How do wealth management services differ from other types of financial services? Is wealth management right for you? We delve into these issues below.

Wealth Managers vs. Investment Advisors

Wealth managers look at your large-scale financial situation and provide financial solutions to help you achieve your goals. These can include investment advice, tax advice, estate planning, asset allocation, and more. Investment advisors, on the other hand, sell specific products to help you get ahead. Wealth managers are more concerned with your long-term financial goals and needs so they’ll suggest products for you to invest in that align with your comprehensive profile.

How Wealth Managers Help You

Wealth managers cultivate deep relationships with clients to gain an in-depth view of you and your financial situation and a better understanding of your goals and limitations. This allows them to foster trust because they prioritize your needs and wants over selling you a particular product.

In coming up with a wealth management plan for you, your wealth manager will take into consideration your financial situation, goals, and risk tolerance. Once they’ve developed a financial plan for you, your wealth manager will regularly meet with you to review progress, touch base about your goals, and potentially rebalance your portfolio. They’ll examine whether you need additional services to produce better results, sometimes incorporating non-investment solutions to achieve goals.

Because you’ll be working closely with a wealth manager for many years, you need to make sure you’re choosing the right one. This way, you can guarantee exceptional financial results and a mutually beneficial relationship.

Choosing a good wealth manager from a premier company doesn’t have to be taxing process. In Part 3 of this blog series, we’ll help you get started by discussing the essential qualities you should look for in a wealth management company.