What is Wealth Management Do I Need it

Wealth—measured by dollar amount and possessions—should be managed to grow and avoid losing value. Wealth management is the tool for reviewing your financial situation and making decisions about income, expenses, debt, and investments to accomplish your financial goals. Wealth management can be a confusing subject for many, which is why in today’s blog, we will be covering what wealth management is and why you may need it.

What is Wealth Management?

Wealth management is a comprehensive approach to managing an individual’s financial affairs. It involves understanding an individual’s current financial situation, setting goals, and crafting a plan to meet those goals. This includes investing, managing debt, contributing to retirement plans, estate planning, and more. Wealth management advisors are tasked with understanding their clients’ financial situations, providing information to make better choices, and implementing solutions to ensure that wealth grows and allows clients to live better.

Who is a Good Candidate for Wealth Management?

Wealth management is for individuals who don’t have the time, expertise, or willingness to manage assets and investments. This might be because an estate has grown quite large and become unmanageable.  Perhaps, a busy business owner has dedicated their time and energy to the growth of their business and can’t give their investments or real property the attention they need. Inheritance at death often means dealing with legal and financial matters that you are not familiar with and may require a professional.  If you are in any of these situations, then wealth management may be a good option for you:

  • Assets are growing rapidly or becoming more complex
  • Short timeframe to gather information and make important decisions
  • Significant but inconsistent income needs to meet expenses
  • Complexity will require a team of advisors in banking, tax, law, and finance

What Exactly Can a Wealth Manager Help Me With?

A wealth manager can help you with a variety of financial tasks. They can help you create a financial plan, review your current investments, and help you make decisions about your future investments. They can also provide advice on plans for your estate, taxes, insurance, and cash management. Additionally, they can advise on which retirement plans will benefit you’re the most. They commonly work on:

  • Financial planning
  • Investment management
  • Tax planning and optimization
  • Estate planning
  • Risk management and insurance planning
  • Retirement planning
  • Intergenerational wealth transfer
  • Philanthropic giving and impact investing

People analyzing financial plan on laptop - What Exactly Can a Wealth Manager Help Me With

Do I Need Wealth Management?

Whether or not you need wealth management depends on your individual financial situation. If you have assets and investments growing in size or complexity, then consulting with a wealth management may be a good option for you.

How to Choose a Wealth Manager

Choosing the right wealth manager is an important decision, and you should take your time in making the decision. First, you should look for a wealth manager who is a Certified Financial Planner (CFP). This certification will ensure that the advisor has the knowledge to help you with a variety of topics. Additionally, you should look for an advisor who has a good reputation and is familiar with your area of expertise. Finally, you should have a clear understanding of the services they provide and see if they’re a person you can communicate with. Key things you should consider when looking for the right wealth manager include the following:

  • Investment philosophy and strategy – Ensure the wealth manager’s investment approach aligns with your goals and risk tolerance.
  • Fees and compensation – Understand how the wealth manager is compensated and the fees they charge for their services.
  • Services offered – Consider what services the wealth manager offers, such as advice on financial planning, tax planning, and estate planning.
  • Reputation and references – Check education and certifications and review their online presence.
  • Communication and rapport – Choose a wealth manager with whom you feel comfortable and who listens to your needs and goals.

Wealth managers provide a lot of value for individuals with large or complicated assets and investments. They can help you make sound financial decisions to secure your financial future. How certain are you that you’re making the best financial decisions. At Elite Wealth Management, we safeguard our clients’ financial position for the long term. Our objective is to provide tactically managed portfolios that can perform in varying economic conditions. Whether you’re a professional who owns a practice, an entrepreneur, or a professional athlete, Elite Wealth management helps you manage your wealth the way that you would if you the time and expertise to do it yourself. Let’s work together to get your financial goals accomplished. Elite Wealth Management is in San Diego but works with clients all over. We’re always happy to help you with all of your wealth management needs. Reach out by calling (323) 314-0202 or clicking here.