The Importance of Wealth Management
By: Catalyst Wealth Management
January 16, 2022
Wealth management is an umbrella term. It can mean different things to different people.
A financial advisor can interpret wealth management to mean deciding on the financial services a client needs to resolve financial difficulties or enhance wealth-building opportunities.
Meanwhile, a client can interpret wealth management to mean restructuring their finances by creating a plan to track and improve their finances.
The Value of Wealth Management
Wealth management can be used either by an individual or a company. It is important for several reasons:
- Mismanaged finances can lead to property loss, bad investments, or loss of retirement income.
- Mismanaged finances can cause a spectrum of financial difficulties. If unresolved, these issues could cause financial hardships because of insufficient cash flow or because they lead to heavy debt.
- Mismanaged finances can ruin a person’s professional reputation, or it can make it difficult for a business to earn customer loyalty.
The Advantages of Getting Sound Financial Advice
By consulting a financial advisor you can either improve your current lifestyle or, if things are going well for you, maintain it. Since your financial advisor will get to work on creating a customized financial plan for you or your business, it will reduce a considerable amount of financial stress that you might be experiencing because of a lack of a structured approach to your finances.
Your financial advisor can help you with planning your finances in several ways:
- He or she could help you with succession planning for your business, protecting your income, or planning your estate and inheritance.
- He or she could help you with getting sufficient medical coverage for a critical illness that you are a family member may be suffering from.
- He or she could help you with retirement planning, advising you how to budget, save your money, and choose the best investment vehicles to grow your money.
Deciding on a Wealth Management Service
There are a variety of wealth management service providers who can help you reorganize your finances. At Catalyst Wealth Management, we’ve helped hundreds of families make the right financial decisions and navigate with a clear heading.
Through our four-step process you will feel more confident to lean into your purpose and live more abundantly:
- Family Wealth Strategy, let’s address the most pressing topics on your mind and clarity your top financial goals, needs, and concerns.
- Investment Strategy, we will organize and optimize your investment accounts into what we call “purpose categories.”
- Tax Strategy, let’s explore what can be done to help you minimize, defer, or avoid taxes.
- Wealth Building, an ongoing process your financial advisor will guide you through to stimulate long-term wealth and income projections.
In the final analysis, it’s not enough to create wealth, you also need the right systems in place to manage your money well. We ensure a continuous process to increase flexibility, financial mastery, and exceptional decisions so your family can fiercely pursue your greatest potential.
