What Are the Different Types of Money Management Services?

Money management services give businesses and other organizations support in making key financial decisions. Individuals and families can also access a number of services to assist them with personal financial planning or debt reduction. Money management services can help with short-term term or temporary events, or could be retained for an ongoing period of time.

Consultants can provide money management services to corporations, government entities, and non-profit organizations. Financial consultants are hired to make recommendations for the way that money is managed in retirement accounts and other investment funds. The advice of financial consultants can help the investment team at some entity to be able to assess the conditions in the markets and the economy and the types of realistic returns that can be earned. Consultants can fulfill a number of money management services, including facilitating the search process when a business or other organization seeks to hire some third-party firm, such as an auditor.

A financial analysis that is performed on a business, economy, or region could also be considered a type of money management service. The professionals who perform analysis seek to offer insight on the financial performance of a potential investment by examining income, sales, and growth. Information provided from a financial analysis could be useful in determining in whether or not an investment is too risky. Analysts often assign ratings on financial securities and regional economies that illustrate the credit worthiness of those investments.

Money management services can also be obtained from providers that specialize in negotiating debt settlements or payment amounts with creditors. Debt service providers might attempt to negotiate lower interest rates for clients or attempt to consolidate numerous debts so that debtors only have to make one monthly payment. Bankruptcy filings can often be avoided by renegotiating credit terms or reaching a settlement with creditors. The money management services provided by debt specialists might provide clients this protection.

Financial advisers offer other types of money management services. Individuals can turn to these financial professionals to establish estate planning, which is a type of succession planning that for the property owners. Estate planning ensures that assets will be transferred to the desired parties when the asset owner dies and it protects real estate assets from becoming subject to excessive taxation. Attorneys can also help with the legal aspects of estate planning, and subsequently are involved in providing money management services.