What is "wealth planning" and such services?
My bank is offering me "wealth planning services." I have searched around, but can't find a canonical definition on what this means exactly. I find it being used synonymously with things like "fund management," "high net worth planning," and even "financial management" and etc. What is this?
By going solely by what it sounds like in a literal sense, I assume it's some kind of service that will help me make more money somehow -- or direct me to such investments/opportunities/etc.
I realize I could ask them what exactly they'd offer, but I figured this would help others as well by making it public and adding it to this database -- and by patiently getting an answer myself.
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From the Fidelity site:
Inheritor Services for guidance and support through the process of settling an estate. Trust accounts and administrative services to help you control how your wealth is distributed, reduce probate exposure, and potentially reduce estate taxes. Charitable strategies to help enhance your giving and potential tax benefits.
Here's a link to their site section for it:
Fidelity Wealth Planning
Not sure why you couldn't find a definition. I found this using Google to search "wealth planning".
I assume it's some kind of service that will help me make more money somehow
No, wealth management is helping you keep the wealth you have, not to become more wealthy. Insurance sales, portfolio management, estate planning, and trust formation (to avoid estate taxes) are common services associated with "wealth management".
Wikipedia already has a pretty good definition.
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