When it comes to ensuring your money and your estate are being managed with the very best strategies, the best professional advisory service you can depend on is that of a trusted wealth management advisor.  Also known as a wealth manager, this financial advisor uses experience in investments, estate planning, tax series, and retirement planning, accounting and legal issues to help clients manage their accumulated wealth.  This is usually done for one agreed-upon fee, and usually includes the wealth manager making investment decisions on behalf of the client. 

Some wealth managers specialize in certain aspects of wealth management, such as estate planning.  Others may manage a range of services and offer advice and strategies for the management of a client’s needs, their future needs, and the needs of their family in the future. 

An individual wealth manager or wealth management team may also include services and professionals including lawyers, accountants and other services in order to create a robust strategy for the client.  

Who needs a wealth manager? 

Wealth managers are also known as financial advisors or financial consultants.  Whatever the title may be, wealth management services are usually used by individuals who have a wide range of needs when it comes to managing their money.   Their accounts and financials are often quite diverse and complicated, and several services from banking through to accounting and legal services may be involved in the management of their entire portfolio. 

The wealth manager and client relationship usually begins with a discussion about the clients’ goals, wishes for their estate, how they feel about risk, their current financial state of affairs, and their wish to maintain and/or increase their wealth.   Together they will review the clients’ portfolio, update and clarify any outstanding financial matters that may have been neglected, and bring all records up to date.  After that, the wealth manager will work with the client to develop a strategy for managing the portfolio and meet with them on a regular basis to review it and ensure that their financial plans are on track and optimized. 

If you want to learn more about wealth management, we invite you to meet with our team at Granite Financial.  We are more than happy to answer your questions and provide you with the insights you need to make the best decision for yourself and your estate.