What Does a Wealth Management Advisor Do?

Wealth Management Advisor, Retirement Income Planner, Fiduciary, Financial Advisor: The goal of these individual advisors is to provide an array of services, from investment management to tax strategies and estate planning. At Johnson Wealth and Income Management, we are here to offer holistic financial planning that helps your money grow with you into retirement.

Very often, our daily lives and all of the to-do’s we have take up a lot of our focus. Maybe you find yourself running out of time to take care of your garden, let alone think about how you should strategically manage your finances. It’s important to be able to think about the bigger picture. Such as, will you have enough to retire well—or, even better— retire early?

The good news is, it’s really never too early or too late to start planning for your future. Choosing to be proactive about planning for retirement is one of the smartest decisions you can make in order to help achieve your financial goals. It wouldn’t be an option to postpone seeking medical care for health issues, so why hold off any longer to think about the financial health of your future?

We know that financial planning can be overwhelming— where should you start? What details are important? What should your long term goals be? What is realistic for you to achieve with your financial situation? One option for guidance is investing with a wealth management advisor who can help hone and fine-tune your financial strategy. This article will break down what wealth management really means and what the right wealth management advisor can do for you.

What is wealth management?

Wealth management is a subset of financial advising. Wealth management is the highest level of financial planning services and generally tends to include a comprehensive overview of investment management coupled with tax guidance, retirement planning and even occasionally legal assistance.

The type of service offered is typically best suited for the more affluent clients, but it’s completely open to all and can benefit anyone. You may be thinking, ‘That’s not necessary for my current financial situation.’ While you may not require wealth management now, your needs are likely to change as time goes on. At some point, it may be time to look into wealth management.

The right wealth management advisor can help you with financial-market investment guidance, some may specialize more in taxes, real estate investments, or estate planning.

What is the purpose of a wealth advisor?

Picture your wealth management advisor as mainly a consultant, and their main goal is to ensure you have a customized solution for the management of your assets.

They may place these assets in markets to enhance the earnings and they will know when to shift or rotate assets when it becomes too much of a risk. Once the parameters are set which are aligned with your financial goals, and the wealth management advisor will understand your needs and wants, you can focus your time and energy on all of the other things in life that require your attention. As mentioned earlier, if you think wealth management advisory is only for the wealthy and prosperous, there are several opportunities to get great advice, and solutions from an experienced advisor at a very reasonable rate. 

The role of a wealth management advisor is much more than simply offering investment advice; they take a much more comprehensive and holistic approach. While the focus of an investment advisor or financial planner is on one piece of your financial situation, wealth managers provide financial advice and guidance with a combination of several areas crucial to success.

The goal of the wealth management advisor in total is to provide financial advice that addresses your finances in its entirety. This includes investment management, tax strategy, retirement planning, and much more. They will work closely with you to have a plan in place with the main purpose of making you more financially free by growing and maintaining wealth.

How to choose a wealth management advisor

Wealth management advisors aren’t identical when it comes to the types of clients they work with and the advisory services they offer. So it’s important to consider which one is best suited for helping to guide money decisions.

If you’re interested in working with a wealth management advisor, look no further than the experts at Johnson Wealth and Income Management. We will work with you to understand your goals and priorities and develop a strategy to help you achieve your best result when saving for your golden years.

If you’re ready to start prioritizing your financial health and future, contact us today to get started.

 


All written content on this site is for informational purposes only. Opinions expressed herein are solely those of Johnson Wealth & Income Management and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. Investing involves risk. There is always the potential of losing money when you invest in securities. Asset allocation, diversification and rebalancing do not ensure a profit or help protect against loss in declining markets. All information and ideas should be discussed in detail with your individual advisor prior to implementation. The presence of this website, and the material contained within, shall in no way be construed or interpreted as a solicitation or recommendation for the purchase or sale of any security or investment strategy. In addition, the presence of this website should not be interpreted as a solicitation for Investment Advisory Services to any residents of states where otherwise legally permitted to conduct business. Fee-based financial planning and Investment Advisory Services are offered by Sound Income Strategies, LLC, an SEC Registered Investment Advisory firm. Johnson Wealth & Income Management and Sound Income Strategies LLC are not associated entities. Johnson Wealth & Income Management is a franchisee of the Retirement Income Store. The Retirement Income Store and Sound Income Strategies LLC are associated entities. © 2021 Sound Income Strategies.

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