Contrary to popular belief, wealth management is for everyone, not just wealthy individuals. You don't need a lot of expensive assets to gain financial protection. Whether your largest asset is your home and superannuation, or perhaps even an investment property,  wealth management offers an opportunity for the everyday Australian to safeguard those assets and ensure financial success down the road. 

According to the Reserve Bank of Australia, wealth management accounts for about 40% of financial sector assets across the continent. Over the last 20 years, the wealth management industry has shown a 10% growth rate and doesn't seem to signify any signs of slowing. If you want to put your assets in good hands, wealth management may be the best route for you as well.

Interested in learning more? Read on to take a deeper dive into the world of wealth management, specific management strategies, getting started with the entire process and why this might be the best decision you make in achieving long-term financial success down the road.

How does wealth management work?

By definition, Investopedia outlines wealth management principles as the advisory services provided by financial advisors who want to help affluent clients create an appropriate wealth management strategy plan to protect their assets. In other words, wealth management is the process of helping someone with a lot of assets properly manage them over time. It's for clients who consider themselves wealth or affluent and need assistance in retirement planning, estate planning and more.

Wealth management consultants work side by side with clients to develop and maintain a strategy based on their specific wants and needs using various financial products.

But wealth management is more than financial advice. It's a high-end, professional solution that combines investment services and the recommendations of a financial manager to help grow assets and manage money over time.

Why does it matter?

Do you have, or have you considered putting away a lump sum in a savings account? This is a common assumption, but putting your money in a bank to sit and collect dust doesn't do much for you and your family. With the right investment management strategy and wealth management services, you can develop a plan with a trusted financial advisor to deploy your assets in a way that builds wealth.

Some of the benefits of wealth management includes:

• A clear financial road map. Working with a professional wealth management financial advisor means working closely with a highly skilled and experienced individual who can create a financial road map to meet your financial goals down the road.
• Reduced financial stress and strain. With your financial goals put on paper, making critical financial decisions becomes less bothersome. A financial advisor can help you learn what assets you need to prioritise at different stages of life.
• Personalized savings opportunities. Working with a wealth management financial advisor means personalised service. Financial strategies are created based on your specific assets, financial goals and future obligations.

Putting a wealth management plan in place now is the easiest way to safeguard yourself in the future.

What are wealth management services?

Wealth management strategies range from client to client based on specific financial goals. Wealth management is a combination of different services created to help clients retain assets and meet financial goals later in life. Some of those services include:

• Financial advice: Guidance and long-term solutions to current or potential money issues.
• Investment management: Learn how to maintain managed funds, Australian shares, residential or commercial property and more.
• SMSF: Take matters into your own hands (with a little assistance from a financial advisor).
• Property investment: Invest directly into a managed property.
• Personal insurance: Secure your financial future through life, income, total and permanent disability insurance and more.
• Home and investments lending: Devise a plan that helps you feel more comfortable about the financial future of your investments.
• Estate planning: Plan your estate by squaring away wills, a power of attorney, medical directives and trust funds in advance.

How do you get started in wealth management?

While using your own knowledge and experience to come up with a specific wealth management strategy that meets your financial and investment wants and needs is possible, meeting realistic goals without proper assistance can be difficult to achieve. Working side by side with a financial advisor gives you access to tons of expertise that can help you grow your assets and give you peace of mind and financial security that protects you and your family down the road.

How SmartMoney Wealth Management can assist

At SmartMoney Wealth Management, we want to make wealth management an affordable, easily accessible option for all Australians who want to plan and build a successful and comfortable financial future. Our experienced financial advisors can provide guidance strategies and a tailored plan that can help you achieve your goals.

Yes, you'll take lead in all of your major financial decisions, but we want you to consider us a partner throughout the process. Our commitment to communication throughout the partnership ensures that we can reach your financial objectives and you can feel completely confident and satisfied throughout the process.

Are you ready to put your asset management into the hands of a professional with decades of experience? SmartMoney Wealth Management is ready to provide tailored solutions to assist in your current and future financial situation. For more information on our investment management services, contact us directly today.