Wealth Management is the “hot” title in the financial advising and investment consulting industry. While many advisors call themselves wealth managers few actually are. An independent study of over 2,000 financial advisors found that only 6.6% meet the definition of wealth managers*, the vast majority are still investment generalists calling themselves wealth managers. The key questions are, what is wealth management and why is working with a wealth manager important.
Three phases of Wealth Management:
Phase 1: Investments
- A consultative approach to determine the proper investment strategy in reaching each clients goals
- Professional Investment Management / Retirement Planning / Investment Consolidation
Phase 2: Comprehensive Planning
- Cash Flow Management
- Tax minimization
- Estate and Distribution Planning
- Risk Management
- Charitable Giving Strategies
Phase 3: Managing Relationships
- This involves not only managing our relationships with our clients but also with our client's other professional advisors (CPA, Attorney, Banker, etc.), whether they are in our professional network or not. In essence, we become our clients personal financial CEO.
- We work with our clients on a consistent and collaborative basis to help them achieve their goals.
Wealth Management is an ongoing process that is always evolving as our clients goals and individual challenges change.
Why working with a wealth manager is important:
As Wealth managers we take a deeper understanding of your total financial picture. Our approach is both comprehensive and consultative. Our job is not to tell you what to do, but instead work with you to help you make educated decisions and reach your goals.
Wealth managers
- have the ability to construct integrated solutions,
- are rarely compensated through transactions, and
- are relationship oriented.
- Finally, a wealth manager works collaboratively with our clients other professional advisors.
You have to ask yourself the question, “when was the last time my financial advisor, attorney and accountant sat down as a team and worked on customized solutions to help me reach my goals?”
Pazera Capital Management, Inc. has developed a refined consultative process to assist us in executing the highest levels of wealth management.
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*Source: CEG worldwide survey, 2007
