Rethinking Wealth Management
Who Needs Wealth Management?
If you think wealth management is just for the wealthy, think again. If you have financial needs and wants then you need a wealth management system. A common financial mistake individuals make is to label themselves. Many people think they only need a wealth management system if they possess a certain amount of wealth. The problem with that is, everyone has their own definition of wealth.
Bottom line, you need a way to manage your financial decisions. When making financial decisions you need more than a financial adviser who can sell you their financial products. You need a management system that encompasses your entire financial life; that is what a wealth management system helps you do.
Where To Start?
Start by redefining what wealth means to you. Then create your wealth management system by determining what is important to you and why. We all have different financial needs and wants, what are yours? Have you taken the time to detail what is important to you?
What are your financial goals? Do you want to improve your cash flow, reduce your tax burden or eliminate debt? Are you saving for your first home? Are you concerned about building a retirement nest egg? Preserving your current investment balances? Managing your investment risk? Will college funding be an issue in the future? Is managing day-to-day expenses a worry? Do you want to retire early? Start your own business? Pay for your children or grandchildren’s education? Have to make decisions on a recent inheritance?
Where To Get Help?
If you feel overwhelmed by some of these financial decisions, you can hire brokerage firms such as Morgan Stanley Smith Barney, UBS or RBC Wealth Management Company to help you get focused. Many individuals use RBC online banking as well as other online banking systems to ease into investing. Perhaps your accountant can help with any tax goals. Your banker or insurance agent can offer some advice on retirement planning and investing.
Do not let your lack of financial knowledge stop you from building up your own wealth. The financial resources available are endless if you know where to look and who to ask for help and direction. Take the time to develop your own wealth management system, in the long run you will be glad you did.