Have you heard the term “wealth management”? It’s not uncommon for this phrase to be tossed around frequently in board rooms, financial articles, or even between advisors and clients.

Although often improperly defined, wealth management is actually a straightforward concept.

It is a high-level professional service that combines financial and investment advice, accounting and tax services, retirement planning and legal or estate planning for one set fee.

Working with a wealth manager, clients combine input from insurance agents, attorneys, and accountants to plan for their current and future needs.

What Do Wealth Managers Do?

In theory wealth managers can provide any financial service, but typically they offer services in which they specialize or feel most comfortable handling.

Essentially wealth managers promote financial solutions and choose products based on client’s long-term financial goals and needs. Wealth managers can deliver more for clients as they have a relationship with the client and a deeper understanding of each client’s individual life and needs.

Their position is consultative, and the primary focus is providing guidance.

Wealth Management Strategies

Approach will vary among different managers, but generally, a wealth manager will start by constructing a plan that will maintain and increase a client’s wealth. By using the client’s financial status, goals and comfort level with risk your wealth manager will develop the best strategy for you.

Once a plan has been initiated, wealth managers will request regular meetings to keep client goals up to date, review and rebalance portfolios, and look into the possibility of additional services.

Continued communication and evaluation can be expected.

When you begin establishing your wealth management plan you should ask yourself these questions, among others:

  1. What are my financial and non-financial goals for myself and my heirs?
  2. Does my wealth management plan accomplish these goals?
  3. What is the best appropriate structure to provide my heirs with appropriate assets?
  4. Have I considered unforeseen circumstances?
  5. Are my heirs prepared to act responsibly with the assets I will leave them?
  6. What is required to maintain my current lifestyle?

Generally, people prioritize their goals and objectives like so: self and spouse, heirs, and community needs and opportunities. You will want to develop a plan that aligns with your priorities.

Who Benefits from Wealth Management?

In the past, many believed that wealth management was only for the affluent. However, today it’s actually quite common among small business owners and families who want a professional opinion in their estate planning, financial organization, or to coordinate retail banking.

Regardless of your financial status meeting with a wealth manager can be a huge help and a smart move in securing your family’s financial future.

Let’s Get Started

If you’re not sure where to start, don’t worry. That’s why we’re here!

Remember, it’s your life, plan for it. We can help! Start by sending us a message, asking a question, or just let us know what’s on your mind and we’ll take it from there.

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Do You Know About Wealth Management?
Do you know about wealth management? Although often improperly defined, wealth management is actually a straightforward concept.