For many, there are two important concerns in life – health and wealth.  When it comes to our health, we’re conditioned to get an annual exam, seek the advice of medical specialists, and develop strategies to achieve our healthcare goals, e.g., diet, exercise, medication, and regularly scheduled check-ups.  Conversely, when it comes to our wealth, we’re taught to consult with a broker, plug our profile into a computer program, and invest in a portfolio whose algorithm best suits our financial goals.  There’s typically no follow-up visits and no concern for our ever-changing financial circumstances.  Management of our money becomes less about us and more about which computer model fits best.  Enter the Wealth Advisor… A fiduciary whose sole concern is your financial well-being, but what is a Wealth Advisor and how can they help you?

A Wealth Advisor (aka Wealth Planner or Financial Planner) is a specialist who works closely with you to understand the circumstances surrounding your entire financial life, not just your investments.  To best serve you, Wealth Advisors takes a collaborative approach to your financial well-being and dig deep to uncover your financial needs, concerns, goals, and dreams.  Importantly, they coordinate with other professionals in your life (e.g., your accountant, insurance broker, estate lawyer, etc.) to help address a variety of financial concerns, including insurance coverage, tax minimization strategies, generational wealth planning, charitable giving, budgeting, investing, and retirement planning to name a few. 

Wealth Advisors know that wealth generation and preservation is the backbone behind any sound financial plan. What sets them apart is their understanding that financial plans need to be comprehensive to cover all your life’s financial needs and nimble to adapt to changes, such as marriage, divorce, death, new house, new baby, college tuition, aging parents, etc.  That’s why it’s critical to meet regularly with your Wealth Advisor, like you would your doctor.  Regularly scheduled financial check-ins help monitor your financial wellness and maintain, and realign as appropriate, a plan to help you achieve your financial goals.

So, what’s the big takeaway here?  It’s important to care for your wealth like you do your health.  “Set it and forget it” strategies rarely work. Like your doctor’s concern for your physical well-being (your healthcare) to live a long life, a Wealth Advisor focuses on your financial well-being (your wealthcare) to live your best financial life.