By LouAnn Schulfer, AWMA®, AIF®
Accredited Wealth Management Advisor®
Accredited Investment Fiduciary
We have an Advisory Council made up of five fine clients who’ve been with us for several years. At our last council meeting, we had an in-depth discussion of what Wealth Management means, and who needs it. “Wealth Management” is a phrase used by an increasing number of firms, and the services are likely to differ from firm to firm. Wealth management should be more than just investment management and use of financial planning software. People who have more sophisticated financial profiles, who have built a net worth, or who may face important financial decisions are candidates for wealth management. They may choose to build and manage their own wealth, or they may seek the advice and experience of a professional.
Speaking for our firm, in a Wealth Management relationship we help you through important decisions that you may face now or in the future, and of course, financial and retirement planning as well as management of investments. It is extremely beneficial to establish or have an established relationship. Each client, their circumstances and their families are different, even facing a similar event. For example, I recently had a meeting where three siblings are receiving the same inheritances from their parents. Because of their three very different circumstances, my advice to them as to how to navigate each of their inheritances will differ. Financial planning software is a valuable tool, but like so many applications in life, it is a supplement to but not a replacement for the experience and expertise of personal wisdom.
As our Advisory Council discussed, the complexities of growing older and of having a nest egg to manage overlap for many people. If this is true for you, contemplate your strategy for wealth management.
LouAnn Schulfer is co-owner of Schulfer & Associates, LLC Wealth Management and can be reached at (715) 343-9600 or email@example.com. www.SchulferAndAssociates.com
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.
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