What do wealth management firms do?

What do wealth management firms do?

Wealth management firms perform many different financial services all under one roof, coordinating different financial areas of their client’s life. This could mean that a Dallas wealth management firm could be handling financial and investment advice, accounting and tax services, retirement planning, estate planning, and more.

A wealth management company such as Safe Money CLA will work with a client’s estate attorneys to make sure everyone is on the same page, in addition to working with other professionals such as CPA’s. In some cases, financial firms will take a more narrow focus, such as just giving a client investment advice for their portfolio, irrespective of other aspects of a person’s life. A wealth management firm takes a look at the entire picture in order to make the best decisions.

Many individuals may find it overwhelming to work with several different financial professionals to oversee their financial future, where some advisors may have different priorities from another advisor. Wealth managers take a more holistic approach, developing a plan that will preserve and increase assets based on financial situation and goals. Meetings will occur regularly after the initial plan is developed to update and review goals and plans to make sure that the client is satisfied and making progress.

Wealth managers can work either in a smaller business or as part of a large firm and you may see them described as financial advisors or as financial planners in Dallas. Some clients will work with a specific wealth manager, while others may have access to a specified team.

A wealth manager will work with a client to determine their long-term goals and aspirations. For example, when does the client hope to retire? Does the client wish to leave any assets to pass on to their next of kin, or is that not a priority? What type of lifestyle does the client wish to live during retirement? For example, if a person wants to sit back and relax, that will require a different set of goals than if a person wants to travel the world after they retire.

After determining these goals and priorities, a wealth manager figures out the best way to achieve them. That could mean investments, or it could mean an annuity. By taking into consideration factors such as timeframe, taxes, and estate, the wealth manager and client work together to craft a financial plan that will allow for a happy retirement.

CLA USA has been helping clients in wealth preservation and growth since 1984, helping assets last the rest of client’s lives and then pass off as much as possible to the next generation. We partner with you to develop a plan that will meet your needs and that leaves you comfortable for the future. By taking a holistic approach to your finances, we craft a plan for your needs. Contact us or download our free guide today to learn more about how we can help increase your assets in retirement.

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