Asset management refers to the management of assets that could involve investments like equity, fixed income securities, real estate, global investments, etc. Asset management firms are concerned with maximizing returns of client’s assets. Wealth management refers to overseeing all the financial aspects of the client and may include management of assets, taxes, estate, cash flows, and all other possible uses of money. Wealth management thus encompasses asset management and takes a holistic view of the client’s finances. Based on their requirements, investors need to decide whether they require the services of an asset management firm or a wealth management firm or both.
Wealth Management and Asset Management are closely related to one another. However, there are differences between the two.
Wealth management and asset management are both services that are closely related to one another. Both wealth management and asset management come under the umbrella of private banking services. Wealth management and asset management are both financial services that are aimed at growing wealth, increasing investment income, increasing profitability and maximizing returns.
Wealth management is quite broader in perspective and includes asset management services, investment management, real estate planning, tax planning, etc. Asset management, on the other hand, is related to the management of assets and investments such as stocks, bonds, real estate and other assets.
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