The concept of ‘existence of asset’ in wealth management refers to verifying and ensuring the physical or legal existence of an asset within a client’s portfolio. With iWealth, this will involve confirming that the asset, such as property, investment, or financial instrument, actually exists and is owned by the client.
In addition, a determination of the existence of an asset is made through various processes, including due diligence (background checks and scrutinizing of asset history), documentation review (confirmation of legal ownership and authenticity), third-party confirmation (appraisals and audits to erase any inconsistencies), and physical inspection or use of digital tools for asset verification.
iWealth feature of asset existence is to ensure accurate reporting, risk assessment, and portfolio management. This helps to prevent potential errors, fraud, or misrepresentation of assets within a client’s wealth portfolio. By confirming the existence of assets, iWealth can provide reliable and trustworthy information to clients. By rigorously verifying the existence of assets, iWealth can provide clients with confidence in the accuracy and legitimacy of their portfolios. This helps mitigate the risk of fraudulent activities and enables clients to make informed investment decisions based on reliable information.
