Building a financial portfolio is an essential undertaking for professionals who want to protect and grow the assets they have worked to generate. Authorized financial institutions offer services that manage investors’ money and assets with their short—and long-term financial goals in mind. These institutions range from large banks to private firms, each offering specific services to their client base.

What is Private Wealth Management?

Private wealth management is a service geared towards high-net-worth individuals (HNWIs), providing personalized investment management and financial planning advice. Investors looking to preserve, grow, and transfer their wealth will benefit from private wealth management. Glenview, Illinois, residents are a typical example of the population that might seek wealth and asset management in Chicago. Private wealth management tends to take a holistic view of investors’ portfolios and offer comprehensive services, which, along with investment and wealth management, might include fiduciary duty, tax insurance planning, and retirement planning.

Personalized financial planning

Every investor has a unique financial portfolio and unique personal goals. A tailored financial plan is the best way for investors to manage their assets in a way that aligns with their personal profile and short to long-term goals. Service providers typically assign a portfolio manager to investors, who will work closely with clients to understand their portfolio and financial goals and dispense expert advice accordingly. Portfolio managers are equipped to take on growing and established portfolios and will create customized asset allocation plans adhering to the client’s specified time frame.

Risk management and protection

Part of a portfolio manager’s initial task in creating an investor’s profile is to ascertain the investor’s tolerance for risk. Once this is understood, the portfolio manager can make decisions or advise accordingly while ensuring that the client’s wealth and assets are preserved and working towards their financial goals. Portfolio managers will take specific measures to protect investors’ wealth and assets, including diversifying investments, applying insurance products, and implementing contingency plans for volatile or unforeseen market changes. Independent firms that offer tailored client services are the favored option for high-net-worth individuals’ private wealth management in Glenview, Illinois, and similar areas with high median household incomes.

Retirement planning

One of the most important reasons for protecting and growing one’s wealth throughout one’s professional life is so that our retirement years can be comfortably enjoyed. Portfolio managers will help investors create a roadmap between their current financial standings and where they aim to be by the time they retire. Considerations include financial and lifestyle goals post-retirement, retirement expense estimation, retirement income estimation, and estate planning. Portfolio managers with fiduciary duty will ensure their investors can meet their retirement goals by carefully planning according to their unique client portfolio and risk-tolerance profile. Local, independent financial firms are ideal for HNWIs seeking personal and professional asset management. Chicago residents will have retirement goals specific to their lifestyle and location, and local asset management firms can offer tailored advice and expertise to this end.

Estate planning

Just as important as how money and assets can grow throughout careers and retirement years, is what happens after one passes away. Having a private wealth management service and dedicated portfolio manager means someone who has taken the time to understand their client’s asset and wealth portfolio, helped them achieve their financial goals, and will continue to manage their portfolio according to their wishes after they have passed away. This leaves clients with a sense of security and comfort in knowing that their affairs will be managed with dignity, care, and professionalism in their absence. Attorneys will assist clients in drawing up a will and setting up trusts and powers of attorney. Funds and assets will be distributed to designated beneficiaries efficiently and on time.

Conclusion

HNWIs spend years generating and accruing their wealth and assets – it is vital that these assets are protected and preserved by a partner who is as invested in your financial goals as you are. Private wealth management services offer customized understanding, planning, and investment options for clients, with consideration and care given to their personal circumstances, lifestyle, and goals. Expert portfolio managers will manage client portfolios with an understanding of their risk tolerance to preserve and generate wealth and assets through diversification that the client is comfortable with. Comprehensive, holistic service means clients can set long-term goals for their working life, retirement, and estate management – ensuring that their assets are well-looked after at every major stage of life and for future generations.