Blog Title: Money Moves When You’re Making 6 Figures
Blog Introduction: You worked hard to make six figures. Whether you’re a young professional or business owner, you want to make sure your money is working just as hard as you are. It’s time to start thinking about hiring a wealth manager. Here’s what you need to know.
What Does a Wealth Manager Do?
A wealth manager is a financial advisor that provides comprehensive financial planning and investment management services to high net worth individuals and families. Their goal is to help grow, protect, and preserve their client’s wealth.
Wealth managers typically have a team of professionals that they work with including CPAs, insurance agents, estate planning attorneys, and bankers. This team approach ensures that all aspects of the client’s financial life are considered when making recommendations.
What Services Do Wealth Managers Provide?
The services offered by wealth managers vary depending on the specific needs of the client. However, there are some common services that most wealth managers provide which include:
-Financial planning: This includes budgeting, cash flow analysis, retirement planning, education planning, and tax planning.
-Investment management: This includes asset allocation, portfolio construction, investment selection, and ongoing monitoring and rebalancing.
-Risk management: This includes insurance evaluation and recommendations (life, disability, long-term care), liability analysis (personal and business), and estate planning strategies.
-Tax planning: This includes tax return preparation (individual and business), estimated tax payments, tax audits, and tax shelters.
-Retirement planning: This includes Social Security claiming strategies, pension maximization techniques, 401(k) rollovers, and IRA distributions.
-Cash flow analysis: This includes budgeting, debt management, and investments strategies to generate additional income streams.
Making six figures is an impressive accomplishment that deserves to be celebrated—and protected. A wealth manager can help you do just that by providing comprehensive financial planning and investment management services tailored specifically for high net worth individuals and families like yours. So if you’re looking for ways to grow, protect, and preserve your hard-earned money, hiring a wealth manager is a smart move.
