What is Wealth Management?
You’ve probably heard this term at one time or another, but what does it really mean? Wealth Management is more than just the management of your investments. It is more than the creation of a retirement plan, and it goes well beyond just meeting with an advisor periodically. True Wealth Management is a consultative process of planning for and addressing, in a prudent fashion, life events and your most important goals. It addresses everything from buying a new car or home, planning for a child’s education, preparing for retirement, creating a plan for your estate and also addresses potential events that could alter these plans and your long-term financial security. Here is a short list of the types of issues that are addressed by Wealth Management: 9 9 9 9 9 9
Cash flow management Your complete investment portfolio -- including your 401(k) Income tax planning and coordination with your tax advisor Retirement planning Risk management – the need for specific insurance Estate planning – making sure your money is passed on according to your wishes and coordinating your estate plan with your attorney 9 Other needs that are specific to you Wealth Management is a comprehensive service. Your advisor should be your family’s Chief Financial Officer…coordinating all the other major players in your financial life. These include your attorney, your CPA, your insurance person and others, if applicable. The days of simply managing assets are over. With your fast-paced, hectic lives, you need someone who is paid for the sole purpose of watching out for your financial stability – both today and in the future.
So what should you expect from your Family CFO? First and foremost, you should have a personalized wealth management plan. Why? Because this plan is the roadmap for your future. How are you going to get where you’re going if, number one, you don’t know where you want to go and, secondly, once you’ve identified your ideal life, what is your strategy to make it a reality. Then together, you and your advisor should address the other aspects of your life as discussed above. What should you not expect from a financial advisor? Well, first of all, they can’t predict the future, which is why you need risk management as part of your plan. They can’t guess what you’re thinking so it’s very important to share any pertinent information with your advisor. They can’t guarantee performance results or magically get you as much money as you want. Most importantly, while they cannot protect you from your own behavioral habits, they can and should educate you about the possible impact of short-term thinking and decision making. At Thornton Wealth Management, we offer comprehensive Wealth Management services. We want to be your family Chief Financial Officer and keep our eye on this all important aspect of your life so you can spend time doing the things you enjoy doing for yourself and your family. We want to help you meet your goals through the development of and execution of your personalized wealth management plan. Please give us a call at 404-254-6993 or email us at russ@thorntonwealth.com if you’d like to discuss further how we can help you.