Financial Planner, Investment Guru or Wealth Manager?

wealth managerRecently I received an email from someone who indicated that they wanted wealth management services for their family. I found it interesting that they also wanted to be provided with our investment returns over various time periods. No other questions, just our investment returns. In considering the request I was surprised and disappointed that they obviously felt that “THE”value of a wealth manager was in returns and not the services they provided.

  • What about the value of any money saving tips through proper tax and wealth transfer planning?
  • What about the confidence a financial plan provides to implement a cogent, high probability strategy?
  • Would there be any value in not finding it necessary to purchase and learn financial planning software or personal finance tools?

The solutions that a total wealth management profession brings to the table are varied and at the same time coordinated to obtain a high level of effectiveness that increases the probability of success in meeting the big picture goals. One may get the feeling from what has been said so far that the investment returns are not an important part of what a wealth manager does. Far from it! Without a well formulated financial plan little can be accomplished. Yet, such a financial plan needs to take into consideration the unique needs and objectives of a particular individual. What are the short term needs, tolerance for risk and what are the objectives funds are being accumulated for and the timing are all critical issues that simply “what have your returns been”will not provide.

A Certified Financial Planner licensee is uniquely qualified to take a holistic view towards an individual’s financial planning needs and has the education, training and experience to not only be able to craft an intelligent and practical investment portfolio but be able to deliver a significant amount of value beyond the investment returns alone. Yes, the investment returns are important and a qualified financial advisor will be able to provide information to provide confidence to move forward effectively and efficiently. That being said there are more questions and insights to that need to be obtained to understand the true value of a financial advisors value beyond just the investment planning.

To learn more about Bob Klosterman, view his Paladin Registry profile.

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