We at Silver Sail Wealth Advisors are true Wealth Mangers and have done the long, hard work to become a valued “Chief Financial Officer” for our clients. Below is more information on what it means to be a Wealth Manager.
You probably know that taking a comprehensive approach to pursuing all your financial dreams requires wealth management. This means more than just taking care of your investments. It also means addressing your advanced planning needs, including:
Such a wide range of financial needs requires a wide range of financial expertise. Because no one person can be an expert in all these subjects, the best wealth managers work with networks of experts—financial professionals with deep experience and knowledge in specific areas.
Effective wealth managers, then, are experts at relationship management. First They build relationships with their clients in order to fully understand their unique needs and challenges. Only then do they coordinate the efforts of their professional networks to pursue those needs and challenges. Wealth managers must also work with their clients’ other advisors—such as attorneys and accountants—in order to ensure optimal outcomes.
Many in the financial services industry today call themselves wealth managers but offer little more than investment management. How then will you know whether you are dealing with a true wealth manager?
First, the financial advisor should offer a full range of financial services, including the four areas of advanced planning that we mentioned above. As we’ve said, the wealth manager should be backed up by a network of professionals to provide these services.
Second, the wealth manager should work with you on a consultative basis. This allows the wealth manager to uncover your true financial needs and goals, to craft a long-range wealth management plan that will manage those needs and goals, and to build an ongoing relationship with you that ensures that your needs continue to be met as they change over time.
This consultative process usually unfolds over a series of meetings:
Exhibit 1 shows an overview of the consultative wealth management process.
In addition, you should always expect outstanding service from any financial advisor you choose. Your phone calls should be returned on the same day, you should receive quick and complete responses to all your questions, and your financial advisor should always take your unique needs and preferences into account. In short, you should expect to be treated like who you are—a very important client.
If you are currently working with a financial advisor and are unsure whether he or she is using the consultative wealth management approach we’ve discussed here, we recommend that you have another financial advisor complete a diagnostic of your situation so that you have a stress test.
You owe it to your family and yourself to make sure that your investment plan—and overall wealth management plan—is designed to effectively address your very specific financial needs in order to maximize the probability that you will achieve all your financial goals.
We wish you success in achieving all that’s important to you.