Not many Americans will have enough money saved for retirement. Some will have to continue working in order to pay the bills. You don’t want that to be you, so you’ve shown an interest in wealth management and investment. But what exactly is wealth management? Where does investment fit in with wealth management? Continue reading to learn what wealth management is, how it benefits you, and clear up any misconceptions over the term.
Everything You Need for Reaching Your Financial Goals
Wealth management is a service that consists of financial advice, investment advice, accounting, tax preparation, retirement planning, and estate planning. For one payment, you have access to all of those services when you’re paying a wealth manager. How does the wealth manager know all of this information? He works with other financial experts in order to give solid advice. You can request that he listens to input from your accountant, attorney, or insurance agent along with the other experts. A few wealth managers will also advise on philanthropic activities upon request. Banking services isn’t offered by all wealth managers but you’ll find a few who do.
A Wealth Manager Can Address Any Financial Issue
Wealth management encompasses all areas of a person’s financial life. The goal of being a wealth manager is to address all financial needs of the client, so that he doesn’t need to hire numerous financial experts for each type of financial need. Isn’t it more convenient to consult ONE person for managing your money, setting and achieving financial goals, and planning for your family’s future?
What Happens When You Hire a Wealth Manager?
When you hire a wealth manager, usually the first thing he will do is draft a plan for you that is designed to maintain and increase your wealth guided by your comfort level with risk, current financial status, and financial goals. After the plan is written, the wealth manager regularly meets with the client to check his progress on his goals, review and rebalance the financial portfolio, update his goals, and determine whether or not other services are needed. A wealth manager strives to follow clients throughout their lives, which helps a person feel cared about.
Wealth Management is Not the Same as Investment Management
By now, you’ve probably realized that wealth management is not synonymous with investment management. Wealth management can include investment management, but it’s much more than that. Some people mistakenly think that wealth management is the same as investment management. An investment manager is concerned with finding the best stocks, ETFs, bonds, and other types of investments for clients. But he doesn’t stray from investments.
Benefits of Wealth Management
- You can find good investments more efficiently.
- Wealth managers are active with your retirement planning and can point out an ideal course of action for you based on your unique situation.
- A wealth manager will help you effectively manage risk.
- You’ll have enough money saved for retirement or can at least get more saved than you would have without wealth management.
- Wealth management is goal-oriented, which encourages you to think about what you want and how to get it instead of going through life aimlessly.
Wealth management is a service you need if you want to be one of the few who can comfortably live after retirement. Unless you went to college for finance, then you’re not going to be the best person to handle your financial portfolio. You’ll want to consult with an expert who can guide you down the fastest path toward achieving your financial goals. If you go at it alone, it will take you longer and you will make mistakes that could have been avoided with a helping hand.
Schedule a chat with us to learn about how we can help you reach your financial goals.