Wealth managers in Los Angeles have seen some drastic changes in the industry during the past decade. From the constant stream of information to upgrades in technology, wealth advisors find they must adapt to rapid changes in the industry.
These advisors typically work with affluent individuals to offer all-encompassing financial planning – this includes estate planning, tax guidance, investment management, philanthropic endeavors, gifting, trusts and succession planning. Clients often have a net worth of $1 million or more.
“The way I described my role for clients is, yes, I am a financial adviser-wealth manager. But the way I really position myself is, I’m an advocate for clients,” said Kevin Philip, partner at Bel Air Investment Advisors in Century City.
The global wealth management market size was valued at $1.25 trillion in 2020, and is projected to reach $3.43 trillion by 2030, according to Allied Market Research. Wealth managers aid clients in growing and protecting their assets over time by producing investment plans that take into account investor goals and tolerance for risk.
Shifting roles
Several wealth managers noted that their role has evolved so that they’re just as much a psychologist as they are an investment advisor. Many noted that managing clients’ emotional connection to money was an important part of the job.
“When the Fed (Federal Reserve Board) announced that they were not going to raise or lower interest rates, when you’re talking to your clients, you have to be able to translate that how that’s going to affect them,” said Jason Sands, managing director at Ameriprise Financial Services in Westlake Village.
“Are they going to buy a house? Are they going to buy a car? Are they going to sell their house? What does that mean for selling their house right now? Before it was about investment ideas. Now it’s how you translate information and how does it affect the client?”
Some wealth managers said that they…
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