Wealth management is a term that has found its place in our society over the last few years, and it makes sense why it’s got some notoriety. Time & time again, we are peppered with reports of the financial state of affairs of adults as they hit retirement age, as well as reports on how the federal financial programs we’ve seen as part of what our older age are having trouble keeping up.
The fact remains that wealth management may be a bit of a misnomer, though not entirely. If you want to look at it in very general terms, wealth management has a twofold definition: on the one hand, wealthy individuals are looking to a financial firm to help work with, and grow, their finances; on the other hand, firms are providing financial services to wealthy, affluent clients looking to safeguard their money.
When it comes to your money, regardless if you’re affluent or not, who can you trust? Though an “investment-minded” wealth manager may be the way to go, this individual may actual be seeing things through a bit of a narrow point-of-view. They may not be overly concerned whether the investment suits your needs because they are more inclined to tell you about the prospective dividends that could be associated with an investment opportunity.
A financial advisor, much like you’d find at a trusted CPA firm, is unique in that their goal is to provide options for your financial future & financial success. If you already have an accounting firm you work with as part of a business or even with your personal finances, it might be worth investigating, though a good accountant is usually in the practice of helping guide you through choppy financial waters.
No matter the amount in one’s bank account, we’re all looking to keep our money safe & have it work for us. That said, a person pursuing wealth management should perhaps best be seen as an individual taking the time to ensure that what they’ve worked hard to accomplish over the years is preserved for years to come.