Today, wealth planning is a multi-disciplinary field, which means a vast number of techniques can be used to successfully manage your wealth. You want a wealth advisor who understands the specific complexities of working with high net-worth clients. Your advisor should be well versed in a multitude of areas, such as insurance, accounting, law, finance, asset protection, philanthropy, and much more. People like Patrick Dwyer at Merrill Lynch offer the type of diversity needed to assemble strong, diversified investment portfolios meant specifically for ultra-wealthy individuals.
The Role of a Financial Advisor
Though wealthier clients obviously have more money with which to work, they are oftentimes much more picky than your average client. As is the case, it’s in the hands of a worthy financial advisor to present and maintain ideas and strategies that fit the scope of work needed for such a specific type of client. It’s crucial that financial advisors working with high net-worth clients do just that – work with their clients. Wealthier individuals tend to demand more control of their money when it comes to financial planning, so it’s crucial that an adviser be both flexible and sophisticated when it comes to wealth management and distribution. This investopedia.com shows numerous ways in which financial planners can better cater to the needs of high-end clients. Essentially, a financial advisor who intends to work with wealthy individuals should combine flexibility and sophistication with value (i.e. are you worth what you are being paid to manage finances?).
Find and Advisor Who’s Familiar With What it Takes
This may seem simple, but it’s quite important when it comes to wealth management for high net-worth individuals. Familiarity with the intricacies of the ultra-specific client base of wealthy individuals is crucial when it comes to managing finances. You want to work with someone who knows exactly what it takes to manage wealthier accounts. Most financial advisors who work with high income clients take on a much smaller client base that includes only those in the higher tier of net-worth. This is a different approach than your typical financial planner who may try to take on as many clients as possible in order to increase their own opportunities. It takes increased attention to detail, and to a specific account, to successfully manage this specific clientele, thus an advisor who works specifically with them will be better equipped to handle their finances.
Finding Every Opportunity to Create New Wealth
Wealth management and wealth creation requires you to stay on top of the ever-changing landscape of the economy. Every shift in the economy creates new opportunities, and you can be part of the minority of people who truly take advantage of predicting what’s to come, as long as you stay on top of what’s happening at all times. As the economy changes, so should your wealth management plans.
Think Outside the Box
Just as you want a financial advisor who finds ways to stretch your wealth, you, too, want to think on your toes in order to best capitalize on situations. Your breadth of knowledge and how you use your mind goes a long way in not only getting to where you are financially, but also in moving ahead and incrementally increasing opportunities to bring in more wealth. Bringing in new wealth, as this forbes.com article details so well, is oftentimes all about successfully monetizing existing property. If you are utilizing what’s yours to bring in money, everything belongs to you. Finding ways to think outside of the box in order to create wealth that’s yours on every level can take your finances to the next level.
Find Strategies That Work for You
This seems simple enough. Find things that work for you, and have worked for you in the past, and stick with them in order to keep a steady stream of income flowing. But it’s more than just sticking to what you know. You also want to take chances when the time is right, and you want to be ahead of the curve, and you want an advisor who takes all of this into account while also weighing out what chances make the most sense for you and your financial situation. With so many decisions to make, it can be easy to get lost in the shuffle, which is why it’s so important that you have a financial advisor to keep you on track. It’s easy to forget how you got to where you are, but a quality advisor will help keep you on the track. What works for someone else may be wrong for you, and vice versa, so implementing strategies that cater to your needs, and yours only, is of the utmost importance.
Take the Time to do the Research
High net-income wealth management requires very specific strategies on your part and on the part of your financial planners. A diverse portfolio is the result of research that leads to strategies that work for you, something that can’t be taken for granted. Research from all ends of your wealth management team is required to stay on top of things.