The recent economic downturn has created a buyer’s market for wealth management services. Banks throughout the nation, including South Florida, are offering a variety of incentives for people who need wealth management advice, courting clients with a wide range of perks.
Banks have begun to host wealth management seminars for special populations, including women and other target groups. These events allow the firm to get to know the clients better, but they also provide networking opportunities for wealthy clients. The advice can be useful for the estate planning process.
If you’re not sure what wealth management means, you’re not alone. It’s defined as financial services that are provided to wealthy clients, primarily individuals and their families that require a minimum level of investable assets. The mass-market wealth management level requires liquid assets of about $250,000.
Estate planning services offered include savings and investment advice, among other topics. If one is trying to maximize their investments as much as possible to leave for future generations, then seeking the advice of a wealth management professional may be beneficial.
Banks that have not traditionally been a part of the financial planning movement are also suddenly jumping on board, according to local experts.
Clients say that the most important component of a planner-investor relationship is trust and good communication. Investors care a great deal about their financial futures and they want to make sure their money is in good hands. A firm that is transparent and honest about their financial dealings is most likely to gain business, say investors, though individual comfort level plays a huge role in selecting a service.
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