A wealth management advisor is someone who is there to help you with more advanced financial issues, such as managing your overall investment strategy, both your retirement and non-retirement investments, and helping you manage all of your assets. A wealth management service often works together with other professionals who are assisting you, such as an accountant and a lawyer.

1. Wealth Management Is For Those with Money

Wealth management services are not designed to assist someone who has a couple hundred thousand dollars to manage their wealth better. That is more the job of a financial advisor. Most wealth management services are working specifically with individuals who have a couple million dollars invested. It is a service designed for individuals who have already amassed a significant amount of wealth and want help managing and growing that wealth.

2. Wealth Management Covers All Financial Planning Needs

A wealth manager is there to help you with the big picture. They are there to help you take care of all your financial planning needs. They will help you with things such as where to invest and how to handle those investments. They will help you figure out how to make your charitable contributions through a donor-advised fund. They can help you figure out how taxes will impact your business. You will get help with your finances as well as with managing things such as taxes. They will help you figure out how your investments and business will impact your estate plan.

A wealth manager will work with other professionals on your behalf to help you with your financial life. They can work with outside counsel to build a plan to help you manage all aspects of your financial life.

3. Wealth Management Is Long-Term

Wealth management is not something that you drop in for a quick appointment. Wealth management is about building for your long-term future. You are going to want to meet and consult with your wealth management team on an on-going basis. They are going to be working on your behalf when you are not around as well. Ideally, you want to find a wealth management company that you can see yourself working with for multiple years to get continuity of care.

Wealth management is for individuals with millions of dollars who need someone to bring together the team managing their wealth, to work on things such as estate planning, charitable giving plants, setting up trusts, and legal planning.

To learn more, contact a wealth management service today.