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    What Is Wealth Management and Why Do You Need It?

    Last Updated On 17-12-2021

    Wealth management is a type of financial planning service. It includes all basic and advanced financial planning fields like tax planning, retirement planning, business planning, etc. However, contrary to the popular belief that only affluent or high net worth clients need wealth management, everyone should look towards managing their wealth.

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    In the general sense, wealth management is a unique type of financial consulting service designed for accredited investors and people with a high net worth. Wealth managers can offer comprehensive guidance and advice to such individuals. But in simple words, wealth management enables you to maintain your wealth and meet your future financial goals. No matter how much wealth you have and what you want to accomplish, wealth advisors can provide a comprehensive wealth plan and advice to help you attain success.

    Keep reading to learn more about wealth management and why it is important.

    What is wealth management?

    Wealth management is customised as per an individual’s needs. Therefore, those in the high-net-worth category require extensive and a different set of services while others may opt for basic financial planning advice. People with a significant amount of wealth may have intricate investment portfolios, complex tax scenarios, multiple businesses, ownership titles, several life and family health plan insurance plans, and special financial needs. Wealth managers offer a several financial services and products to address these unique requirements.

    Services offered by wealth managers may include:

    1. Investment management and advisory services

    2. Legal advice

    3. Accounting and tax services

    4. Charitable plans

    5. Business advice

    A few duties of a wealth manager include retirement planning, tax planning, health care analysis with family health plan insurance, and estate and legacy planning, such as helping you pick a suitable term insurance plan.

    Why do you need wealth management?

    If you have a goal for your savings, investments and income, you will need a wealth manager to help you work on a financial plan. Although you may have to pay the wealth management fee, you will receive fully tailored strategies designed as per your financial requirements.

    Here are a few reasons why wealth management is important:

    1. Helps you create a sustainable wealth plan:
    Wealth managers are highly skilled professionals. They can understand your distinct requirements and financial goals. These professionals can help you create and preserve your wealth with sound financial planning and suitable strategies.

    2. Eliminates your financial distress:
    Wealth advisors are professionally qualified individuals and have the prowess to help you make critical financial decisions. Wealth advisors can assist you in volatile market conditions and eliminate your stress. They also help you manage your funds better and make timely investment decisions.

    3. Delivers personalized services:
    Wealth managers understand that one plan cannot meet everyone’s needs. Hence, they design and make financial plans keeping your personal requirements in mind. You can approach your wealth advisor anytime and discuss your expectations, needs, and the steps required to see your desired plans in action.

    4. Follows a relationship-based approach:
    Your wealth manager can be a constant companion in ensuring your financial well-being. These professionals invest their time to help and support you through financial highs and lows. Such a healthy relationship-based approach can help you exchange ideas and design effective strategies for financial better success and prosperity.

    5. Provides financial security to your family:
    Wealth managers can help you draft an estate and legacy plan to secure your loved ones in your absence. They can recommend life insurance plans, gifts, wills, trusts, etc., to effectively pass on your wealth to your next of kin without any legal or tax hassles.

    Conclusion

    There are several wealth management solutions like life insurance plans, term insurance plans, family health plan insurance plans, etc., that can help you preserve and create wealth. These solutions also safeguard your loved ones financially and offer you tax benefits for better savings.

     

    Disclaimer:

    The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.

    PNB MetLife India Insurance Company Limited
    Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
    IRDAI Registration number 117 | CIN U66010KA2001PLC028883
    For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale.
    Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time. Please consult your tax consultant for more details.
    Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time.
    The marks "PNB" and "MetLife" are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
    Call us Toll-free at 1-800-425-6969, Phone: 080-66006969, Website: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203.

    AD-F/2021-22/608

    Beware of Spurious Phone Calls and Fictitious / Fraudulent Offers!
    IRDAI is not involved in activities like selling insurance policies, announcing bonus or investments of premium. Public receiving such phone calls are requested to lodge a police complaint.

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    Disclaimer:
    The aforesaid article presents the view or an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ before making any decision.

    PNB MetLife India Insurance Company Limited, Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka.
    IRDAI Registration Number 117. CI No: U66010KA2001PLC028883. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale.
    The marks “PNB” and “MetLife” are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
    Call us Toll-free at 1-800-425-6969. Phone: 080-66006969, Website: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203
    EC342 LD/2019-20/358

    BEWARE OF SPURIOUS/FRAUD PHONE CALLS!
    • IRDAI is not involved in activities like selling policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

    Disclaimer

    Collapsed Expanded

    As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.

    PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance PlansTerm PlanProtection PlansLong Term Savings Plans , Retirement Plans & Child Education Plan.

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