Wealth management means something different to everyone.
When you talk with people in the investment and financial planning business you often hear them say they’re wealth managers. You also might not really know what they mean. Are they going to help you manage your money? Are they going to help you plan your estate? Are they going to help you teach your children money management skills? You just really don’t know what to expect.
Wealth management is all of the above and more. Wealth management starts with you. It starts with understanding what you want and why it’s important in your life. When you are clear on what wealth management is for you, you’re probably in a good position to start thinking about the type of advisor who can help you.
Wealth management requires you be the expert on you.
A good wealth manager will start with understanding what you want, then dive down with you to understand why your wish is important. Once the what and why are defined, it’s time to start thinking about who can help and what specifically needs to be done.
Wealth management is a giant subject. Some of the areas you might be want to address are:
- Having enough money for retirement.
- Taking care of education for your children and/or grandchildren.
- Knowing how to invest your money.
- Working on your estate to have what you want left to who you want when you want in the way you want.
- Working on lessons you want your children and grandchildren to learn.
- Managing taxes in your life.
- Understanding benefits at work and government benefits.
You’re confused by all of the things you can do.
This list can go on and on. Too many times you’ve worked with an investment advisor, wealth manager or financial planner to only walk away with a laundry list of twenty or more things you need to do. You might want some help in prioritizing this list. You might even want some help deciding which is most important to start.
It’s all about you and what you want. You really wish you could find an advisor who is going to help make your life better.
Here are some reports that might help you answer some questions you have about wealth management: