC Financial Group is driven by a desire to make the process as easy as possible for everyone involved. 

 We've expanded quickly to become a trusted partner for many businesses and people all over the world, helping them save money when sending abroad, receiving payments from consumers in other countries, transferring funds between foreign branches, and hedging against the effects of currency changes.

Thousands of businesses have faith in DNBC Financial Group because of its proven proficiency in the field and industry-leading breadth of services. Industry leaders trust DNBC Financial Group Payments all around the globe as a reliable method of accepting digital payments.



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