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What is wealth management?

We’re often asked, “What is wealth management, anyway?” In the context of what we do at Good Life Asset Strategies, wealth management goes hand-in-hand with all our services.

Financial advisors can provide clients with sound advice when it comes to managing, growing, and preserving net worth through private wealth management. Primarily a service for high-net-worth and potential high-net-worth individuals, banks, funds, and other organizations, the wealth management industry consists of more than $100 trillion in assets under management (AUM).

While a slight majority of these assets worldwide belong to larger institutions, Good Life advisors specialize in helping businesses and individuals make the most of their asset management and investment strategies.

What is wealth management, in context?

Growing and maintaining a high net worth is the goal for Good Life clients, so that’s the context in which we’ll look at what private wealth management is, and is not.

Financial planning, asset management and investing, and retirement planning are all functions that fall under the wealth management umbrella of services. At Good Life, our process involves a thorough assessment that takes into account:

  • Current assets and net worth
  • Risk tolerance and cash available for investing
  • Financial goals and timeline

As we work with clients to determine how quickly they would like to grow wealth versus how long they have to do it, we establish a plan for managing and protecting wealth for the long-term. Wealth management is all about making sure your financial resources continue to grow and are there when you need money for retirement, college expenses, the trip of  lifetime, or whatever big financial goals you’ve set for the future.

Plans Can Change

At least annually, any good financial advisor will meet with a client to reassess financial strategies and adjust according to changing plans, investment success, and an advancing timeline. Our advisors recommend more frequent check-ins and adjustments as needed, depending on the volatility of the market and any midstream changes in goals or timelines.

Wealth management at Good Life involves making sure you have what you need to live the life you want, now and as things change. That’s why our clients are partners in every decision, which is an important component in doing what’s best for the client. We offer advice for financial planning, wealth management, and investing, and our clients base their plans on realistic expectations and information.

Do I need help managing wealth for the long-term?

Typically, if you have a personal net worth of more than $1 million or anticipate reaching that milestone in the next five years, you should be speaking with a private wealth manager. That’s not an overly-lofty goal for many professionals we serve, so schedule a consultation with a Good Life advisor today to assess your current net worth, goals, timeline, and wealth-building and protection needs. The earlier you start, the faster you can grow your wealth and protect it for the long-term.