What Is a Wealth Management Advisor? (And How Do You Know If You Need One?)

Senior couple planning their investments with wealth management advisor

The more assets you have, the more difficult they are to manage. That’s where most higher-income individuals want a little help. But often they’re not sure who to turn to.

Sometimes they’re stuck with a piece-meal approach — one person for investments, one person for insurance, one person for taxes. But pretty soon, managing all of those different professionals starts to feel like a full-time job. And what’s worse, everything is so disjointed that every strategy tries to pull you in a different direction.

That’s why families who want a better experience have begun turning to wealth management advisors. These firms or individuals might be just the help you’re looking for.

In this post, we’ll answer your questions: what is a wealth management advisor? Why are wealth management advisors important? And how do you know if you need one?

What is a Wealth Management Advisor?

Wealth management advisor at work

A wealth management advisor is a special type of financial advisor. They combine many types of financial services into one comprehensive strategy. They view your assets holistically and manage them for one set fee.

Think of your wealth like a house. You could hire a carpenter, a painter, a gardener and a plumber to help you manage your home. Or you could just hire a general contractor and that contractor will take care of everything and put it together into one clear plan.

Wealth management advisors are general contractors for your money. You go to them with your needs and dreams and they have the expertise to make it happen. That means you get less stress and better service. You’ll get investment advice, accounting, retirement planning, estate planning or tax services all as part of one complete strategy.

Why Are Wealth Management Advisors Important?

Man talking with his wealth management advisor

This comprehensive approach is important for high net worth individuals. Without it, you have to integrate different pieces of advice and various services on your own. Few people have the capacity or desire to wrangle so many providers. After all, they hired professionals to make the whole process easier, not harder.

Just like a general contractor, wealth management advisors are happy to serve as your main point of contact. They know the ins and outs of each service and are experienced in bringing them all together.

That is important. It means your plan takes everything into account.  There’s no fighting amongst services or providers. There are no blindspots because everything has been cared for and put into a single grand strategy. That clarity makes it easy for you to follow your plan and achieve your goals. 

How Do You Know If You Need a Wealth Management Advisor?

Meeting with wealth management advisor

If you’re trying to decide if you need a wealth management advisor, there are a few questions you should ask yourself:

  • How confident am I in my ability to retire and not run out of money?
  • Do I have a trustworthy source for investment help?
  • Do I have the time to manage my finances?
  • Am I interested in managing my money or are there things I’d rather be doing?
  • Do market downturns cause me to stress out and make hasty decisions?
  • Do I have someone that I can turn to for advice when the market is volatile?

If money management feels difficult or stressful sometimes, that’s okay. Wealth management advisors are professionals in this arena. They have the expertise to care for your finances well and they have the time to do it. After all, this is their full-time job. 

If you want extra help with your finances or just want more of your precious time back, it’d be a good idea to talk to a wealth management advisor.

How to Find a Wealth Management Advisor

Senior couple meeting with their wealth management adviser

Hiring a wealth management advisor is an important decision. You’re not just asking them to help with your money, you’re trusting them to care for a big part of your life. That’s why a few important factors should be part of your decision.

Price

Price will always be important. You want to find a firm who is straightforward about their fees or pricing model

However, don’t get too fixated on price. Instead, focus on value. Look for the firm that provides you with the most help and options. If you want to be less worried about your money, it’s well worth it to pay for the firm that goes the extra mile.

Credentials

Check out the advisors that will be working on your account. It’s important that they have the right credentials. Professional designations like WMS, RCC, AIF, RICP and CASL will tell you a lot about what an advisor does. Make sure your advisor has training to match your needs.

Here you’ll also want to think about a firm’s experience level. Do the members have a proven track record of helping their clients?

Personal Character and Fit

Wealth management advisors have a big impact on your life. That’s why it’s important that you have personal alignment. While you want a professional, you don’t want someone who only cares about the bottom line. Every dollar in your portfolio represents your values and your dreams. Make sure you find an advisor who is on the same page. That way, when it comes time to make decisions, you know you’ll be getting advice that cares for your portfolio and your family.

Have More Questions?

If you want to know more about wealth management advisors, the good news is that you’re not far from more information. Browse other blog articles below or schedule a call to talk directly with an advisor. We’d be happy to help you decide if a wealth management advisor is right for you.

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