A wealth strategist manages financial planning and asset management for wealthy individuals and families, providing financial advice and investment recommendations. Communication, analysis, and ongoing monitoring are key responsibilities, often in association with other professionals.
A wealth strategist is primarily involved in financial planning and asset management for families and individuals. Tasks often include financial advice and regular meetings with clients, as well as real asset allocation and monitoring. Most wealth strategists act as money managers, making recommendations on where funds should be invested and helping clients structure trusts and other investment vehicles to maximize growth over time.
The work of a wealth strategist often has its roots in financial planning, but with the aim of managing large amounts of money. While financial planning can apply to anyone at any income level, including corporations, wealth strategy is generally concerned with wealthy people with significant capital at their disposal. Very wealthy individuals and families often have unique concerns when it comes to long-term investments, interest payments and tax obligations. A wealth strategist is usually only dedicated to issues in this arena.
Communication with the client is one of the most important duties of the wealth strategist. In many ways, the strategist is the coordinator of the client’s finance “team”. He or she must cultivate relationships with clients and their families, where applicable. The personal rapport is important for building trust, and is often essential for relationships that revolve around money management.
Analysis is also an important part of the job. After gathering all of a family’s financial data and listening to their goals, the strategist should look at different investment options. Strategists often have specialist knowledge of different markets and investment structures and must apply this knowledge to the client’s specific needs and long-term interests.
More often than not, equity strategists come up with several different potential investment strategies for each client. During the meetings, the strategist will describe each option and explain the differences, potential benefits, and associated risks. He or she often acts as a coach, helping clients make the best possible decision while remaining neutral. Ultimate financial decisions need to be made by the client, although the strategist is often an invaluable resource and guide.
Once decisions are made, the strategist must execute. This usually involves buying stocks and bonds, opening mutual fund accounts, and crafting trust instruments as the plan requires. The strategist should be careful to document everything, keep a copy in the office and send a copy to clients. In some places, financial and investment transactions must also be reported to government tax authorities. The wealth strategist is usually responsible for handling all necessary records.
A strategist’s job is often much more ongoing than simply allocating funds, however. Monitoring investments and tracking their gains and losses is also an important responsibility. The strategist generally must keep an eye on all properties and make recommendations for changes when market forces change.
Depending on where a wealth strategist works, he or she may also have certain obligations to a company or employer. Some strategists are independent, but most work in planning firms, often in association with other professionals with similar training. Additional wealth strategist requirements such as client retention and quota systems, meeting attendance and regular reporting of numbers are also often part of the job. Sometimes this involves outreach to the client, presentations and participation in conferences and publicity efforts.
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