The process of managing wealth is anything but a smooth ride. You need to pay close attention to market trends and require an in-depth understanding of how it functions. Most of the high net-worth individuals do not have the luxury of time to study the market or invest in the right investment instruments which help their health grow. Such individuals benefit from wealth management in India. Following are some of the best services you receive if you opt for them –
Investment and portfolio management
Wealth management generally revolves around investment and portfolio management. Your wealth manager helps you invest in the right instruments by aligning the short, medium, and long-term objectives. They also help construct a customised portfolio featuring diverse investment instruments right from insurance policies, equity stocks, property investments, etc. The wealth managers assist in the process of fund allocation based on the risk appetite.
Risk management
HNIs usually invest in a diverse range of instruments some which are high risks and a few with low chances. They believe in high-risk, high returns mantra, which raises their exposure to risky investment instruments. As such, risk management is the most important service offered by these companies. If you open a wealth account, the manager predicts and estimates all the financial risks and steps necessary for minimising the impact of any financial losses, which might be risky for personal and financial health.
Retirement planning
A good wealth manager has an eye on the future. They chalk out financial strategies while considering your retirement. Wealth management focuses on retirement planning in a way that you enjoy the fruits of your labour during your retired life. Through this service, you are assured of not outliving your savings and need not compromise on your lifestyle in the retirement days. Wealth managers consider aspects like lifestyle, asset allocation, healthcare, and inflation in helping you chalk out a strategy, ensuring a comfortable retired life.
Estate planning
Estate is everything you own – be it home, other real estate investments, bank accounts, insurance policies, jewellery, vehicle, and other such personal possessions. Under estate management, wealth managers divide your estate among the inheritors so that there are no legal ramifications between the heirs. Also, through estate planning, you make sure your life work does not end up in wrong hands. It helps avoid feuds within the family after your death.
Cash management
Managing money is an imperative part of wealth management. You need to have access to liquid cash whenever you need, especially if you have a business to run. Wealth planners help you to invest in instruments which you can liquefy at any time so that your business does not suffer. They make sure you have 24*7 cash flow so that you need not raise money from the market by paying high-interest rates.