What is Wealth Management and what makes a great Wealth Manager
Let’s just get what real Wealth Management is about out of the way first. There was a time when most very wealthy people kept their money in massive safes complete with security guard or put their cash away in Fixed Deposits, Real Estate and gold. However Fixed Deposit returns are too low, real estate too illiquid and gold, well let’s be realistic, how much gold do you want to hoard in your tijori. Wealthy people also had lots of advisors, they had accountants, lawyers and even bankers but they really had to depend on themselves to manage their estate. That was fine when you were Wooster and had nothing but time, but these days wealthy people are not just large business families but also corporate honchos and neither have either a Jeeves or the time to spend hours managing their money. What they want is a one-stop shop. One person who takes everything they own and allocates it efficiently across multiple Asset Classes (we will discuss asset classes in another post about wealth mana...