By drawing on their knowledge and expertise, wealth managers offer investment advisory services. They guide high-net-worth individuals in diversifying their investment portfolios and creating tailored investment strategies aligned with their financial goals, risk tolerance, and investment horizon.
Additionally, wealth managers assist clients with financial planning. They conduct assessments of their clients' current financial status, including income, expenses, assets, and liabilities. Then, wealth managers can develop appropriate financial plans tailored to their client's needs, considering their risk tolerance and long-term financial objectives.
Furthermore, wealth managers often take on various accounting responsibilities for their clients. These tasks may include tax filing, minimizing tax liabilities, optimizing after-tax returns, and other accounting functions. Wealth managers frequently collaborate with their clients' tax advisors or accountants to ensure the seamless execution of these duties.