There’s financial planning, and then there’s wealth management. Think of wealth management as a step up from garden-variety financial planning. One office provides a range of services for a client: personal financial planning and investment management, tax reduction and estate planning strategies. Business continuation planning, asset protection, legacy planning, financial education are also often contained as part of the package.
The difference is really big-picture. Financial planning usually means creating a strategy for accumulating wealth for retirement and personal goals. Investment management focuses on managing financial assets with a performance level in mind. Wealth management, in comparison, wealth management considers the total net worth of a family, a couple or an individual. It weighs financial decisions in light of an investment portfolio and additional components of the financial picture such as real estate, insurance, a business, charitable gifting and more. Combining outside assets and wishes helps a family manage their entire wealth and not just retirement or investment assets.
Yet it is also about paying attention to detail. Every successful professional or business owner reaches a point of delegation – there comes a point at which you can’t do it all yourself. Indeed, it can be hazardous to try and keep track of every detail without help. The same goes for your finances – your taxes, your investments, your various accounts. We believe it often makes sense for you to consolidate all your information on your own personal (highly secure) website.
Good wealth management helps you stay on top of things. A skilled wealth management firm pays attention to many of the financial details in your life for you. You can free up your mind. You feel confident because the wealth management firm has an ongoing relationship with you, with regular reviews and communication.
Wealth management unites advisors from different disciplines as a team. The team looks at your goals, needs and priorities to determine the right, individualized strategy for guiding your invested assets and enhancing your net worth.
We believe it’s important for you to stay in control of your wealth. We have programs that allow you to choose what’s important and our job is to help you coordinate your wishes and make them a reality.
When is it time for wealth management? If you have too many financial concerns, issues or priorities to address by yourself, then it is certainly time for this kind of financial care. And even if your financial life is less complex, significant wealth calls for a vigilant, ongoing management approach.
I encourage you to contact us through one of the buttons on the side. I would love to hear your opinion on wealth management and how it could affect you.