Do you ever wish you could click your fingers and turn your confusing myriad of investments and finances into a streamlined, high-performance solution?
It’s easier than you think.
Wealth management is the often misunderstood cousin of financial planning. We’re going to lay bare the true identity of wealth management and share five must-know facts to preserve your future wealth.
Then, we’ll seal the deal with tips on how to get started.
Let’s start from the top.
What is Wealth Management?
We’ll sum it up like this. Solutions versus products.
Wealth managers promote financial solutions. Their service is poles apart from that of an investment or financial adviser who just sells products.
A wealth manager focuses on a client’s long-term financial goals and needs. They partner with you to gain an informed view of your total financial picture, goals, risk profile and limitations.
They put each product into context with your overall financial plan. And they focus on the interaction of each product as they strategically integrate them to become a totally streamlined solution.
It Combines All Essential Services Into One
The goal of your wealth manager is to sustain and grow your long-term wealth. It’s a unique, all-encompassing combination of financial planning and specialist services. And the result is powerful.
Typically, you’ll find services such as financial and investment advice; accounting and tax services; retirement and superannuation planning; and legal and estate planning are all rolled into one wealth management service.
Your wealth manager is backed by a team of experts who they draw upon for advice. They’ll act as your advocate to find the optimal solution to achieve your long-term goals.
Wealth Management Is Perfect For High-Income Earners
Are you a high-income earner, part of a high-income earning household, or are your assets of high net worth?
Do you like to be involved in your financial planning and have an idea of what your ideal financial future looks like?
Yes? Then a wealth manager could be the perfect solution for you. They’ll assist you to convert your disjointed financial arrangements into a streamlined plan, eliminating unnecessary taxes or fees and maximising your income.
Unstructured Wealth Is At Risk
You’ve worked hard. Perhaps your focus is making the most of every dollar you earn? Or maybe you’d like your wealth to survive you and benefit your family for generations to come?
Whatever your motivation, wealth management is a guided, expert way to preserve and grow your wealth.
Wealth preservation requires a consistent, long-term approach. Goals must be set and reviewed regularly. It’s about creating a structure for your wealth, building it and preserving it for your future, and that of the generations that follow you.
Unstructured, unplanned wealth is at risk. Relationships are one of the biggest threats to wealth. Divorce, death, disputes and legal challenges can all have a serious impact on your future wealth if it’s not protected.
Expect a Long-Term Working Relationship
It’s impossible to truly understand your financial situation, wants, needs and goals without doing a bit of digging. But these are topics that are usually off-limits for general daily conversation with friends and colleagues.
Your wealth manager will build a professional relationship with you. It’s a crucial part of the service.
You’ll receive more than just product and investment advice. Wealth management is more holistic and is designed to encompass all aspects of your financial life – for now, and for your future.
Getting started is easy as this.
- Choose a wealth manager. Remember, they’ll be asking a great number of questions about your financial situation, goals, aspirations, fears and limitations. They’ll need to understand your business arrangements and learn about your family. So you need to like them and trust them.
- Create a vision together. Your wealth manager will work closely with you to create a vision of your financial future and break this vision into logical, measurable objectives.
- Formulate a plan. They’ll devise an expert plan that considers your total financial picture and family situation. By consulting with their trusted network of specialists, they’ll gather specialist advice tailored for you. They’ll look for financial gaps and shortfalls and recommend how you can bridge these gaps to achieve your objectives.
- Review and refine. Regular meetings to discuss options and review progress against your goals is all part of the service your wealth manager will provide.
Leveraging the full power of your income leads to greater financial success and a secure future for both you and your family.
You know you’re probably wasting money with your current array of financial and investment choices.
You’re certain that you’re not leveraging the full power of your income. And as for time – you don’t have enough to sort it all out.
By appointing a wealth manager, you’re making a smart, business-minded decision. One that will last the distance and create a fully integrated, future-proof financial solution.