A comprehensive wealth manager can handle all of your financial needs no matter what your life stage; they offer expertise in a variety financial specialties:
- Investment Services
- Retirement Planning
- Estate Planning
- Insurance
- Tax Planning
Integration: Advantage of a Comprehensive Wealth Manager
An advantage of working with a truly Comprehensive Wealth Manager is that a single person is able to integrate all facets of your financial picture. It’s important to know that almost every financial decision you make has a reciprocating relationship with the health and efficiency of your entire financial picture. I caution investors to be wary of financial professionals that do not evaluate their tax liability, estate plan, retirment plan, insurance and investments prior to offering financial advice.
For example, the type of insurance and/or investments that you choose can have an effect on your taxes. I have found that unfavorable investment recommendations can cause investors to pay more in taxes than they need to. Further, the success of your retirement plan can be based heavily on your overall tax planning and Investment management. In addition, how you manage your Investments can have an effect on your Estate Plan/legacy.
The relationship of these areas are like a never ending pretzel. What complicates this matter even more is that nothing ever stays the same. For example, the tax code gets more complicated. The financial markets are perpetually changing.
How can Wealthnest help you?
My niche as a Comprehensive Wealth Manager involves putting together a financial blue print that covers all of these matters. Furthermore, I offer ongoing, year-round monitoring and communication of this plan with my clients. I hold the CERTIFIED FINANCIAL PLANNER ™ designation, providing independent advice through LPL Financial.
I have no quotas, no proprietary products, no conflicts of interest, no investment banking relationships and no pressure. These are the most critical points when choosing the right Comprehensive Wealth Manager.
Not every financial professional is a Comprehensive Wealth Manager
The list of financial professionals that refer to themselves as Comprehensive Wealth Managers or Financial Planners includes, but is not limited to, loan officers, insurance agents…even stock brokers/advisors.
INSURANCE AGENTS
For example, if someone simply obtains an insurance license, then they have the ability to sell retirement annuities and/or various other insurance products. They often refer to themselves as a Comprehensive Wealth Manger or a Financial Planner. These insurance professionals often have a limited understanding of specific line of proprietary insurance products. A Comprehensive Wealth Manger, on the other hand, will have access to a wider variety of products and non-insurance related investments. There is no question that insurance can be a powerful and affordable tool when used correctly. However, this is just one piece of an independent, Comprehensive Wealth Manager’s focus. Note: I was able to pass my insurance license exam after studying for one week. Again, the issue is that the ever changing complexities of how investment services, insurance, retirement, tax planning and estate planning inter twine; an insurance agent alone is simply not enough.
LOAN OFFICERS, STOCK BROKERS/ADVISORS
I’ve seen the same type of confusion created in the lending industry. Often, a loan officer refers to themselves as a financial advisor, etc. Even in the world of investment management, there are varying levels sophistication and services offered. I want to point out that just because someone is a securities licensed stock broker/advisor, they are not necessarily an indipendent, Comprehensive Wealth Manager. These individuals may be licensed to trade stocks, bonds, mutual funds, etc. However, unless they have achieved higher certification, such as a CERTIFIED FINANCIAL PLANNER ™, these individuals are not required to extensively review your entire financial picture prior to making recommendations.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. Investing in securities is subject to risk including risk of loss of principal. No strategy assures success or guarantees against loss.
If you have any questions or comments about Comprehensive Wealth Management, then please contact me at my office or email.
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Kevin H. Foster, CFP®
Comprehensive Wealth Manager | Tax Advisor
Chandler, AZ 85226