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Wealth Management Planning & Wealth Managers

Many people when they hear or read about wealth management and/or wealth managers they scoff.  They believe wealth management is only for millionaires or billionaires.

However, wealth management is for everyone. Any family or individual who has acquired property, savings, retirement or college accounts along with liabilities should consider wealth management critical to their and their family’s future wellbeing.

Wealth Management encompasses all facets of a family’s financial life.

Wealth management starts with a comprehensive financial plan. This plan starts by articulating a family’s short term, long term, and special goals (e.g. college education, charitable giving).

The plan addresses asset preservation or protection. How will the family protect its various assets, such as their home, income, savings and investments?  Types of insurance required to protect these assets are covered in a plan. Where investment and savings accounts are held is critical to asset preservation in order to minimize the impact of taxes. A well thought out comprehensive plan addresses these concerns, maximizing a family’s effort to protect their wealth.

Debt management is another key to comprehensive wealth management.  A plan should address various debt requirements a family faces or may face throughout their lifetimes.  

Investment planning addresses how a family will meet their long term goals, such as retirement, taking into account the timelines required to achieve those goals and a family’s ability to tolerate the downside risk to their portfolio.

An estate plan is the capstone to a family’s comprehensive wealth management plan. It folds various components together and addresses how the family will utilize their assets.


A wealth manager works with a family’s various experts, such as estate attorney, insurance agent(s), etc., to bring all the above together into a comprehensive wealth management plan customized to meet a family’s needs throughout their various life events.

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Comment   |  5 years, 2 months ago from Sierra Vista, AZ