Online Wealth Advisory Services- Introduction
Online Wealth Advisory Services is a prominent branch of a bank or a financial institution. Wealth Advisory Services are targeted primarily at high net worth and ultra-high net worth people. Online Wealth Advisory services should ideally provide the range of investment options to an investor online. It should also aim at consolidating different accounts of a customer under a single window and show list of holdings in an intuitive way. Most investors invest without any objectives or goals. Many of them redeem based on market movements. Online wealth advisory services aim to build long term wealth by utilizing the power of compounding.
Difference between Wealth Advisory Services and Wealth Management/Private Banking
Wealth Advisory services differ from private banking and wealth management in a subtle way. In case of Wealth Management and Private Banking services, the private banker or the wealth manager manages the entire portfolio of a client. It is best suited for a rich individual who has little or no knowledge of investments and finance. In case of wealth advisory services, the typical role of the adviser is to recommend or solicit a range of investment products to the client. The client may or may not choose to invest in products suggested by the financial adviser.
Online Wealth Advisory Services- Client profiling and Asset Allocation
Online wealth advisory services are also more active way of managing a client’s wealth. It involves analyzing the client’s financial position in an active way by asking the client to fill online surveys. These surveys are designed to get the financial profile of the client. The questionnaires also aim at understanding the financial goals of the client. Usually clients are asked to list their short term, medium term and long term goal explicitly. Clients are usually given an option to invest in multiple asset classes on a high level. For instance, based on a client’s profile, the financial adviser may decide that it is best for the client to allocate 40% in Equities, 50% in fixed income and 10% in precious metals such as Gold and Silver. The details of this asset allocation may however be decided after meeting the client in person. Clients can contact for income support the nearest branch phone number.
Online Wealth Advisory Services- Objectives and Administration
Online Wealth Advisory services should also take into account the current portfolio of the client. Most of them aim to restructure the portfolio and align it to the investment objectives of the client. Wealth advisory service is an ongoing process. Even after constructing a portfolio for the client, the adviser frequently reviews the portfolio and interacts with the client on a regular basis. It is important to keep the relation healthy and manage the wealth with caution. Most advisory services have capital preservation as their main objective. Some advisers focus on income generating while some others focus on building long term wealth. Online wealth advisory services should have a robust software platform or spreadsheet to illustrate and report the exact positions and market value to the client. Most have the practice of sending monthly or quarterly statements online to the client.
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