Wealth Management in Florida: Why you need a wealth manager

Wealth managers do a lot more than pick stocks. They can help you plan your total financial life. And you don't need to be rich to use one.

For starters, wealth managers are actively involved in their client's retirement planning. This can mean, among other things, updating and changing your client's investment profile based on where they are in their life cycle, with older customers being moved into more stable investments.  

While asset allocation is a fairly basic concept in any sort of financial planning, wealth managers also coordinate clients with accountants and attorneys. In addition, they help with trust planning, insurance requirements and managing clients' risks.  

In comparison, most employees who work at large financial institutions, aka wire-houses, are typically not going to get involved with their client's financial planning to this extent.

Such help is especially important now because in these days of disappearing pension plans we are all required to become our own defined benefit plans. We have to also figure out what our own liabilities are. One problem is that few people look at their retirement nest egg in the proper light. Some see it as an ATM to draw from before retirement, others see it as something to chip away from once their work is done, but the real necessity is to get people to understand that they need this money to produce income during retirement.

There's a complete disconnect with what the public understands between wealth management and investment management. And individuals can definitely go out and buy some no-load mutual funds and probably do as well as most professionals. Wealth management is not only about picking investments and making sure the allocation is consistent with time horizons. Monitoring to make sure the management stays intact. If it changes, to make changes in who you choose based on your life cycle.Also, determining what the allocation should be. And also, coordinating that with accountants and attorneys, and making sure that the investments are made in the right structures. If you have trust accounts, retirement accounts who the beneficiaries are and everything related to it.

Mintco Financial is a "boutique" wealth management company serving  retirees, business owners and families structuring their finances to grow and protect their wealth. 

Mintco Financial considers each client situation as unique.

Contact us for a first analysis or a second opinion:

http://www.mintcofinancial.com/contactus.asp