Financialtreat – will explain about Let’s Take Advantage of Wealth Management Applications! It’s easier! which you will get in the following article. let’s look at this article carefully!
Before discussing the benefits of wealth management applications, it helps us to know what wealth management is. Reported from several sites, wealth management is “is an advanced investment advisory that specializes in financial services and financial planning”.
Or if we freely translate it into Indonesian, it is investment advisory services in the financial sector and also financial planning, and to be able to do planning, now we can use a wealth management applications.
Let’s Take Advantage of Wealth Management Applications! It’s easier!
So, as we explained earlier, wealth management is a family financial management. Of course, this can be done by every individual. However, to do it yourself complete financial arrangements with various aspects of consideration, ranging from opportunities and possible risks, is not an easy thing to do.
For this reason, most people generally need financial managers who already have sufficient knowledge regarding the various types of financial investments that are already available.
In addition, you must also understand how a global economic development is likely to have an impact on investment instruments and other factors that can have an impact on the value of your wealth.
Well, in the end, wealth management has developed into a financial planner service business. So the understanding of wealth management also develops. From what was initially only the management of the value of wealth that was carried out independently, it became financial management carried out by an institution or entity.
When Was Wealth Management Born?
The term wealth management began to be widely used in the early 2000s. However, in fact his presence had existed long before that year. For example, in big cities such as London, Paris, and Amsterdam, holistic financial management activities have been known since the 17th and 18th centuries.
This development certainly cannot be separated from the financial center that occurred at that time. In addition, private bankers also provide various financial services for each family member who wants to trade internationally.
Some of the types of financial services they provide are depositing deposits, providing loans and also providing foreign currency. This activity is carried out only to provide comprehensive financial services to every member of the kingdom.
After becoming famous in London, this service moved to the United States in the 19th and 20th centuries with the Wall Street landmark there.
Types of Wealth Management Services
Wealth management is very closely related to the nuances of services for the upper class of society who have thick pockets. Even so, wealth management is not only about investment, but there are also other services that can provide a comfortable life.
Because wealth management often provides all the services needed by those who have a lot of money, the term What Lu Minta Gue Ada (Palugada) appears as a play on wealth management.
so, in fact they are able to provide services in traditional to sophisticated, from financial matters to lifestyle, as well as from business to spiritual matters.
Wealth Management Service Provider
Generally, these services are offered by banks. Several other parties that also provide this service are Asset management, insurance, private banking, brokerage, investment banking, independent financial advisors and even accounting firms.
Each of these banks has its own services, such as ABC Amro Indonesia with Van Gogh Preferred Banking, which is specifically for people with high incomes with a minimum deposit balance of IDR 500 million. Then Bank Syariah Mandiri which has BSM Priority with a minimum balance of IDR 250 million.
Even if there are institutions that claim to have these services, but only focus on offering insurance products or deposit products, or only offering mutual fund products, we can confirm that they are not compatible wealth management service providers.
Financial or banking institutions that do have a comprehensive wealth management program are those that have complete services, such as investments in financial or non-financial products.
They will also provide advice regarding real types of investments such as prospective businesses, houses, gold, etc. In fact, they are not fanatical about their own products, because they will also be open to other institutions that are more suited to the conditions of their clients.
Well, before choosing a bank or financial institution in which wealth management is provided, then you should be able to pay attention to the following. Go directly to the bank or financial institution that offers these services.
Also ask all the services they can provide. Pay attention to who is in front of you when you visit the service provider institution or bank, whether the person entrusted is a competent person or not.
A big name is not a guarantee that you can get people who are competent and have extensive experience. Ask how much you have to spend when using these services. Then, calculate the costs you have to spend and what benefits you can get.
Utilizing Wealth Management Applications
In the theory of family financial planning, preparing a budget and recording the flow of funds in and out is highly recommended. In fact, this advice is very rarely carry out.
Even if they have, only a small number of families or people keep records of their expenses neatly. The rest, recording regularly is only do for one month. The following month, the recording began to be rarely do.
The notebook use for taking notes also looks wrinkle and folde. Long forgotten. Incoming and outgoing money is no longer detecte. Before the end of the month, it felt like money was running low without knowing where it was going.
If it is recorde, in the following month it will be easier to adjust which items can be reduce so that expenses become stable again. Actually, recording expenses has many benefits in managing the cash flow of family finances.
For example, to detect if suddenly there is an increase in expenditure that can interfere with other expenditure items. If it is recorde, in the following month it will be easier to adjust which items can be reduce so that expenses become stable again or even if they have to owe.
In this digital era, not only stalls have applications to record incoming and outgoing money. Digital banks have also provide simple records for the flow of funds in and out.
Digital banks not only provide convenience in transactions and periodic payments, but also can record where the money is spen. In addition to recording shopping, there are also features for investment.
Several digital banks have collaborate with sellers of online investment products. Everything is recorde. Not only digital banks that make it easy to record expenses and manage funds.
There are quite a number of independent financial recording applications that are separate from banking. Wealth management technology (wealthtech) in a digital platform that focuses on managing investments, savings, and family finances continues to develop.
Its features can be use to help manage family or personal finances. These various wealthtech applications not only record, but can also provide analysis of users’ financial expenditures.
This includes providing more sophisticated financial planning features, such as calculating the need for home ownership loans, retirement funds, or children’s school fees. There are also applications that can provide information about the financial health of its users, just by entering the require data.
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After that, it will be immediately see whether the financial condition is healthy or not. For example, too much debt, not having an emergency fund, too many illiquid assets, and so on. Each application has its own strengths and weaknesses.
In essence, the application makes it easy to record and manage family finances in a more pleasant way. How to get starte is very easy, just download the application from the “store” of each smart phone. Most of them can be downloade and use for free.
There are more and more users of this type of application. Exposure to information about family finances is indeed increasingly widespread through various channels, which makes the need for the ability to manage finances increasingly felt.
The positive impact is that more and more people understand financial management and are willing to practice it in their daily lives. Wealthtech application developers have provide various facilities and features that we can use to manage financial conditions to be more organize.
Managing personal and family finances is not in the school curriculum, but in real life we will be directly face with the test. Don’t hesitate to try it!