Money Talk With Slater

Making Money Across the Board

Monthly archives "December 2018"

What is Wealth Management (Part II)? 

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It Optimizes Your Plan

Your wealth management advisor will help you stay on the right track.

Given you’re reading an article about wealth management, there’s a solid chance you’re already doing plenty of the right things to achieve your financial goals. A financial professional isn’t going to alter your destination, but they might assist you in getting there sooner.

You can compare wealth management to an app such as Waze. When you put in a destination, you get the best way from point A to B. But if there’s heavy construction or an accident, Waze will recommend changing routes to eliminate those traffic headaches and save you time. Your endpoint is the same, but you took a somewhat different route to get there.

Likewise, an advisor can make little changes, like put a little more of your portfolio into a specific sector of the market using her or his expertise and your personal goals. These tiny adjustments along the way are like little detours that can help you sidestep trouble.

Since an advisor is watching the store all the time, they could see changes that would otherwise go unnoticed. That’s because they aren’t just depending on their individual expertise, they’re also using the collective knowledge of the staff of financial minds at the institution they represent.

It’s Personal

This is maybe the most unique feature of wealth management: It’s very personal. A financial professional will sit with you to come to know who you are and where you want to be. They’ll learn how much risk you’re comfortable with. They’ll help you realize how your new business venture affects the kids’ college tuition.

It’s for Everyone

When it comes to the idea of managing assets in your best interest, don’t let the word “wealth” scare you off. Wealth management isn’t just for the rich. Even if you’re just beginning your career, you’re still building wealth. Wealth management is for everyone.


What is Wealth Management (Part I)? 

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When it comes to wealth management, speaking with an advisor will help you stay on track with your finances. 

An affluent retiree desiring to visit every country might define wealth management way differently than a 30-something small business owner wanting to push his or her enterprise past those critical first three years. Talk to a banker and a stockbroker about wealth management, and you’re going to get two very different viewpoints. Here’s the issue: every definition would be right.

That’s because, in the finance world, wealth management isn’t just one thing; it’s everything. It’s like financial planning, but more widespread.

Broadly speaking, wealth management rolls financial and investment advice, risk and insurance planning, accounting, taxes, retirement planning, legal advice, estate planning and more all into one. Someone who is managing your wealth keeps an eye on all these important parts of your financial picture and connects them in a way that keeps you on track to accomplish your long-term objectives.

Though, wealth management isn’t just number-crunching and moving funds from account to account. It goes far deeper than that. Here are some of the main characteristics that make wealth management truly distinctive.


If you have a life insurance policy, you worked with an agent. For that business loan, you possibly met with a banker. During tax season, you might go to your accountant’s office to crunch the numbers. Need legal advice? You call an attorney.

All these folks are working in your best interest when you come to them for help. But they’re also driving in their individual lanes. No one is really seeing your whole financial picture. For instance, given your current asset allocation in your retirement funds, where does your life insurance policy fit in? That’s not of much concern to a banker managing your loan, but it really would be to an advisor managing your wealth.

A wealth management advisor will make sure no individual part disturbs the balance of the whole.