Wealth Management Philosophy
Everyone can do money management; so it seems. The more sophisticated ones call it Wealth Management. It is made to sound rather complex and dynamic affair.
The idea is wealth creation. It is science & knowledge augmented by simple & time tested effective methods of investments. Creating wealth is a mix of science and art. It is not buying adhoc mutual funds, insurance policies, equity shares, trading in futures and options etc. It is about process & strategy and not a transaction or a myriad of transaction it calls for patience and conviction but also a professional approach towards managing money. The journey to wealth creation begins by making a structured strategy and then following it through. The strategy is robust enough to steer our assets across changing financial and economic environments.
While this sounds similar to Financial Planning, it differs in the sense that Financial Planning is for one and all while Wealth Management is only for a select few. WM relates more the management of plenty, while FP aims at getting the most out of limited resources.
MANAGING money today, almost certainly requires more skills than MAKING money.