By LouAnn Schulfer, AWMA®, AIF®
Accredited Wealth Management Advisor®
Accredited Investment Fiduciary
It’s interesting how our industry has evolved over the years. Before I was born, investors turned to stock brokers for help with buying and selling individual securities. Then mutual funds came along, allowing investors a greater opportunity to diversify by pooling their money together into a fund rather than individually owning stocks and bonds. A financial advisor’s job was to help an investor find a suitable mutual fund for their needs.
Life and the rules surrounding investments got more complex and as pensions went away for many, investors needed to focus more on building portfolios for life achievements such as retirement. This requires the additional endeavor of planning, and many financial advisors became financial planners. Financial plans became an important tool, but the frustration that I often heard from new clients was that they’d get a financial plan drawn up somewhere that never got updated. It’s hard to follow a static plan when your life and life around you changes. Comprehensive wealth management takes all of the above and adds a dynamic process. Like your health, your wealth deserves ongoing assessment and effort, with a special focus on how the culmination of your financial life plays into important decisions as they arise. Your wealth deserves check-ups, stress-tests, professional advice, and ongoing monitoring. It’s financial evolution.
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Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.
All investing involves risk including loss of principal. No strategy assures success or protects against loss.