Should You Get a Wealth Management Advisor? – 7 Things to Consider

Having a financial plan is key to a strong future and freedom. While you may have had some success on your own, you may be wondering should I get a wealth management advisor?

Wealth managers are trained professionals that help build and protect your assets. They work with you to make decisions that are in the best interest of your family in the long run. Regardless of how many assets you have, working with a wealth manager has some advantages over investing on your own.

What is Wealth Management?

The term wealth management refers to investment advice from an individual or company. The advisor will sit down and discuss your situation, your goals, and wants. They will create a personalized financial strategy that incorporates financial services and products that are right for your unique situation.

A wealth manager often takes a comprehensive approach to your finances, including estate planning, investments, accounting, tax services, and retirement. But even if you’re only interested in one of these aspects, hiring a wealth manager is a good decision.

Part of the process is entrusting your wealth manager to oversee your assets and portfolio. This is why it’s important to know what makes a good financial advisor. You’ll want to think carefully about why you want a wealth manager and if they can offer what you want.

7 Reasons to Get a Wealth Management Advisor

If you’ve been wondering whether now is the right time to hire a wealth manager or not, here are some things you should consider.

1. Retirement planning

If you’ve often thought about saving for retirement but keep putting it off, it may be time to do something about it. The reality is that the sooner you start saving, the better off you’ll be. Even if you plan on living with one of your children as part of your retirement plan, you’ll still want some financial freedom to enjoy the things you love.

A wealth manager can help you design a retirement plan that makes the most of what you have today and builds you a strong future. If you’re curious about how much you need to retire comfortably, contact Iron Oak. We can help you determine your future needs, so you don’t run out of money during retirement.

If you’re not sure about your company’s retirement plan details, a wealth manager can help clarify them for you. We’ll show you how matching works and what other investments you may want to consider.

2. Estate planning

If you don’t have a will or any estate planning in place, you’ll benefit from working with a wealth manager. These are some fundamental elements of a healthy financial strategy and are extremely important to have. Your wealth manager can help you define what you want to do with your assets and how to protect your family after you’ve passed away.

3. Beginner investor

Investing can be exciting, but it also requires careful planning. If you’re just getting started investing, having a wealth manager can help you make the right decisions. They can help you understand what kind of investor you are and ensure you are in the correct investment strategy with your investments.

4. Unsure of your financial status

If you’ve never done a reckoning of your finances, it might be time. A wealth manager can help you tally your assets and find out your net worth. Once you have determined what you have, you can create a plan for growth and security.

Financial advisors can also help you determine if you’ll be eligible for social security. Your advisor can explain how you’ll be taxed and your options so that you have the information to make the best financial decisions for you and your family.

5. Poor planning in the past

Everyone makes mistakes. Perhaps you’ve made some poor investment or financial decisions in the past and don’t know how to recover. For example, maybe you were convinced to buy a cash value life insurance policy as a way to save for college. Many people are told this is a good investment vehicle but don’t know what to do when they need to withdraw the money. Understanding how to get the best from your investment requires some expertise.

6. Lack of time

Life can be busy, but that’s no reason to put off planning for your financial future. Wealth managers are professionals. They understand the financial options and products on the market. It’s their job. If you don’t have the time to research what options you have when it comes to investing, retirement, or insurance, advisors can help.

7. Need professional advice

Have you been asking people you know for their input on investments or retirement options? Your friends are likely great people, but that doesn’t mean you should be taking financial advice from them. There is no one-size-fits-all approach to investing, and what works for one person may not be the right path for you. To understand the markets and
financial products that are right for you, look for a qualified professional. Handling your finances on your own can be stressful. Hiring a wealth advisor takes the burden off you. They have the experience and expertise to guide you through rough patches in the market.

Should You Hire a Wealth Management Advisor?

If you’re interested in uncovering ways to help your wealth grow, protect your assets, and prepare for your family’s future, it’s a good time to hire a wealth management advisor.

Whether you want to plan for retirement, set up an estate plan, get started on the right investment path, or need a professional opinion, talk to the professionals at Iron Oak today.

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