At Saddock Advisory, we’re always advocating the use of wealth management advisors. While it’s a topic we’ve touched on before, there is no time like the present to expand on it further.

A wealth management advisory service usually combines a range of financial services, all with the aim of setting you up for financial success, from now until past retirement. In the past, it was a service associated with affluent clients, but anyone can reap the benefits of having an advisor.

Your wealth manager will use a consultative process to better understand your needs and build a plan from there. Your individual requirements will be assessed and then addressed, and an investment strategy can then be put into place.


Why Do I Need a Wealth Manager?

A wealth manager is someone who will assist with your financial planning, investments, and tax implications. Wealth managers can help you circumvent unforeseen hurdles and ease your investing concerns. They bring years of experience and a wealth of knowledge to the table, helping navigate and define your financial goals.

Advisors offer a broad range of services, including but not limited to

  • investment advice
  • estate planning
  • accounting
  • retirement
  • tax planning


Planning For The Future

It is time to take charge of your wealth and get the advice of a wealth advisor. With so much clutter and noise in our lives, we often forget to look at the bigger picture.

Two questions you can ask yourself:

  1. Do I have enough to retire on?
  2. Can I retire early?

You can never, ever be too young to start planning for your future golden years. Retirement planning starts now and an advisor will streamline that process. It is never too late to plan for your future.

How you live out your golden years is dependent on smart financial planning. You can get help as early as today to put a financial strategy in place.


The Role of Wealth Management Advisors

The role your wealth manager plays is an intricate one, far more than just investment advice. Investment advisors and financial planners focus on one aspect of your finances. Wealth managers combine many areas for the right, holistic financial guidance.

Wealth managers are financial professionals able to provide you with a wide range of expertise and advice. Your financial status will be addressed in its entirety, including portfolio management, financial planning, investable assets, tax planning, and more. You will work closely with your wealth manager to establish a growth plan. The general idea is to grow and maintain your wealth.


Top Financial Areas Advisors Cover

Risk and Investment Management

You will be working cheek to jowl with your wealth advisor to assess your risk tolerance. Your wealth manager will help put a tailored investment plan in place. This will assist in reaching your financial goals. Risk-taking is all dependent on the individual’s circumstances and stage of life.

One aspect includes managing risk over time, while another includes having sufficient insurance for your financial investments. Your wealth advisor will assist with the diversification of your portfolio, minimizing your risk.

Tax and Estate Planning

As a rule of thumb, your wealth advisor will not offer you tax advice. Your advisor will, however, work in conjunction with your accountant or your legal advisor to strategize and minimize the amount of taxes owed. Careful planning will enhance your tax efficiency.

Wealth management advisors also help with estate planning. Estate planning involves more than wills. Your wealth manager can also set up trust funds for you and your loved ones. This is especially important if you have dependents and if you are responsible for minor individuals.

Strategies put in place by your wealth manager for estate planning will help keep your affairs up to date. They will allow you to avoid any nasty surprises from estates left unattended.

Real Estate

Your wealth advisor has the experience and the skillset to assist with the management of your real estate portfolio. Many Americans invest in real estate. Selecting wealth management services to assist with your real estate and financial planning really is a no-brainer.


Expert Financial Advice

Navigating the financial landscape can be very confusing. With so many terms, service options, and strategies to choose from, it can be hard to decide or even know which path to take. Will you get the best results from a wealth manager, financial advisor, investment advisor, or financial planner? Which one is best for you?

One of the reasons for the confusion could be the many titles, licenses, and certifications that adorn financial experts’ CVs.

As you seek out professional advice from a wealth manager, do your homework to find the best fit for your needs.


Tips for Choosing a Wealth Manager

Get smart and make your decision with care if you are interested in working with a wealth management advisor.

As you begin your search, get to know each candidate, and wherever possible, request a face-to-face interview. This will enable you to ask the right questions and gauge if that partnership is meant for you.

But however you decide to conduct your search, here are four helpful tips to get you through the process.

1) Define Your Wealth Management Needs

Not all wealth management advisors are the same. The type of clients and advisory services on offer will determine what they bring to the table. Consider which one is best for you, don’t get distracted by impressive credentials if their focus is outside of your needs. Choose someone who can best advise you in making smart money decisions.

Your wealth management advisor will help you with market investments, and some specialize in certain fields such as tax, real estate investments, and estate planning. Some advisers dive deeply into a specific niche, while others look more broadly at the big picture.

Assess where you are financially right now, as well as where you would like to end up. This could help you narrow down the candidates to professionals whose skills match your wealth management goals.

2) Check Your Candidates’ Credentials

Don’t be shy to ask your potential wealth advisor for their credentials. Conducting a little research will go a long way.

Key points to cover are

  • Is the advisor qualified and certified?
  • How many years of experience do they have?
  • Who is the typical client that they serve?
  • Have they got any black marks against them such as disciplinary or legal action?

You can check credentials using this software tool: FINRA’s BrokerCheck tool. It’s is an excellent platform that you can use to explore the credentials of investment advisors and who they are registered with. Other options include SEC’s Investment Adviser Public Disclosure website.

You can also research your wealth advisor’s history on the state securities agency.

3) Decide What You Can Afford

Excellence comes at a fee, so it is important that you find a wealth advisor that will fit into your budget. Find out how your financial advisor structures their fees and what you will be paying for. This will allow you to avoid surprises and disappointments as you enter into a professional relationship.

You can get a good idea of what you will be charged by reviewing what type of clients they serve. Find out more by perusing their client brochure or their Form ADV (the form investment advisors use to register the SEC and state securities authorities).

4)  Conduct An Interview

Taking the time to interview a wealth management advisor will position you in the best place to make a decision. Asking focused questions is important, and below is a list to start with:

  1. What type of clients do they service?
  2. How long have they been a professional financial advisor?
  3. What type of services do they offer?
  4. What strategies or plans do they implement?
  5. Will you be working with them as an individual, or is there a backup team that will be working with you?
  6. How do payments for their services work?
  7. What are their certifications and what licenses do they hold?
  8. What is the best way to communicate with them?
  9. Are there any disciplinary or legal actions on their record?
  10. Are there any conflicts of interest that you need to know about?


Saddock Is Here To Help

Allowing a professional to plan your financial future can be a nerve-wracking change, but hiring a wealth management advisor is one of the best ways to set yourself up for success. At Saddock Advisory, we are here and ready to assist with meeting your wealth management needs. We bring years of experience to the table and are passionate about helping customers meet goals.

Get in touch with us here to discuss the best next steps for you and your finances.



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Wealth Management Advisors: The What & The Why
From investments to accounting to retirement, wealth management advisors bring invaluable expertise and focus to any client's financial goals.

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