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Wealth Management: Definition, Types, Wealth Management Strategies

monarchcb.com - Basically, wealth management or wealth management is a family financial management. We must have heard about the story of Michael Jackson who had to sell his house to fulfill his life's desires, or Laela Extract who had to always work at her age to support her entire family.

Meanwhile, both of them have been very popular in the entertainment world since they were young. Then, where has the money that they have had so far? This will not happen if they are able to practice wealth management in their lives.

What is Wealth Management?

Quoted from the wikipedia page, wealth management is "is an advanced investment advisory that specialist in financial services and financial planning". Or, if we translate freely into Indonesian, it is an investment advocate service in the financial aspect as well as financial programming.

So, as we explained earlier, wealth management is a matter of family financial management. This is certainly very can be tried by everyone. However, to carry out financial arrangements yourself in a complete manner with various perspectives, ranging from opportunities and possible risks, is not an easy thing to try.

For that, the majority of people usually need a financial manager who already has a fairly good understanding of the various types of financial capital that already exist.

Apart from that, you also need to understand how any major economic developments will most likely have an effect on investment instruments and other factors that can have an impact on your wealth figure.

Wealth Management Service Type

Wealth management is very familiar with the gradation of services for the upper class of citizens who have thick pockets. Even so, wealth management is not only about capital, but there are also other services that can provide a comfortable life.

Because wealth management often provides all the services needed by those who have a lot of money, the term What Lu Begs Me to Have (Palugada) appears as a play on wealth management.

So, in fact they are able to provide services in conventional to sophisticated, from financial to lifestyle, and from business to spiritual matters.

Wealth Management Service Facilitator

Usually, this service is offered by banks. Some of the other parties who also provide this service are Asset management, insurance, private banking, brokerage, investment banking, independent financial advisors, especially accounting firms.

Each bank has its own services, such as ABC Amro Indonesia with Van Gogh Preferred Banking, which is special for people with large assets with a minimum difference of IDR 500 million. Then Bank Syariah Mandiri which has BSM Priority with a minimum difference of IDR 250 million.

If there is an agency that frankly has these services, but only focuses on licensing insurance products or savings products, or only offers mutual fund products, then we can be sure they are not compatible wealth management service providers.

Financial or banking institutions that do have a comprehensive wealth management program are those that have complete services, such as capital found in financial or non-financial products.

They also want to share recommendations regarding the type of real investment such as promising businesses, houses, gold, and others. Moreover, they are not extreme in their own products, because they also want to open up with other agencies that are indeed more suited to the client's situation.

Well, before choosing a bank or financial institution in which wealth management is held, then you must be able to pay attention to this next matter.

  • Attend directly to the bank or financial institution that offers the service. Also ask all the services they can share.
  • Pay attention to anyone who is in front of you when you visit the service facilitating agency or bank, whether the person entrusted is a professional person or not. Big names are no guarantee that you can find someone who is professional and has great experience.
  • Ask how much you have to pay when using the service. Then, calculate the fee you must spend and what benefits you can get.

Form of Wealth Management business field

Wealth management or wealth management can serve as part of a large business sector or a small business sector related to the financial industry.

Wealth management can also play a role in different positions, including consultants financial or financial advocate, related to the business aspect. Consumers will be able to receive every service from a single consultant who has been directed or has access to a Wealth management team.

Wealth Management Strategy

Wealth management will begin by implementing a concept development strategy as well as maintaining and increasing consumer wealth numbers based on the financial situation, goals, and level of comfort of the consumer.

If the initial concept has been raised, then the administrator the next day can hold regular meetings with consumers or to innovate goals, review, and also rebalance financial portfolios and also carry out tracking whether they need bonus services or not.

Their ultimate goal is to provide financial services to consumers throughout their lifetime.