Wealth Management and Best GIC Rates

Wealth management is the efficient handling of accounting, taxes, retirement planning, property and assets. It is a service providing financial and investing advice to reap maximum benefits and prevent wealth erosion. Wealth can be managed by a single individual or a team of experts handling various aspects of the wealth like accountant, lawyers, investment advisor, stock brokers etc.

What is the role of a wealth manager?

When there is an abundance of wealth it becomes essential to handle it effectively. Wealth managers handle all aspects, maintain and increase the wealth of the client, by providing investment advice depending on the clients profile, risk level and goals. A wealth manager has various roles and responsibilities and needs detailed studying of a client portfolios and preferences. It requires in depth knowledge and experience to be able to successfully manage the client’s wealth. A wealth manager studies and understands a client’s portfolio, answers their questions and explains his strategy. Recommend investments to increase wealth and reduce risks. Regular tracking of the investments and keeping the clients up to date about their wealth is also the role of a manager. Managing tax and pension plans, plan with other advisors, and chalk out an exit or liquidation strategy is done by a wealth manager. Recommending shares, assets, GIC, mutual funds, bonds, insurance, property etc is also the role of a wealth manager 
to maximize profits and increase wealth at a steady rate.

Guaranteed investment certificate (GIC):

Guaranteed investment certificates are issued in Canada similar to a fixed deposit. They offer a guaranteed rate of return and have lower risk than other investments. The guaranteed returns steady increase in investment with no risk of losing the investment. Banks and companies issue these and are preferred by clients having low risk profiles but wanting to invest. The rate of interest depends on the length of investment and the principal amount. It provides higher rates of investment compared to the traditional savings account. The only risk to the initial investment happens when a bank defaults its creditors. The rates of GIC depend on the stocks and the market, and can grow up to 30%.

Trustable GIC issuing companies:

Finding a trustable GIC issuing company or bank with competitive interest rates is essential. High interest rates and better returns is an essential feature to consider when selecting a GIC issuing company. Companies with a lower risk profiles and management goals and visions are important, and should align with your portfolio. Read the documents well, and research about their strategy and client reviews before investing with them. Companies have interesting strategies like laddering which helps you invest in various terms and hence ensuring higher profits and in case of a bearish market reduces risks. Various companies also provide a premium on long term investments, hence increasing returns considerably. Even if the rates fall, you can still get the premium, preventing any damage. Ensure the companies you buy the GICs from are registered and trustable and do not rip you off along with providing you the best GIC rates.

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