We hear the terms Wealth Management and Asset Management being spoken about very frequently. But what exactly do they refer to? Are they one and the same thing? Let’s take a close look at both these terms and find out.
What is Wealth Management?
Wealth Management means managing of all the aspects of a person’s wealth – that includes financial and investment planning, legal or estate planning, accounting, tax services, retirement planning, etc. apart from just the management of the person’s investments. It is a more holistic approach to managing a person’s wealth, based on his financial goals and on a lot of research and understanding of market trends that are prevailing at that time and the health of the companies, invested in.
What is Asset Management?
Asset management is about the management of a person’s investments only. It could be all of a person’s investments or a part. This is also done, based on a lot of research and understanding of market trends that are prevailing at that time and the health of the companies, invested in.
A person could invest in equity, fixed income, real estate, commodities, alternative investments and mutual funds. The investment could be spread across stocks and growth products, and fixed-income products like bonds.
What are the differences between Asset Management and Wealth Management?
The Scope – while Asset Management is about taking care of clients’ investments, Wealth Management is about managing clients’ finances.
The approach – Asset Management is about making sure the maximum potential of all the assets is achieved. Wealth Management looks at various aspects on a more holistic level.
Purview - Asset managing looks at the best way to strategically invest money. Several things do not fall under this – things like taxation, cash-flow and estate planning, to name a few. It is only about investments. On the other hand, Wealth Management is a comprehensive cover over the entire wealth of a person.
Citigold Wealth Management
Citigold comes with the advantages of a global presence, proprietary market insights, transactional convenience, a team of experts and a comprehensive product suite. Citigold brings you a team of experts to assist you on your journey of wealth, helping you achieve your financial objectives –
Your Citigold team includes –
With the help of your Citigold team, you can manage your personal financial needs better.
Citigold also has a handy calculator that will help you make the right decisions while managing your wealth. Depending on your financial needs, it will help you make the right financial decisions on your wealth management journey. Your needs can be varied – and can include anything from a child’s education to health or retirement corpuses and down payments for a new home. The SIP calculator will then help you plan your finances.
At the end of the day, managing your wealth is about making sound and prudent financial decisions. Plan wisely and well – and you will soon be on your way to realising all the objectives that you have set.
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