The decision to work with a wealth manager can be very important. By partnering with a wealth manager, you don’t have to take on the huge responsibility of developing a plan and setting long-term financial goals alone.
If you’re like most Americans, you probably aren’t working with a wealth manager right now. One recent study found that 75 percent of U.S. adults manage their own finances. However, another study found that people who do have their own financial advisors are much more confident with their finances.
If building a financial future with a wealth management plan designed to weather market cycles is something you’re interested in, it may be time to partner with a wealth manager.
Wealth managers bring many benefits to the table, some of which may include:
All this said, you may be thinking that you don’t need a wealth management advisor when you’re young and don’t have a ton of assets to manage (unless you’re Mark Zuckerberg). Let’s take a look at signs that may indicate that you are ready to bring a professional into the mix.
Once you’ve saved up a little bit of wealth and you’re ready to get serious about managing your financial future, here are three signs that indicate you may want to start your search for a wealth manager.
Otherwise, even in a best-case scenario where your self-managed investments are doing well, your personal or professional life may suffer since you may not have as much free time.
Managing your cash, a mortgage, and a run-of-the-mill retirement account might come easy to you. But what happens when you’re offered stock options at work? What about when you own a small business or have several real estate investments or other similar assets? What happens when you’re not an expert on tax planning or when you want to begin estate planning?
Without the skills and expertise, managing complicated financial situations can be incredibly difficult. By partnering with a wealth manager who can be knowledgeable in a number of financial areas, you have a partner helping you work toward a more strategic long-term plan.
You don’t treat yourself when you are incredibly sick. You go to the doctor because they are trained, are certified, and know what they’re doing.
If you don’t really know what you’re doing with your investments, should you really manage every trade and every position yourself? This is where wealth advisors may be able to assist. As such, they’re well-positioned to help you develop a strategy that works for you and your specific financial needs and circumstances.
Wealth managers may provide the experience and expertise needed to help clients like you develop financial plans that take their unique situations into account.
To learn more about what to look for in a wealth manager or financial advisor, check this out.
The EP Wealth Advisors financial planning process starts with the relationship between you and your financial advisor. How do you value a financial coach? Developing a partnership that ensures we understand your goals lets us help you prioritize and organize your financial decisions—so you can achieve peace of mind and live your life.
Wealth management tips and news for all people