Wealth Management

Wealth management is more than just investing; it's how you manage your whole financial life. It's about protecting what you have, planning for the future, and helping you and your family reach your goals.

What does a wealth manager do?

A wealth manager is a professional who oversees the financial needs of individuals and families with significant assets. The manager, often a CFP® professional, provides a range of services, from investment advice and financial planning to estate planning and philanthropic planning. A wealth manager can provide a comprehensive financial plan that will address your financial goals, risk tolerance, and time horizon.

What is the difference between a wealth manager and an investment advisor?

Both wealth managers and investment advisors offer guidance on your finances, but there are differences. An investment advisor can offer advice on investing, but they are not required to provide comprehensive financial planning. An investment advisor generally works for a brokerage firm or registered investment advisor organization, so they have no fiduciary duty to you. A wealth manager offers more in-depth financial guidance and will work with you to create a financial plan that will include taxes, estate planning, and investment strategies. A wealth manager is a fiduciary, which means he or she has a legal responsibility to act in your best interest.

What is a financial plan?

A financial plan is a road map to help you achieve your financial goals. It is a snapshot of where you are today, where you want to be, and how you will get there. It's an overview of your financial situation, including your assets, debts, and net worth. It also lays out your financial goals, risk tolerance, and time horizon. A financial plan will help you achieve your financial goals and gives you a "big picture" view of your finances.

How much money do you need for a wealth manager?

The amount of assets you need to work with a wealth manager will vary. Generally, the higher the net worth, the more comprehensive the financial plan. Some wealth managers will only work with clients with portfolios of $5 million or more. Other wealth managers will work with clients with assets under $1 million.

Is it worth paying a wealth manager?

A wealth manager can help you avoid some of the mistakes that you, as a novice investor, might make. A professional will look at your entire picture and make recommendations based on your personal situation. A wealth manager will also help you avoid some of the pitfalls of investing, such as over-diversifying your portfolio or paying too much in fees. A good wealth manager will help you protect and grow your wealth and make sure you're making sound financial decisions.

How do you choose a wealth manager?

Selecting a wealth manager can be as difficult as picking a doctor or a dentist. You want someone who will be completely objective and who will put your best interests first. Choose someone who will take the time to really get to know you and your financial situation.

Ask friends and family for referrals and research the wealth managers you are considering. Look at their credentials and experience to make sure they are qualified to provide the services you need.