Guide to wealth planning services

When you’re managing a substantial amount of money, it pays to have a strategy in mind for growing or preserving it to the greatest extent possible. There are any number of ways to achieve this; from minimizing certain tax obligations to finding smart ways to invest your money to allow it to compound over time, you can create a plan for making the most of your wealth that works for you and continues to pay off well into the future.

Approaching your money in this way is what wealth planning is all about, and there are plenty of good reasons to start exploring it in-depth. Well-preserved wealth that’s able to grow on its own over time can help create a safety net both for yourself and future generations of your family, as well as increase the amount of money you have available for your own purposes in the present.

Since there’s such variety in terms of the different ways you can approach wealth planning, though, you may find it helpful to work with an advisor offering wealth planning services to find the right way forward with your goals in mind. Ideally, an advisor will have experience working with clients that share your goals and live under similar circumstances. This will allow them to help you develop an effective strategy that’s tailor-made to achieve the results you’re looking for.

In this blog post, we’ll take a deeper dive into the topic of wealth planning, as well as some of the ways in which a wealth planning advisor can help you make the most of your money.

What is wealth planning?

As mentioned earlier, wealth planning is a service focused on managing your finances and assets in order to preserve or grow them to the greatest extent possible. The term “wealth planning” generally doesn’t refer to something you do for yourself; it’s a service provided to you by a wealth planning advisor.

It should be noted that a wealth planning advisor isn’t the same thing as a standard financial advisor. Wealth planning advisors often offer more services, but require a higher minimum investment. This minimum can range from hundreds of thousands to millions of dollars.

Wealth planning often focuses on clients that are considered to be affluent, possessing a substantial amount of money to manage. This money may not only take the form of capital, but also investments like properties, securities, and more. The approach your wealth planning advisor takes with your investments is designed to suit your goals and risk tolerance.

Why work with a wealth planning advisor?

As mentioned before, the types of clients that wealth planning advisors typically work with often possess a wide array of different assets and investments that compose their total net worth. This can be a lot for a single person to manage alone; even if they’re able to account for every detail, it can be time-consuming, stressful, and beyond the scope of your expertise to develop a plan that takes full advantage of your wealth to achieve the goals you’ve set.

When you work with an advisor, you can trust that they likely have this kind of expertise, having developed it over the course of working with a long list of clients in situations similar to your own. You can also trust that as a result of this experience and expertise, they know to take your investments seriously and develop an intelligent plan for putting them to work. No matter your risk tolerance, working with an advisor inherently reduces that risk.