What is Wealth Management Anyway?

So what is Wealth Management anyway?

You see billboards offering wealth management services. One of your friends talks about the great returns they are getting with their wealth manager. And isn’t that lady at the gym a wealth manager? So what exactly do they do?

Wealth management let’s you confidently answer 3 basic questions:

1. What would happen if you died tomorrow? Specifically, how would your loved ones be cared for and what kind of life will they have?

2. And to take the opposite extreme, what would happen if you lived to 100 or beyond? Will you have enough to live on or will you become a burden to your children?

3. What would happen if you became disabled in some way and no longer able to work? Could you manage financially?

Wealth Managers work with you to create a financial plan that will allow you to confidently answer all three questions and then will work with you to put the plan into action by matching the assets to the plan.

Since each person is different, with different circumstances, goals, objectives and risk tolerances, each plan is different. While there are basic principles like diversification and asset allocation that apply to everyone, a good plan will be as tailored to you as a good suit.

There are many different types of professionals who offer wealth management services and yes, you can do it yourself by educating yourself in many of the topics described on this site. Or you can <get help> and we'll match you with someone who can advise you on what directions you should take.