Money Talk With Slater

Making Money Across the Board

What is Wealth Management (Part II)? 

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.


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