In the simplest terms, wealth consultants are professionals who aid people to manage their money in a competent manner and subsequently map out a plan for the future, including retirement. Kavan Choksi points out that while some wealth consultants may offer an expansive range of services; many others can narrow their focus to a niche. On the whole, these consultants help their clients to plot a long-term financial strategy, manage financial matters such as buying a house or saving money for a child’s college education, and even manage investment portfolios.
Kavan Choksi mentions the situations in which one should try to hire a wealth consultant
Managing wealth is not easy, even for high net worth individuals. In fact, it can be especially complex for HNIs as they tend to have pretty complex financial portfolios. This is where a good wealth consultant can come as a huge help. These professionals basically offer comprehensive financial advice to the clients, and assist them in managing their wealth in a competent manner.
There are many situations for which one should consider hiring a wealth consultant, including:
- After accumulating considerable wealth: People work hard to earn money. However, after they have accumulated significant wealth, it is not always easy to manage all of it single handedly. A good wealth consultant shall aid people to develop a well-rounded financial plan that takes into consideration their long-term goals, liabilities, and assets. They can aid their clients to identify opportunities for optimization and diversification of investments, offer guidance on minimizing taxes and managing cash flow, and even help plan for retirement. By working with an experienced and reputed wealth consultant like Kavan Choksi, one can be assured that their money is being managed in a manner that aligns with their goals.
- When planning for retirement: For people who have several income streams and complex assets, planning for retirement in a systematic manner can be a bit daunting, Wealth consultants can effectively help their clients to create a retirement plan that maximizes their savings, cuts down their taxes, and provides a steady stream of income in retirement. Most of these professionals help their clients to navigate varied retirement planning options, and offer guidance on managing retirement income in a tax-efficient manner.
- Experiencing a major life change: Huge life changes like the death of a spouse, birth of a child, divorce, marriage, and so on, can have a huge impact on the finances of a person. With the assistance of a wealth consultant, one can competently navigate these changes and adjust their financial plan as per its accordance. Such professionals may help their clients to review their insurance policies, update estate planning documents, and more. Working alongside experienced and capable wealth consultants during times of major life changes would aid people to make sure that their financial plan is aligned with their current needs and goals.
For people who are interested in putting their money in alternative assets, like real estate, private equity, or hedge funds, choosing to seek the assistance of a wealth consultant can be a good idea. They can valuable advice and guidance to any investor.