Five Things Wealth Management Can Do For You

Do you want expert help pointing all your finances in the right direction, beyond your investment accounts? Then you should consider working with a wealth manager. 

Wealth management and investment advising are not one in the same. Many high net worth individuals get to a point where they need a trusted outside resource to examine the full scope of their financial life, someone who will provide a level of attention, proficiency and guidance that they haven’t needed previously. 

Here are five ways working with a wealth manager can benefit you. 

#1: Create a personalized financial plan

The right wealth manager is client-centered in every possible way. He or she will use a consultative process to determine the right financial plan for each individual client. 

Your wealth manager will want to understand you and the circumstances that impact your financial situation—including your family, job, health, and retirement plans. He or she will also talk with you about your financial goals and aspirations, and will ask you for current pertinent financial data, then combine all that information to create a detailed financial plan that is personalized to you.

#2: Investment advice and portfolio management, including retirement planning

With your personalized plan in hand, your wealth manager will be ready to leverage the investment mix that is right for you in accordance with your goals. Wealth managers have the required experience to manage large and complex investment portfolios, and to strategically allocate assets based on certain life events and time to retirement. 

#3: Complicated tax planning

Taxes are almost never simple, especially when you’re dealing with numerous and complex investments. Because tax planning is part of the overall wealth management process, your wealth manager can ensure you’re implementing tax strategies that align with your overall financial strategy. And because your wealth manager will have a comprehensive understanding of your financial life, they can provide advice that can help you minimize the impact of taxes on your investments, and will work side by side with your CPA or tax attorney to do so.

#4: Small business setup and planning 

If you own one or more small businesses or are starting one, that’s part of your overall financial picture. Having a wealth manager as one of the experts in your circle can help you learn and implement the financial strategies your business will need to survive and thrive. 

Determining your business entity, conducting all the necessary setup, planning for sustainable growth, knowing how to optimize for taxes, and even accounting services are part of the wealth management services your chosen firm should offer. 

#5: Legacy and estate planning

Legacy planning isn’t as simple as having a will prepared and signed or even a trust in place. Legacy planning is more of a process and a framework that will ultimately result in the distribution of your assets to family and/or to charity. 

Your wealth manager can be one of the best resources in helping you design and implement your legacy plan as you transition from full-time involvement in your profession or business to part- or full-time retirement. They can also help adjust the plan as needed. 

Would you like a personalized and comprehensive approach to financial planning and investing? Schedule some time to talk with a wealth manager at Ironwood Wealth Management.