What EXACTLY is Wealth Management?!?

The term "wealth management" is thrown around PLENTY… in mainstream articles, boardrooms of private client firms, and by financial advisors in front of clients. Still, most professionals are hard pressed to actually DEFINE the term with any degree of precision!!

SIMPLY PUT: "It is the SCIENCE OF MANAGING/DESIGNING A PLAN TO HELP ENHANCE a client’s financial situation delivered in a CONSULTATIVE manner."

And SCIENCE means PROCESS! (So there better be one!!)

I like to say, "It’s finance… beyond investing."

Wealth management entails coordinating a team of experts to address the needs and wants of clients after determining what’s important and WHY! (btw…only after the WHY can the wealth manager be able to bring in the appropriate experts and then provide the appropriate financial products)

Being consultative, wealth managers are collaborative and truly client-centered. A good wealth manager meets without any presupposition about what financial products or services are appropriate for that individual.

IN SUM: Wealth Management is the consultative process designed to meet the needs and wants of clients by providing the appropriate financial products and services.

It’s THE BIG PICTURE with many moving parts… NOT just INVESTMENTS.

–Laura

Any opinions are those of Laura Amendola, CFP® and not necessarily those of RJFS or Raymond James.