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What can a Wealth Manager do for me?

2 Aug 2013 9:07 AM - Joshua Stega, Financial Adviser Sydney

Not All Wealth Management Firms Are True to Label

Many financial firms claim they provide wealth management services, however what exactly does this mean?

Financial Advice or Wealth Management

There are many different names for financial advice.

WEALTH MANAGEMENT = FINANCIAL PLANNING + PORTFOLIO MANAGEMENT

Wealth management is best defined as:

“An investment advisory discipline that incorporates financial planning and portfolio management into a comprehensive client service.”

This means that your financial advisor should be able to provide high level advice on your financial strategy, as well as the selection and management of your investments. As you will read below this is rarely the case.

 

The Majority of Advisors Lack Suitable Qualifications

Most financial advisors in Australia have limited qualifications, in fact only 13% of advisors actually have a tertiary degree (ASIC 2013, Report 362).

The financial advisory discipline has experienced significant growth since the introduction of compulsory superannuation in Australia in 1992 hence many advisors have shifted from stockbroking and insurance sales positions, without increasing their level of qualifications.

How Do We View Wealth Management?

At JAS Wealth we have ensured our advisors are not only highly qualified, but they also have experience in working with direct equities markets. This combination of skill sets is incredibly rare in Australia (we hope over time this becomes the standard rather than the exception).

When it comes to financial advice:

  • we are dedicated to understanding your personal financial position; and
  • educating you on the various financial options available.

The aim of our services is to help you achieve your wealth goals. We take and long term holistic approach to financial advice, which we refer to as wealth management.

 

Wealth Management is a High Level Service

To us, wealth management means that we are sufficiently qualified to provide advice on each element of your finances, from superannuation and investments, through to insurances and estate planning. We like to position ourselves as the personal CFO (Chief Financial Officer) for your wealth.

In other words wealth management is about the bigger picture, incorporating both elements of the advice process, the financial strategy (the road map to base our investment decisions) as well as the investment advice (ongoing advice regarding your portfolio).

The Wealth Guy | Joshua Stega Financial Adviser Sydney

Joshua Stega, is head of financial advice at JAS Wealth (privately owned financial planning firm in Sydney). He helps successful individuals manage their wealth. He has a Masters in Taxation & Financial Planning, is a Fellow of the Taxation Institute, a SMSF Specialist Advisor and has significant direct investment experience.    Google+     Twitter     LinkedIn     Facebook     Instagram

M.TaxFP, LLB(Hons), B.Bus(Acc), FTI, Adv.DipFP, DipFP, SMSF Specialist

NEXT STEPS | LEARN MORE ABOUT FINANCIAL ADVICE

Did you know a good financial adviser can help with the following:

1.  Help you manage your cashflow and budget;

2.  Put your debt to work;

3.  Make sure your super is working for you;

4.  Ensure you are structured tax effectively.

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