Wealth Services
All advisor services can be divided into two general categories: planning and investing. Planning is focused on the development of financial roadmaps that help you make decisions that will increase the probability you will achieve your financial goals. Investing are those services that help you develop investment strategy, implement the strategy, and provide reports that measure the success of your strategy and decisions.
Wealth Management
Planning and investing services are frequently referred to as Wealth Management Services. That's because the services impact your ability to accumulate and preserve assets (wealth).
Project
Most relationships with financial professionals are long-term. You meet with the advisor quarterly, semi-annually, or annually to review results and update strategy. Most investors have long-term goals, so they need long-term relationships with professionals who can help them achieve their goals.
However, some planning services are also short-term and they are frequently called project services. For example, you want a professional to review your current financial plan. This "project", sometimes called a financial tune-up, will take a few hours and when it's complete, your relationship with the advisor is over. Projects can be measured in hours and most advisors charge hourly fees to complete them.
Planning Services
There are several types of planning services that are based on your stage in life, your needs, and your goals. The most popular types of planning services are:
- Financial
- Retirement
- Estate
- Education
- Tax
- Charitable
Investment Services
Advisors who have the knowledge to help you invest your assets also offer a number of services:
- Development of investment strategy
- Written investment policies
- Asset allocation
- Manager selection
- Performance reports
- Rebalancing
- Tax efficiency
