If you’ve been following along with our blog, you know that our approach to financial planning is focused and comprehensive. We start by asking our clients to gather their data. In order to establish concrete goals, it’s important to establish a clear starting point. We provide a checklist for documents you may wish to gather, as well as information and support so you know exactly what you need.
Establishing a framework
Financial picture
We then have a conversation to establish your overall financial picture. Where are you now? What kind of money do you have available to invest? What are your goals? Do you need help identifying funds to allocate for investment? We work with you to develop a big picture idea of where you are and where you want to go in your financial journey.
Risk tolerance
Then, we discuss risk tolerance. Everyone has his or her own threshold when it comes to risk. It’s important to remember that risk tolerance changes over time. The more time you have to let your money work for you, the greater risk you can afford to take, and the more you stand to earn.
Financial and retirement goals
We want to have a clear understanding of your financial and retirement goals, both general and specific. If you’d like help setting those goals, we are happy to work with you. Many clients come to us knowing exactly what they want to accomplish, and many others start with a general understanding that they want their money to grow more strategically but aren’t sure how to make that happen. We are ready to help clients all across that spectrum of preparedness.
Time horizon
Finally, we look at your time horizon, or the amount of time you have available to keep your money invested. That point in time is critical to developing a comprehensive financial plan. The more time you can keep your money invested, the better able you are to weather the inevitable ups and downs of the stock market.
All of these pieces come together to create your whole financial and retirement investment picture.
What is wealth management?
Wealth management is the intersection of comprehensive financial planning and investment management. Using professional expertise to manage asset allocation decisions is a key component of managing your wealth so that your money works hard for you over time.
Here at Wealthbridge, we have a team of professionals in all areas of investing and building wealth. When we work with you to design a comprehensive financial plan, you benefit from our access to a full scope of accountants, attorneys, real estate specialists, and professional financial advisors.
Every aspect of wealth management is tailored to client goals. There are no cookie-cutter plans when working with us.
Assets under management
The term “assets under management” refers to the total market value of all financial assets.
Each of our clients with at least $50,000 in assets under management receives a comprehensive financial plan included as part of the services we provide. This is a low threshold compared to other financial management firms.
Creating a comprehensive financial plan
Once your financial groundwork is complete, and you have gathered and organized your documents and information, determined your risk tolerance, identified your financial and retirement goals, and pinpointed your time horizon, it’s time for us to present your comprehensive financial plan.
To create this plan, we look at your cash flow and your plans for retirement. We consider your threshold for risk, and identify a mix of investment options that will best weather that risk. We’ll consider tax management, if necessary, as well as estate planning. At a minimum, we will ask for your beneficiary or beneficiaries for your assets under management. At your request, we will create a detailed estate plan so that you have peace of mind.
We will present this information to you as a bound, professional document. You are always in the driver’s seat, so your plan is fully customizable and changeable. If there are places where you’d like to be more or less aggressive in your plan, simply let us know. The plan is not a static document, but is instead one part of an ongoing conversation we will have to help you reach your financial and retirement goals.
The purpose of a comprehensive financial plan is to serve your needs, and changes are always an option.
Our promise
While no one can guarantee a specific dollar outcome when investing money, we can promise that your comprehensive financial plan will be professional, will use the best information available in the financial marketplace, and will be 100% customized to you.