Do You Need a Wealth Manager?

While earning money is a key aspect of building wealth, efficient management of one’s wealth can be even more important in the long term. Wealth managers do exactly that. They work with you to create tailored financial strategies that can help you grow and protect your assets. A good wealth management team helps you maintain a balanced portfolio to mitigate risk, while supporting you through retirement planning, estate planning, and even insurance decisions. Not everyone requires a wealth manager, but most people can benefit from having one.

What is a wealth manager?

A wealth manager is a professional who provides comprehensive financial advisory and management services to individuals and families. A wealth manager typically takes a holistic approach to your finances, working on investment strategies, retirement planning, tax strategies, risk management, and estate planning. Wealth managers typically work with high-net-worth clients and may collaborate with other professionals like business managers, accountants, or lawyers to achieve the client's goals.

What can a wealth manager do for you?

Wealth management is an integrated advisory process in which wealth managers guide their clients to manage, grow and preserve their wealth. It is a combination of various financial products like financial management, risk management, retirement planning, life and asset protection, etc. A wealth manager helps you achieve the following:

• A comfortable retirement: Preparing for your future is a crucial step in financial planning. Which is why experts emphasize having a retirement plan that can fight market fluctuations. A wealth manager integrates solutions like estate planning, risk management and legal advice, which go beyond just saving for retirement.
• Independent lifestyle: Wealth management is necessary to preserve your lifestyle independence. The most significant gap in planning is the difference between the reality and the perception of your wealth. A wealth manager understands your needs, goals, and lifestyle and guides you accordingly.
• Expert guidance: You can safely put your money in bank vaults and deposits. However, this won't help you fight inflation. On the other hand, investing in the stock market could help you earn higher returns. That said, there's a lot to know before investing and trading in the stock market. Choosing a financial advisor might not be enough. Wealth managers are qualified in financial management, stock market aspects, taxation laws and legal aspects of investments and retirement planning. They devote considerable time to suggesting investment instruments, while providing valuable investment tips to build your portfolio and rebalance it if needed to help you achieve your goals.

Why do you need a wealth manager?

Even if you are good at planning your finances, sometimes managing your wealth can feel like a large and time-consuming task. Whether you need a wealth manager or not depends on your ability and knowledge to handle those situations, which require professional skills. For example:

• Do you have a sound financial plan?
• Have you saved enough for your emergency funds?
• Are you able to easily manage your debts?
• Are you saving enough to achieve your goals? Do you need to adopt a different strategy for your savings?
• Do you have the right investment strategy? Investing in the wrong instruments can put your money at risk in the same way as a good investment plan can help you earn good returns. Do you know what investments can help you achieve your goals?
• Are your investments diversified?

Once you find answers to these questions, you will be able to decide for yourself if you need a wealth manager or not.

Benefits of working with a wealth manager for HNWIs

High-net-worth individuals (HNWIs) may not always have the time to focus on investment strategies and long-term financial planning. A dedicated wealth manager frees you up so you can focus on other important goals. Working with a wealth manager offers advantages. You get:

• A comprehensive approach to financial planning that focuses on your overall needs rather than just one area
• Access to a range of services and products, including long- and short-term investment products and sometimes insurance products
• Personalized strategies that take your unique needs and circumstances into consideration
• An all-in-one solution that covers a range of different financial services

Citigold Private Client offers a range of products and services that deliver a tailored banking experience in the UAE. You get to work with a dedicated Citigold Private Client wealth management advisory team led by your Relationship Manager. Your team also includes an insurance specialist, a treasury expert and an additional portfolio counsellor to help you access wealth-building opportunities around the world. Learn more about Citigold Private Client or apply now.

Disclaimer: Investment products: Not a Bank deposit. Not Government insured. No Bank guarantee. May lose value.