“Wealth management” is one of the most common buzzwords in the investment advisor and financial planning business today. People who research the services that our Clients seek tell us that comprehensive “wealth management” services are what our Clients want and need.

My first question when I read the research is, “what is the definition of wealth management”? It certainly isn’t just the management of investments and it isn’t just doing financial planning alone. These are both valuable parts of “wealth management” but even when done together they aren’t the total answer.

On the personal level, at a minimum, “wealth management” must include the following services:

• Investment Management
• Insurance and Risk Management
• Estate Planning
• Tax Planning and Management
• Asset protection planning

It is rare to find one person who does all of this work. When an advisor says they are a “wealth manager”, you should ask them how they deliver “wealth management” services. As with many statements in the financial services business, the claim of being a ”wealth manager” is often just a way to get you to invest or use the advisor for insurance services. Without a full, comprehensive plan there is no true “wealth management”.

Business owner wealth management

If you own a business, then “wealth management” becomes even more complicated. Not only do you need the above services but you also will need a “wealth manager” who can help you with:

• Business Valuation
• Increasing Business Value
• Business Exit Planning
• Business Transition Services
• Personal Coaching

When you combine both the personal and business “wealth management” needs it becomes obvious that one person can’t possibly fill all of those needs. So the question becomes how do you get all these needed services and is it possible for you to do it in a simplified manner?

“Wealth Management” as a Group Activity

The person you choose as a “wealth manager” does not need to be an expert in all areas that are important for you. But, they do need to have more than a passing knowledge of each of them. As you seek out “wealth management” services, the advisor you choose should understand the different services that are important. They should be able to help you find experts and coordinate their services as needed.

With so many services needed in “wealth management”, the most important expertise your advisor can have is the ability to help you clearly define your goals. Your advisor must understand what you are trying to accomplish in all the areas of your “wealth management” needs. And, they then must have the ability to help you find the right expertise to advise you on how to get the outcomes you desire.

We at Stage 2 Planning understand the issue of “wealth management”. Our Clients who choose to work with us as their “wealth manager” know that we work in a comprehensive, team manner to help our Clients clearly define their goals to reach all the outcomes they desire.

If you are interested in learning more about “wealth management” and whether this service is something you should consider, we encourage you to make an appointment with us. We would love to explain how “wealth management” can simplify your life and provide extraordinary results.

With warm regards,

Stage 2 Planning Partners

Josh Patrick © 2006

Securities and Investment Advisory Services offered through NFP Securities, Inc., A Broker/Dealer, Member NASD/SIPC and a Federally Registered Investment Advisor.

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