Many people don’t believe they need wealth management services at any stage of their working life or retirement, but there are actually numerous benefits. Learn why you might consider hiring a professional wealth manager.
5 Key Benefits of Wealth Management Services
1. Comprehensive Financial Plan
A good wealth manager puts together a comprehensive Formal Financial Plan that takes into account all aspects of one’s finances. This is a living, breathing document that evolves over time, as you do.
It contains all financial information that would be useful by your family as well as an estate planning attorney.
2. Answers to the Tough Questions
Confronting issues about finances can be difficult, both mathematically and emotionally. For example, understanding the impact of inflation on retirement savings can be tough to figure out and often shocks people since inflation effectively makes their money worth less over time.
Any good wealth manager will provide honest, clear advice about financial issues, whether it’s pleasant or not. This is because only an honest advice provides the insight necessary to adapt.
3. Identify Risks
Most people’s financial portfolios have a few risks that can have an adverse effect on their ability to reach their financial goals. They’re usually difficult to identify for someone who isn’t an untrained professional.
When a wealth manager is able to examine one’s portfolio, they can analyze every detail, from stocks to savings accounts. Afterwards, potential risks can be addressed so the portfolio can be strengthened overall.
4. Lifelong Relationships
In many cases, the earlier you adopt wealth management services, the better, because finding the right wealth manager during your working years allows you to build a valuable, trusting relationship with them. This will allow them to better understand your goals and how they change over time, enabling them to rebalance your portfolio when necessary.
5. Anticipate Life Changes
Career changes, the addition of a new family member, the purchase of a new home and much more are all causes for a rebalancing of your portfolio.
By building a relationship with your wealth manager, you can help them to anticipate life changes that require an adjustment of your financial strategy.
La Ferla Group offers comprehensive wealth management services to protect and grow our clients’ wealth. If you’re interested in learning more, please contact us.
