Wealth Management is an ongoing process. It is a process that intends to deliver methods and ideas that allow a client to achieve all the possible financial goals in an organized logical manner. Such experts who advise clients in managing this process effectively and efficiently are known as the ‘wealth managers’. It must be noted here, wealth management is neither an objective nor an end result, nor is it dealing with one or more specific products. Rather, it is a practice or you could say a way of analyzing and acting on a person’s financial assets and investments to fulfill their financial goals which in turn would lead them to achieve their future goals.
For an individual to oversee such a vast process on their own is almost impossible which is why most wealth managers and financial advisors work for an established organization that specializes in wealth and capital management. Charles F Whitman is one of the founders of such a company, Infinium Capital Management, LLC, which is known to be one of the most consistent, top level wealth management companies in the United States.
Roles and Responsibilities of a Wealth Manager:
A well-qualified wealth manager has a set number of roles and responsibilities towards their client and their organization which is as follows:
- Interview existing as well as prospective clients in order to determine their present income, expenditures, insurance coverage, financial objectives, tax status, and other such important information that will help him to build a proper portfolio of the client and advise him accordingly.
- Make suggestions to his clients regarding cash management, investment planning, insurance coverage, or other such matters that will help the clients not only to invest properly but also to yield the maximum returns.
- Evaluate financial details acquired from his clients to formulate customized strategies for meeting the financial objectives of the client in a methodical way.
- Perform a regular review of the clients’ finances to determine any significant personal, economic, environmental, or financial changes that may result in a reassessment of the original plan.
- Maintain open communication with his clients and be available to discuss the clients’ financial standings periodically.
- Prepare a probable income projection for the clients so as to give them a rough idea about how their investment and wealth management plans may turn up keeping in accordance with the ongoing market trends.
- Monitor and analyze the changes and developments in the latest financial market trends to guarantee that the planned strategies for the clients are responsive. Charles F Whitman has maintained his standing in the industry by keeping in touch with all the latest changes and happenings in the industry which should be the ideal thing to do for every successful wealth manager.
- Suggest investment in financial products like stocks, bonds, mutual funds, or insurance that is more likely to earn notable profits.
Charles F Whitman, the founder of one of the most genuine and reliable Wealth Management firms in Chicago suggests all the potential investors to research well before hiring a wealth manager.