An Overview of the Services and Benefits of Wealth Management

Wealth management is the holistic, long-term management of your wealth, including trusts, investments, estates, retirement funds and more. Typically, a financial institution like First State Bank, wealth management firm or financial firm carries out wealth management.

Why Should You Have a Wealth Manager?

The primary reason it’s a good idea to hire a wealth manager is to have a trustworthy and reliable financial partner. There are a variety of services that fall under the umbrella of wealth management, each of them important in their own right. A wealth manager will help you effectively manage your current finances and investments, plan for retirement, draw up trusts and administer your estate. Wealth managers can also help you network with other financially minded individuals, allowing you to more effectively manage your wealth throughout your life.

What is Included in Wealth Management?

One of the most common misconceptions about wealth management is that it only concerns investments or estate administration. In reality, wealth managers help their clients manage all of their wealth across their lifetime. This means that wealth managers can help businesspeople more effectively manage their business finances, help parents save for their children’s college funds, draw up and manage trusts and help with custodial or brokerage services, among other things. The field of wealth management is a diverse and expansive one that can be helpful for all people at different times throughout their lives. 

Who Should Use Wealth Management Services?

Anyone can benefit from the guidance of a wealth manager. While most high net worth individuals have a wealth manager, business owners, parents, grandparents and anyone who cares about the proper management of their finances will benefit from the services of a wealth manager. If you have any type of estate, it is wise to hire a wealth manager, as they will help you make savvy financial decisions throughout your life.

When Should You Hire a Wealth Manager?

Wealth management should be conducted throughout an individual’s life. There is no specific life stage at which everyone should hire a wealth manager, because everyone’s finances are different and all estates are worth managing. However, if you acquire property, have a child or invest in a business, hiring a wealth manager is a wise decision.

What Are Some of the Benefits of Wealth Management?

As a whole, wealth management is a field that provides its clients with myriad benefits in multiple sectors of their financial lives. Wealth managers can help their clients coordinate retail banking, access legal resources, put them in contact with qualified tax professionals and guide them in estate planning. Wealth management provides clients with the ability to manage their finances across their lifetime in a holistic way.

Overall, wealth management can be beneficial for everyone, no matter what stage of life they are in or how large their estate is. It is important to manage your finances effectively throughout your entire lifetime. Contact First State Bank today if you’re interested in how our wealth management services can benefit you!