By: Jeffrey J. Buonforte
Once you have a
financial plan, which is the foundation of a healthy financial future, the next step is a roadmap of what needs to be done to succeed, or a wealth management program*. This is an on-going process that is no longer reserved only for high-net-worth investors.
Wealth management is now available for savvy, well-prepared investors with a minimum of $25,000 to invest. It pays to start early and think ahead.
Typically, wealth management is a type of financial service that combines personal investing, tax planning strategies, insurance, and estate planning and legal services. As an ongoing process, wealth management goes through various stages based on one’s financial station. For example, a person in his or her 20s, who is just starting out in a career may be focused on personal investing and insurance; a 30- or 40 year old who may be interested in college expenses for their children and tax strategies. The priority of elements in a wealth management program will change with the individual’s stage in life.
The best way to approach wealth management is to do a little research and talk to an expert who will guide you through the process, which includes identifying financial goals, defining an appropriate strategy, implementing the financial/investment plan, and finally, monitoring progress on a regular basis. A diagnostic model is used to determine where to invest assets, taking into account the market conditions that best meet the individual’s objectives.
This process begins with an interview to review financial assets and expectations. It should be relationship-based rather than transactional.
There’s no time like the present to begin wealth management.
*Securities are offered through Essex National Securities, Inc., member FINRA & SIPC. Insurance products are offered through Essex National Insurance Agency, Inc. Neither are affiliated with Lakeland Bank.
Products are not guaranteed by the bank, not FDIC insured, not a deposit, not insured by any federal government agency, and we may lose value including loss of principal.