Monday, November 7, 2016
Different Aspects of Wealth Management
Aegis Capital Corp began its operations in 1984 with an affluent client base, most of which were involved in complex real estate transactions. After over thirty years in the business, Aegis Capital now offers institutional services and sales trading. Aegis Capital Corp also retained its original client base by providing them with wealth management services.
Wealth management encompasses all aspects of an individual’s finances. High net worth individuals prefer this holistic approach in planning for their future needs since it involves overall financial planning. Some aspects of wealth management are:
Retirement planning - This process helps individuals identify alternative sources of income, project possible expenses, and create a savings program that can support them and their family during retirement. The job of the wealth manager is to ensure that clients still have a significant cash flow throughout all life stages.
Estate planning - This prepares the client in the event of incapacitation or death. In estate planning, wealth managers prepare the client’s asset base for bequeathal. Major tasks include creating a will, naming an executor, and limiting estate taxes.
Tax accounting - Accounting in general tracks the flow of funds of a business or individual, but tax accounting focuses on the specific rules that entities must follow when filing tax reports. Wealth managers facilitate tax accounting in accordance with the rules of the Internal Revenue Service.