If you watch or read the news, follow the stock market, or surf the web for investment information, you might assume you can manage your wealth on your own without the assistance of a professional.  Though it is tempting to attempt DIY (do it yourself) wealth management, doing so Could be a costly mistake. 

Self-reliance is certainly a virtue, yet it has the potential to backfire in quite a financially painful way in the context of wealth management.  The moral of this story is that if you are searching the web for “should I hire a wealth manager?” or silently pondering this question in your mind, you should consider speaking with one to alleviate any concerns you may have. 

Most People can Benefit from a Wealth Manager 

Wealth management can help you in a variety of different areas – from ensuring you have a proper amount of savings in the bank, to putting your investments to work in an efficient manner. You’ve worked hard for your money, and it should be working hard for you. The earlier you can begin implementing wealth management practices, the larger of an impact you will have on your long-term finances.  

As long as you have assets, you have the opportunity to manage them with the guidance of an industry expert who helps you build even more wealth across posterity.  Those who are older and wealthier as well as individuals on their way toward amassing additional wealth are particularly likely to benefit from the advice provided by a wealth manager.   

Recognize the Value of a Wealth Manager 

The value provided by a wealth manager extends far beyond the recommendation of securities that are likely to expand your financial nest egg.  The best wealth managers steer clients in the right direction to help them build the largest possible financial nest egg and setting the stage for the ongoing management of that money across posterity.  In other words, you need a wealth manager regardless of your unique level of savings, investment knowledge and position on your unique timeline for retirement.   

If you are on the fence as to whether you can obtain meaningful guidance and financial success through a relationship with a wealth manager, you have nothing to lose and everything to gain by scheduling an initial consultation.  Give a wealth manager the opportunity to detail his or her unique value offering.  Listen closely and you will likely agree that this individual’s input into your personal financial situation as well as your financial future is quite valuable. 

Wealth Managers do More Than Investment Advisors 

There is a common misconception that wealth managers are the same as investment advisors.  Though there is a bit of overlap between the two professionals, they have distinct duties.  Wealth managers Not only incorporate investment management into their recommendations, but also a wider array of concerns that will provide you with more holistic financial advice.  

You may think that you don’t have “enough” in investments to work with a wealth manager. Each manager is going to have a certain type of client that they work best with, so you may actually be a perfect match for their services. When in doubt, reach out to the wealth manager you have in mind to find out if there is a certain financial threshold that must be met to qualify as a client. 

Wealth managers provide services that help clients manage their wealth for long-term financial success.  The overarching aim of a wealth manager is to make it easier for clients to stay on track for retirement so they can transition to living the good life in their golden years.  This feat is accomplished through retirement planning, investment portfolio management, estate planning, legacy planning, and tax optimization.   

The value provided by a wealth manager extends beyond bundling services together.  The best wealth managers provide value that is greater than the sum of the parts that are the individual services.  Choose the right wealth manager and he or she will provide you with an invaluable peace of mind pertaining to your financial future across the years and decades ahead.  This peace of mind is the result of personally tailored wealth management advice that considers the nuances of your personal financial situation including your nuanced financial goals, timeline for retirement and estate planning needs. 

Examples of Instances When Wealth Management is Necessary 

Though most people assume the services of a wealth manager are unnecessary unless one has amassed considerable earnings, inherited a large amount of money, or recently sold a business, the truth is these professionals benefit individuals in all walks of life.  If you have complexity in your finances and would like someone to help you sort through it, you owe it to yourself to consider scheduling an appointment with a wealth manager. 

Above all, wealth managers work hard on behalf of those who would rather spend their time focusing on their family or their careers, and not worrying about what the markets are doing or if they are making smart financial decisions.  

Whether you are planning for retirement, recently inherited money, have a child heading to college, are selling a business or considering launching one, you will benefit from the guidance of a wealth manager.  Furthermore, those looking for assistance in managing or generating a passive stream of income during their golden years will also greatly benefit from wealth management guidance.  Some choose to tap into the expertise of a wealth manager for reassurance that their spouse and loved ones will be taken care of in a financial context in the event of the breadwinner’s premature death or incapacitation.   

A Truly Objective Money Expert 

It can be a liberating experience to decide you don’t have the time, expertise, or desire to be solely responsible for your long-term finances. Lean on a wealth manager to manage your hard-earned money and this professional will closely review your current assets, risk tolerance and nuanced aims for your financial future.  Choose a fiduciary wealth manager and this professional will be an unbiased and completely objective third-party, meaning he or she will exercise a duty of care for you, the client, when managing your money.  Instead of steering you toward certain investment products and services to obtain a commission, your fiduciary wealth manager will remain objective, helping you build your financial nest egg with decisions that solely benefit your financial future.   

Even if your wealth manager helps you sidestep a single bad money decision per year, this expert’s guidance will be well worth it. Opt for a fiduciary, fee-only wealth manager who receives a flat fee as opposed to earning money through commissions that present conflicts of interest and you will rest easy knowing this professional’s objective guidance will makes your financial future all the brighter. 


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