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Wealth Management

What is Wealth Management?

What is Wealth Management?

Wealth management is the process of making decisions about how to grow, preserve, and transfer one's assets over time. A wealth manager provides advice on investments, estate planning, tax planning, and other financial matters. The goal of wealth management is to help clients make sound financial decisions that will enable them to achieve their long-term financial goals.

Most people like making money; we agree it is a nice perk of our job but managing it can be exhausting for people who are not financially trained. You may need several financial services to properly plan for retirement and ensure that your assets and legacy are secure.

Wealth Management Considerations

While it is relieving to unload your financial management into the hands of a trained professional, it is financially prudent to make sure you know what exactly you are getting in return. Below are some key considerations in the wealth management process:

Asset Allocation:

This is how your portfolio is divided among different asset classes, such as stocks, bonds, and cash. The right asset allocation for you depends on your investment goals, risk tolerance, and time horizon.

Investment Selection

This involves choosing the specific investments that will make up your portfolio. Your wealth manager will consider factors such as your investment goals, risk tolerance, and time horizon when making investment recommendations.

Financial Planning

This is the process of setting long-term financial goals and developing a plan to achieve them. Financial planning can help you make sound financial decisions about saving, investing, and spending.

Risk Management

This is the process of identifying, quantifying, and managing risk. Risk management can help you protect your assets and preserve your wealth.

Tax Planning

This is the process of making decisions about how to minimize taxes on your income, investments, and estate. Tax planning can help you save money and keep more of what you earn.

Estate Planning

This is the process of making decisions about how to manage and distribute your assets after you die. Estate planning can help you ensure that your assets are distributed according to your wishes and that your loved ones are taken care of after your death.

Cash Flow and Debt Management

This is the process of managing your money so that you can meet your short-term and long-term financial obligations. Cash flow and debt management can help you stay out of debt, manage your expenses, and save for the future.

Education Planning

This is the process of making decisions about how to finance your child's education. Education planning can help you save money and make sure that your child has the best possible education.

Wealth Management Pros and Cons

Before deciding whether to seek out wealth management services, it is important to understand the advantages and disadvantages of doing so.


  • You will have more time to focus on your passions without worrying about your finances.
  • A wealth manager can save you money by providing expert advice on financial products and services.
  • A wealth manager can provide an unbiased opinion on your financial decisions.
  • A wealth manager has the time to stay up to date on the latest changes in the market.
  • A wealth manager can provide comprehensive financial planning and management.
  • Your wealth manager will be able to identify opportunities for growth that you may not have considered.


  • You will have to pay for wealth management services.
  • Wealth managers typically require a large minimum investment.
  • You may not have as much control over your investments with a wealth manager.
  • Wealth management firms may have high fees.

One big advantage of opting for a wealth management advisor is that if they are a licensed fiduciary, they are obligated to act in your best interests. This means that they are legally bound to give you advice that is in your best interests, even if it means less commission for them.

Fiduciary wealth management advisors have a few different ways that they can be paid. The most common method is an annual fee, which is based on a percentage of the assets under management. Another way is through performance-based fees, which are only charged if the wealth manager meets certain benchmarks. And finally, some charge an hourly rate.

The bottom line is that there are many advantages and disadvantages to seeking out wealth management services. It is important to do your research and understand the fees involved before deciding.

Frequently Asked Questions

A financial advisor is a type of wealth manager, but not all wealth managers are financial advisors. A financial advisor manages investments and gives advice on how to grow your money. A wealth manager does all of that plus they also coordinate your overall financial picture.

The cost of a wealth manager depends on the size of your portfolio and the complexity of your financial situation. Many wealth managers charge a percentage of your assets under management, which typically ranges from 1-2%.

If you're looking to hire a wealth manager, there are a few things you should keep in mind. First, make sure that they're a fiduciary, which means that they're legally bound to act in your best interest. Second, look for someone with experience managing portfolios of a similar size to yours. Finally, be sure to ask about their fees and how they're paid.

There are several benefits of working with a wealth manager. First, they can help you save time by coordinating all your financial activities in one place. Second, they can help you save money by finding areas where you're overspending and suggesting ways to cut costs. Third, they can help you grow your wealth by providing expert investment advice and guidance.

Is Wealth Management Right for You?

If you have a complex financial situation or if you simply do not have the time to manage your finances, wealth management may be right for you. A wealth manager can take care of the day-to-day details of your financial life so that you can focus on your career, family, and other pursuits.

Give us a call today to see how we can help you grow and protect your wealth!