July 19, 2024

Is wealth management an alternative to banks?

2 min read
wealth management

wealth management concept, business man and team analyzing financial statement for planning financial customer case in office

When you need to set up a wealth strategy, you have the option of choosing between the services of a private bank or those of a wealth management advisor. Wealth management is indeed an alternative to banks being given. Discover more details on the subject in the rest of this article.

Wealth management in a nutshell

Wealth management aims to provide assistance to professionals and individuals who need to find an advisor to help them enhance their assets.Just like with a private bank, a wealth management firm offers legal and financial expertise based on objectives and a diagnosis of wealth. This type of management is not just about managing assets and developing investment strategies. A wealth management advisor can assist you with many projects:

financial investment advice;

On the other hand, a wealth management advisor is not authorized to manage stock market portfolios. Anyone wishing to enhance their heritage can use this service. The latter is not only reserved for wealthy clients. This management mainly revolves around 4 areas:

The conditions to access it

The conditions necessary for wealth management are similar to those of banks. In other words, there is no requirement to use a company or a wealth management firm. From a practical point of view, it essentially depends on the financial surface or the amount of goods and assets of the client.The choice of your wealth management advisor will depend on your level of autonomy in managing your savings. It is also done according to the complexity of the management of the heritage. In both cases, the latter represents an alternative to banks.

The benefits of wealth management

It is advisable to call on an expert in wealth management since this task requires real expertise. By delegating your capital, you have access to personalized help and advice for your projects. The wealth manager has the qualifications required to identify the investments suited to your objectives and your financial means. It is intended both for people preparing for their retirement and for those wishing to ensure their succession or make their capital grow.Contrary to what the collective imagination thinks, it is not mandatory to have significant assets to use this type of service. However, some managers impose a minimum capital of 30,000 euros.It is also interesting to move towards this type of service to optimize or reduce taxation. Some investments allow you to benefit from a considerable tax reduction over the long term. Thanks to the expert advice of a wealth manager, you will easily be able to find the options suited to your profile.

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