Wealth Management refers to a broad array of services and strategies that help consumers maintain and maximize their financial assets. Wealth Management is actually the cornerstone of any successful financial plan.
Within a financial plan, there are three basic phases: accumulation, preservation, and distribution. The first phase, accumulation, is generally going to be the height of your earning power—when you are able to invest and allocate finds into specific financial vehicles that gather a return. In preservation, you take steps to structure your wealth for maximum return and value retention. In the final phase, distribution, you begin to draw upon your reserves and receive benefits.
Although a financial plan generally conforms to this structure, wealth management is something that can be applied through all three phases. Wealth accumulation and retirement planning is a creative process; your financial plan is a living structure, subject to change and opportunities. The main thrust of wealth management is tracking performance and staying current with trends and issues. An advisor’s role in this is to not only develop your financial plan from the beginning but to also keep it on track and to alert you of changes or new opportunities.
You might think that wealth management is something that only benefits an affluent individual, one with a large amount of principal investment and liquid resources. While the wealthy certainly benefit from a dedicated wealth manager to position and guide assets to maturity, those with modest resources and principal can also benefit greatly from wealth management services.
At Tremont Street Financial Group, we have managed effectively the portfolios of numerous clients. We bring many years of experience and a unique approach to wealth management.