{"id":12573,"date":"2018-08-31T11:27:19","date_gmt":"2018-08-31T18:27:19","guid":{"rendered":"http:\/\/www.marketriders.com\/investing\/?p=12573"},"modified":"2018-08-31T11:27:19","modified_gmt":"2018-08-31T18:27:19","slug":"investor-facts-wealth-management","status":"publish","type":"post","link":"https:\/\/www.marketriders.com\/investing\/investor-facts-wealth-management\/","title":{"rendered":"Investor Facts: What Is Wealth Management?"},"content":{"rendered":"

Wealth management is the coordinated management of multiple areas of wealth, generally for a household or family unit.<\/p>\n

It often includes oversight of cash flow, risk management, investment management, taxation, retirement planning and estate planning.<\/p>\n

Wealth management can be performed for\u00a0an individual or household and\u00a0is commonly seen among\u00a0high net worth families, people with complex financial situations,\u00a0business owners and\u00a0executives.<\/p>\n

Wealth management generally involves a team of professionals, each with expertise in their own field of practice. A total wealth management team could\u00a0involve a certified financial planner, a certified public accountant (CPA), an estate planning attorney or business attorney, an insurance agent and an investment advisor.<\/p>\n

\"wealth<\/p>\n

Each might\u00a0work for a different firm or, in some circumstances, work together in a team office. Each would\u00a0charge\u00a0separate fees for services.<\/p>\n

Full disclosure and information exchange between all parties is essential for true wealth management. It would not be uncommon for one professional on the team to be the lead. Often, this\u00a0falls to\u00a0the individual in the financial planning role.<\/p>\n

Most of the team\u00a0will be working at a fiduciary standard<\/a> of care, although some members (in particular insurance and investment agents) might\u00a0be held to the\u00a0lesser suitability standard.<\/p>\n

Wealth managers work collaboratively to develop a unique approach to a particular financial scenario, question or concern. Input and dialogue is encouraged between all parties.<\/p>\n

Wealth management relies on the principle that change in one area of an individual’s finances are likely to have an effect on other areas.<\/p>\n

For example, a change to investment approach from growth investments to dividend-paying investments is likely to cause changes in\u00a0taxation. The sale of a closely held business will cause tax changes but also affect estate planning.<\/p>\n

True wealth management evaluates each area as a change is considered and monitors things after the financial change. All of the parties are likely to meet several times a year to provide updates to the individual or family.<\/p>\n

Some families employ wealth managers on a full-time basis, known as a “family office.”<\/p>\n

Additional individuals may become part of the wealth management team as circumstances dictate. This could include potential charitable benefactors, medical personnel, even clergy.<\/p>\n

Total picture<\/h2>\n

A lesser form of wealth management involves a lead financial planner who engages outside professionals on an as-needed basis.<\/p>\n

Here, the planner will be expected to have reasonable experience in the various financial areas but call on outside professionals when questions are beyond the scope of the planner’s education, training or experience.<\/p>\n

While not wealth management in the truest sense, this form of oversight does provide a\u00a0measure of assistance to\u00a0individuals or families who could\u00a0not otherwise afford it or who don’t truly need a full financial team.<\/p>\n

Wealth management\u00a0is sometimes used as a marketing word.<\/p>\n

For example, an insurance or investment salesperson might\u00a0call themselves a wealth manager when in reality the only area that they focus on is investing or risk management<\/a>.<\/p>\n

Unfortunately, this can leave the impression that a family’s total financial picture is known, when in reality only a small portion is under management.<\/p>\n

MarketRiders, Inc. is a registered investment adviser.\u00a0 Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.\u00a0 Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and\/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.<\/i><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

Wealth management is the coordinated management of multiple areas of wealth, generally for a household or family unit. It often includes oversight of cash flow, risk management, investment management, taxation, … Read more →<\/span><\/a><\/p>\n","protected":false},"author":8,"featured_media":12574,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_wp_rev_ctl_limit":""},"categories":[65],"tags":[],"yoast_head":"\nInvestor Facts: What Is Wealth Management? | MarketRiders<\/title>\n<meta name=\"description\" content=\"Wealth management is the coordinated management of wealth for a household or family unit. 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