Wealth management advisers are an increasingly well-known and widespread profession. We often talk about the qualities of these professionals, but what is the essence of their work and how do they go about it?

How do they work?

During the 1^st client meeting, everything begins with a discovery, as complete as possible, of the client's situation. Given the personal and sensitive nature of the information gathered, it is important that this is a partner you can trust. All the more so as they are bound by professional secrecy.

Using all this information, the adviser will draw up a balance sheet analysing the household's budgetary and tax situation and its composition, as well as an assessment of financial assets and an inventory of property assets.

Based on this analysis, the adviser will make recommendations.

What are the different types of balance sheet?

The most important of these is the overall financial statement, which has several components.

- The financial report, which analyses the financial assets held by the customer and proposes ways of optimising assets or finding new solutions,

- The tax report, which analyses the household's situation and checks the compliance of the tax return(s) in terms of personal and professional tax, including international taxation,

- The personal risk assessment, which evaluates the contracts and cover of the various members of the household and summarises their needs and expectations,

- The pension report, which checks the career reconstitution and potentially deciphers the related special scheme,

- The inheritance report takes into account the composition of the family and existing gifts to assess the repercussions of one or more deaths in the family.

In addition to the analysis carried out, each report also includes recommendations, depending on the purpose of the assessment.

What types of advice are given?

These recommendations are at the heart of the wealth management adviser's profession. This is where the added value of the professional lies. Whatever the issues identified and whatever the needs of the client, a specialist will be able to provide advice.

Whether the legal, technical or tax aspects are dealt with, an engagement letter will be drawn up specifying the legal formalities undertaken by the advisor, the financial or property solution chosen or the mission entrusted with its objective when the situation so requires. This document also indicates the amount of the specialist's service(s).

This customer-focused approach is essential if we are to retain the customer's trust, which is vital in this business. In addition, there is a strict regulatory framework governing the skills, responsibilities and transparency of advisers, to ensure that customers are safe and protected. When you call on a Wealth Advisor from Wealth A7, you can be sure that you're in good hands, and that you'll receive personalised, high-quality advice - contact us!

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