You’ve probably seen or heard advertisements for firms that offer wealth management services, and you may have wondered just what that is. Or maybe you already have a picture of it as professional help with your investments. You may even think it’s not for you. But wealth management isn’t just for people who have a lot of investments to manage. It’s for everyone.
Your wealth encompasses a lot more than your bank balance. It even goes far beyond any investments or savings you might have. Even if you think you don’t have enough cash to qualify as “wealthy,” you can still benefit from expert wealth management advice. That’s because wealth management is really about the big picture and it can work for you even if you don’t have a complicated investment portfolio. Wealth management professionals are in the business of thinking of things you haven’t thought of and covering angles you didn’t know were there.
Wealth management includes elements that could apply to any of us, such as debt management, insurance, and estate and tax planning. A wealth management specialist can help you structure your debt to retire it most economically while continuing a goal-oriented savings plan. An expert can also make sure you are properly insured as part of an overall estate plan – there’s little sense in saving or investing if all your assets will be quickly used up supporting your family if something happens to you. A wealth manager can help you assess and coordinate insurance coverage you may have through employment with additional coverage for other needs.
Many people today don’t work in the traditional employment situation we commonly used to see: working for an employer that provides a salary and benefits now and a comfortable pension later. That’s just not the norm anymore. So wealth management has become more important than ever because so many of us are now solely responsible for our own retirement funding.
A wealth management specialist can help you look at what you want out of retirement and what you want for your family after you’re gone and then help you create a plan to get you there. That process will include helping you structure your savings plan, assess what might be coming from government plans, manage your investments and, increasingly often, plan for the transition of a business. If you’re one of the tens of thousands of people who own small businesses, you can benefit from the expertise of a wealth management professional to guide you through planning for the protection and future of your business, including your eventual exit from it.
So while wealth management certainly can include managing your investments, it really is much more than that. It’s about your entire financial life – now and in the future, for you and for your family and perhaps your business partners. It’s really about risk management, about looking at the possibilities, good and bad, and planning for them so that you can get the most from all aspects of your wealth, whether you have a big investment portfolio or not.
You can learn more about how wealth management can apply to your unique situation by contacting the experienced professionals at DFS Private Wealth in Mississauga today. They will be happy to chat with you about how they can help.