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Why Wealth Management and Financial Planning Is Important

Wealth management services are tailored to help you maintain and grow your wealth.

Managing your finances doesn’t just include activities for today; it also includes planning for tomorrow. Wealth management includes a wide range of services to help you create and grow your investment portfolio.

This service extends to your entire family to help plan for future generations. This is why it’s so important to understand the benefits of wealth management and how you can leverage it to plan for the future.

Are you interested in learning more about wealth management services? Read on for everything you need to know.

What Is Wealth Management?

Wealth management includes several services dedicated to managing your finances for the future. These services include setting up trusts, creating innovative tax strategies, estate planning, and portfolio management.

Managing your finances is essential to help maintain and grow your assets. This is vital to help beat inflation but also to improve your overall financial health. Having professionals handle your finances for you gives you time to focus on your career or family without the stress of finances on your mind.

Wealth Management vs Financial Planning

While you may think that wealth management and financial planning are the same things, they do have some key differences. Financial planning relates to a wide range of services to improve your financial life. This includes college saving strategies, tax planning, saving for retirement, and even estate planning.

Wealth management includes everything financial planning offers but caters to high-net-worth individuals. This means that wealth management takes financial planning further with unique services that wealthy individuals can benefit from. This includes managing investment portfolios, assisting with wealth transfer,  developing complex tax strategies, and developing and administering gifting strategies.

Everyone can benefit from financial planning. This service can help you consolidate your finances to plan for the future. However, wealth management services go a step further, catering to the complex nature of high-net-worth individuals and their families.

The Benefits of Wealth Management Services

Wealth management services are curated to help you meet your individual financial goals. These services come with a ton of benefits to help improve your financial health and plan for the future. Here are a few of the key benefits of working with a wealth planner.

1. Building an Investment Portfolio

The fundamental aim of wealth management is to protect and grow your assets. This service includes creating and maintaining investment portfolios so that your financial goals are met. Having your finances managed by professionals can take pressure off your shoulders so that you can focus on what’s important in your life.

2. Estate Planning

Estate planning is a vital part of wealth management. This process helps outline what should happen to your assets after you pass away. Wealth management services are incredibly valuable as they can outline and oversee the process to ensure that your wishes are met.

3. Setting Up Trusts

A trust is a unique way to protect and transfer assets. This method of holding assets is incredibly popular among high-net-worth individuals as it comes with significant tax benefits and added privacy. Wealth managers don’t just help create trusts but can also help actively manage them to ensure that your assets grow at the same time.

4. Tax Strategy

Wealthy individuals and families often benefit from a more complex tax strategy. Whether you have assets abroad or want to make strategic investments, wealth managers can help manage your taxes. This service is important to wealthy individuals that plan on passing their assets onto their children in the most effective way.

5. A Wide Range of Services

Wealth management services go further than financial planning as they offer a more curated approach to each client. This also means that wealth management services can help you manage your assets for future generations on your behalf.

From setting up education trusts to taking care of your favorite charities, wealth managers can partner with you every step of the way.

How Much Does Wealth Management Cost?

Wealth management is the perfect solution for high-net-worth individuals and families. These services are there to help protect and grow assets on your behalf. In this way, wealth managers create, curate, and maintain your entire portfolio.

These services are tailored to every client and usually come with fees that are linked to the assets under management. However, Columbus Street Financial Planning offers these services from as little as $3,500 for young professionals, $4,500 for mid-career executives, and $6,000 for retirees.

This dynamic, flat fee structure helps make it easy to access  services that can help you grow your portfolio. From managing your debt more effectively to planning for retirement, these services are designed to help grow and enhance your retirement success. 

Get Expert Wealth Management Advice Today

Wealth management can help you assemble your portfolio to achieve your financial goals. These services are vital and can range from setting up trusts to building real estate portfolios.

At Columbus Street Financial Planning, we want to understand your financial goals first. Whether you’re looking to grow your assets or prepare for retirement, we can help you manage your finances perfectly.

If you want to learn more about how we can help, schedule a call with us today.

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