The term comprehensive wealth management is used by a variety of firms and financial professionals. Its definition varies depending on who you talk to. It as a high-touch service that provides the solutions necessary for achievement of one’s vision for their wealth. It incorporates a variety of topics to include Financial Planning, Investment Management, Charitable Giving Strategies, and additional planning in the areas of Income, Liquidity, Estate, Tax, and Insurance.
In order to achieve your vision, most if not all of these areas need to be addressed. There are many moving pieces to manage and coordinate. If you don’t live this day in and day out, it’s hard to pull it all together.
Financial Planning
The process of building a comprehensive plan to analyze and verify financial goals. It involves the use of a financial planning tool, but is much more than a report. It requires constant attention.
Investment Management
The administration of investments with the purpose of providing the income and returns necessary to meet all financial goals. This can include private-market “alternative” investments for the right situations.
Charitable Giving
An analysis of the assets available for gifting and the most tax-efficient manner with which to give. In many cases, cash is the least tax-effective asset to donate.
Income and Liquidity Planning
A strategy for covering routine expenses and one-time purchases with income and asset sales.
Estate Planning
The process of designating what should happen regarding a person’s health care and assets when they are incapacitated or at death.
Tax Planning
The process of analyzing a tax situation and finding ways to legally reduce both current and future tax liabilities.
Insurance Planning
The process of analyzing the need for protection against loss, and the insurance products that can provide that protection.
True comprehensive wealth management encompasses all of these areas. It is extremely important to understand how it all works together. Wise and trusted counsel at your side, with the necessary experience and resources, can insure the completion of your vision for your wealth.
