If you’re seeking financial advice and fall into what the industry considers “high net worth” – typically over $1 million in investable assets – you’ll often be steered towards wealth management. However, in many instances when you ask what wealth management entails, you’ll be given vague definitions along the lines of “acting as a personal CFO” or “combining financial planning and investment management.” And while that may actually be what you get, unless you work in the industry it’s difficult to make the leap from those definitions to what is actually delivered.
To help our clients understand exactly what we deliver in wealth management, we use the following formula:
WM (Wealth Management) = IC (Investment Consulting) + AP (Advanced Planning ) + RM (Relationship Management)
Each of the component parts of the formula can be broken down into subcomponents, and we’ll walk through what is entailed with each in future posts. Once you’ve read through them, what our version of wealth management encompasses should be crystal clear.