What Your Wealth Management Advisor Wishes You Knew


Working with a wealth management advisor services firm is a good choice, but there are things even the best advisors can't do for you. Taking advice about wealth management and converting into everyday actions is important. Here are four things your wealth management advisor wishes you knew.

You Could Still Be Living Paycheck to Paycheck

Having a large amount of money is not the same as truly accumulating wealth. Folks in the wealth management services industry frequently see commercial property owners who couldn't survive multiple tenants failing to pay rent, for example. Even if your assets can be liquidated to satisfy debts, that's far from a desirable scenario. A focus on wealth management means diversifying your interests and using income streams to develop a buffer between you and financial disaster.

Saving is Just Okay

Unless you already have a massive and dependable source of income, sitting on a 401(k) and an IRA and treating them as accumulators probably isn't maximizing your returns. A wide range of small moves, such as investing more in the stock market and deliberately seeking more tax-friendly arrangements, can yield better returns. You should even keep an eye on fees and moving your accounts to brokers who offer more cost-effective solutions. It's also a good idea to ensure your accounts minimize legal exposure. The trick is to understand risk management and to not become overextended in any one area.

There's a Lot of Work to Be Done

Most people interested in managing their wealth have long-term ambitions for that money. You may be worried about creating a structure that ensures your grandchildren will be comfortable and able to pursue their dreams. Philanthropy is also a major item for plenty of folks.

It's best to take a structured approach to achieve such goals. That means funding accounts regularly. It also entails putting rules in place through estate planning and trusts to keep things simple for beneficiaries. Many of these challenges have complex interactions in terms of both taxation and the law, and it's a good idea to get an outside perspective from a professional before making any big moves.


Just as you should seek the best fee arrangement with your stoke broker, the same goes for a wealth management advisor. An account of around $1 million in assets usually is charged about 1%. Larger accounts can negotiate lower rates so don't hesitate to ask for a better deal.


29 May 2019

never too early to teach kids about financial planning

I have worked hard to teach my kids the true value of a dollar. My kids know very well that financial security only comes with a lot of careful planning and good decision making. At what age do you begin teaching kids about financial planning? Is there anything that you can do to ensure that your kids know and understand the importance of learning about the true value of a dollar? Our family's blog will help you gain a good understanding about teaching kids about money and how to prepare for their future lives as adults raising a family of their own.