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What Does Wealth Management Mean?

Wealth management is a type of niche financial advisement focused on helping high-net-worth individuals make sound decisions about saving and investing, preparing for retirement, and meeting other financial goals. This tailored strategy focuses on creating sustainable, long-term return for clients.

The Role of a Wealth Manager

Wealth managers are financial advisors who guide clients in helping their money work hard for them. They often have experience in large-volume portfolios, estate plans, tax strategies, and long-term wealth preservation. Wealth management services may include:

  • Estate planning
  • Retirement planning
  • Tax services
  • Financial planning
  • Guided wealth portfolios
  • Investment management

Wealth Management Plans

Wealth managers created customized plans for their clients and consider their unique financial situation and goals in developing their tailored plan. This includes developing SMART goals, which are short- and long-term goals that are:

  • Specific
  • Measurable
  • Attainable
  • Realistic
  • Time-bound

This plan also includes creating reasonable budgets, investment strategies, insurance strategies, tax plans, and estate plans. This helps set up clients for financial success in their current situation while also putting a plan in place for growing their wealth in the future.

Tips for Finding a Wealth Manager

When choosing a wealth manager to help you create your financial goals and create a long-term plan, there are several factors you will need to consider. For one, you may want to consider location as working with someone local allows you to meet your wealth manager face to face. However, a virtual wealth manager can be a good fit too depending on your lifestyle.

The company you choose should also have experience and knowledge in your career’s industry. You also want to go with a professional you trust who you feel confident isn’t just trying to sell you on a service. You want someone who can function as your co-chair and help you make sound decisions. You also want to choose someone who abides by a fiduciary obligation.

If you are approaching retirement or looking to set up your finances for long-term success, Marvel Wealth can help. Click the link below to learn more.

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