What is Wealth Management?

What is Wealth Management?

December 30, 2019
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What is Wealth Management? 

Wealth Management is a comprehensive financial planning approach used to analyze, understand, and improve a client’s financial situation. By doing a deep dive and implementing various financial disciplines, a wealth manager can address the whole picture with a more complete view, and therefore, offer a more tailored solution.  An individual’s financial picture is an interconnected web and understanding how the parts make up the whole gives the wealth manager an opportunity to create a dynamic roadmap.   The different disciplines in the interconnected web are:

  • Investment and portfolio management
  • Financial planning and advice
  • Estate planning and legacy planning
  • Tax planning
  • Retirement planning
  • Education planning
  • Insurance planning
  • Business interest and ownership planning
  • Most anything related to your financial picture

The “Wealth Management” title comes with some common misconceptions.  It’s often thought of as a service only for high-net-worth individuals – this isn’t true. High-net-worth individuals typically rely on wealth management services, but so does everyone else.  The comprehensive approach described above is appropriate for anyone who needs it.

Pharos Wealth Management greatly appreciates the benefits that come with the wholistic process of wealth management.  To learn more, please click here to contact us – we’re always here and happy to help.