Wealth Management

If you're interested in growing your investments, protecting what you've earned, and savvy estate planning, you may be considering retaining a financial advisor. However, if your net worth is at a certain threshold, or if you're looking for financial planning that covers all of your fiscal interests, you may be better served with a wealth management consultant.

Think of private wealth management as a comprehensive, holistic approach to your big financial picture, including financial planning, investment management, estate planning, and strategic tax planning. Wealth management solutions are great for clients who have complex financial interests or have a certain minimum net worth or level of investment assets.

What Exactly is Wealth Management?

Wealth management is comprehensive financial advice for more affluent individuals. A wealth manager differs from a financial planner in that wealth managers manage actual wealth (many wealth management consultants have certain net worth or investment thresholds for clients), while financial planners are more for everyday people who want to get ahead or plan for investing and retirement.

Wealth management is the most advanced form of investment and financial planning advice. Clients of wealth management advisors typically receive personalized service and investment and tax planning strategies that are custom-created for their needs and goals.

A good wealth management consultant has more experience in the kinds of financial situations that the ultrawealthy require, such as avoiding estate taxes or participating in limited investment opportunities. Your private wealth management consultant will often consolidate the services of different experts, including working with an accountant and lawyer on your behalf.

Is a Wealth Manager Worth It?

The typical wealth management client has over $2 million net worth and over $1 million in investable assets. The financial needs of these individuals are different from those of a "regular financial planner" and may require a more experienced financial advisor. For many people at this level of wealth, the expertise and the personalized service are worth it.

Wealth managers assist with all your financial planning needs, including managing your business income and navigating the tax ramifications or setting up charitable contributions. Wealth management is a complete financial bundle versus the "ala carte" services that financial planners offer. Investing advice, specialized tax help, and estate planning are also part of the services that wealth management clients receive. The ongoing professional help preserves and protects the assets of the ultrawealthy.

What Is a Wealth Management Example?

Common examples of wealth management include an investment firm that manages your investment s but also offers elite investment opportunities for clients with a certain amount of investable assets. Or, an insurance agency may sell insurance but also provide financial planning services and would bill itself as a wealth management service.

However, true wealth management consultants offer not just investment advice or insurance coverage but complete financial assistance, including accounting services that can take care of both personal and business accounts and legal advice. Often, wealth management companies have tax and business attorneys on staff to assist with estate planning and creating trusts, wills, living wills, and other legal documents to reduce state taxes and provide for the client's heirs.

Another service that many wealth management consultants provide is helping small businesses with business transitions and business growth. For example, if a small business owner plans to pass ownership f the business down to one specific person, a wealth management service can ensure that ownership of the business is separate from other assets. Or, the wealth management consultant will help grow both the personal finances and investments and the business interest of the small business owner.

Essentially, wealth management is a coordination of services that relate to all things financial and is typically open to only the top 3-5% of US households.

Schedule Your Wealth Management Consultation Today!

Don't navigate this complicated process alone; work with a professional that can review your options with you. When you need private wealth management near me, choose the team at Granite Wealth Advisors to help you achieve your financial goals. You've worked hard for your money – let us help you protect it and grow it. Call today or visit us online to learn more about our financial planning and wealth management solutions.

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