Wealth management advisor

Wealth Management Advisor: A Hero Your Business Deserves

Wealth Management Advisor: A Hero Your Business Deserves

If Batman needs Robin, and if Sherlock needs Watson, then any affluent or high-net-worth entrepreneur needs a wealth management advisor, also known as a wealth advisor.

Why? Let us explain.

Do you remember that famous line from Spiderman? “With great power comes great responsibility.”

Well, with great wealth also comes great responsibility. Perhaps even greater! You want someone to keep track of your finances, especially if you are investing a large some of money into business. Even before investing that money into any business, you need someone who can look at the situation objectively and either tell you “This is a good idea! Go for it.” or “This is a terrible idea. Move on!”

A wealth management advisor’s job is exactly this.

Basically, they will come in when you are surrounded by the hubbub of starting a new business or are on the verge of investing in one, and they will give to directions. Not just on your business, but also on your long-term future plans. We’re not here to work until we die without professionals taking care of our finances, are we? Of course not. We need to figure out where we’ll be after all these years of hard work. How will you retire? How can you direct your finances in a way that retirement will not be a nightmare, but a breath of fresh air?

Sounds scary, right? But that’s where the wealth management advisor comes in!

They will make financial planning much easier for you, especially if you are confused and do not really have a since of direction. Trust us when we say that investing in a wealth investor can be the decision which will greatly benefit you in the long run.

At this point, you might probably be thinking about financial advisors and whether or not they are the same thing. Actually, most of our clients ask us this question:

What is the difference between a wealth manager and a financial advisor?

Well, they are both similar and different.

Generally, when we talk about financial advice, we come across a lot of job titles:

  • Wealth management advisor
  • Financial advisor
  • Financial planner
  • Investment advisor

So which one do you need? Do you need someone who just plans out your finances? Or someone who specifically helps you with your investment?

A financial advisor is a pretty clear-cut job title, if you think about.

They…advise you on your finances! That simple. Whether it’s a financial plan you are trying to make, or a specific tax strategy you are trying to implement, a financial advisor will come to the rescue! They can even advise you on your retirement plans and debt management. When you think “financial advisor,” think long-term. They are here to make sure everything is going according to plan in the long run, not just a year or two.

Well, then, what is a wealth manager?

Good question! Technically, wealth managers are also financial advisors. Basically, the term “financial advisor” covers a whole range of professionals, a wealth management advisor being one of them. So what’s the different? The answer is simplified in one word: money!

Wealth managers primarily work with wealthy individuals. And by wealthy individuals, we mean those who have and bring in the big cash. They are called high-net-worth or really, really high-net-worth clientele, and they are the demographic which wealth managers cater to.

Like we said, having too much wealth can cause as many problems as having none of it, if not more. That’s why most high-end clientele prefer to hire a wealth management advisor who will assist them with their financial plans, give them the best advice, and make sure that their investments are protected in the long run. This can either be managing of investments (where they have invested, how much, etc.), financial planning (what they choose to do with the money), taxation, planning their retirements, any sort of planning in the legal sphere, estate planning (concerning where they own or want to own property) or even charity planning! Yes, did you think that all those celebrities who donate to charity organizations just randomly pick where they want to donate? Of course not! We guarantee you at there is a wealth management advisor working in the background to figure out where they should donate for the best results.

In fact, we can guarantee that 90% of Hollywood actors have wealth managers along with their agents, assessing every move and advising them on how to take the next step.

Wealth management advisor services come in bundles, and they can change depending on what exactly the clients need. One client might be looking for retirement planning only, one for tax services, one for wealth management, and another for all services.

There are more things a wealth management advisor can do!

Any business is bound to face risk when formed. That is in the nature of all businesses. One way a wealth management advisor can be of service to you is assessing the amount of risk that you and your investment will be facing, and how you can shape an investment strategy around it to make sure your investment is perfected. And when a wealth management advisor assess risk, they are doing it with one eye in the future. Risks may change as businesses change over time, and the assessment services must change accordingly.

How much money do you need for a wealth manager?

A…fair amount! As we mentioned earlier, wealth managers cater to high-end clientele, and focus only on individuals who are affluent. In other words, clients with high net-worth. If you do not make the cut, then hiring a wealth management advisor is not the smartest idea. In fact, the wealth managers or the firms they work for will automatically reject clients that are not high-end. Not that they hold any prejudice, but simply because lower net-worth clients do not simply meet their criteria.

How much money does a wealth management advisor make?

When it comes to payments, wealth managers can acquire expenses to be paid in various forms; some (we could say most) go for a percentage of assets that are under management. Some wealth managers have fixed fees for a fixed set of services that they offer, and the fees can change based off of the set of services.

Other wealth managers work based on commission, and some charge by the hour. Consider them as “private business detectives!” You simply need to discuss payment options upfront when speaking with either the firms, or private wealth managers themselves.

Which Wealth Management Services Are Better for Me?

That depends on the specific needs of every customer. As we said, wealth management services can include a wide variety of things, from wealth management itself, to taxation, retirement plans, and all that jazz.

Have you invested in a business and want to make sure that your investment is protected? Then shoot for a wealth management advisor. Wealth management advisors will also give you advice and guidance on choosing your tax plans, planning your retirement, estates you are willing to purchase, and so on.

Pick the Right Guy for the Job

When choosing a wealth advisor, make sure the specific type of wealth management you actually need. You need to be clear and concise about what you are setting out to do. Trust us, wealth advisors love that! They don’t like dealing with clients who have no idea where they are and where they want to go, leaving all decisions of the advisor’s shoulders.

Then decide on your budget. How much would you be willing to pitch in for a wealth management advisor’s services? How is the wealth management advisor willing to charge you, and for which specific services? You can refer to the section above to refresh your memory of the various payment options which wealth management advisors can offer you.

Once you have a game plan to present to a wealth advisor, the time has come to do some fact-checking. You have to make sure that the wealth management advisor you are about to hire has the right track record needed to take care of your business. Ask them about their background, their success rates, the client base they worked with, their certifications. You can find this information from a variety of third-party sources as well, including government websites.

There’s a ton more you can ask them, including their full services, how they get in touch with their clients, and even whether they have had any sort of altercations with the law before they began their practice.

At this point, you have found the wealth advisor of your dreams! If you still haven’t, well, give Jerome Basilio and his team a call! We have the perfect investment opportunities for you to jump on, and our fool-proof wealth management services will make sure that your investment is protected at all times!

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