Beyond Portfolios and Products: Discover Comprehensive Lifetime Wealth Management Planning

Beyond Portfolios and Products: Discover Comprehensive Lifetime Wealth Management Planning

by | May 15, 2023 | Blog, Financial Advisor, Wealth Management

Is your financial advisor managing your assets, selling you products, or helping custom design and build your unique comprehensive, coordinated, holistic lifetime wealth management plan?

What is the difference, you may ask?

Managing Your Assets

Manage Assets

Many financial advisors serve their clients by managing their investment portfolio. The advisor is paid an advisor fee for your assets under their management, referred to as AUM in the industry.

The advisor traditionally sits down with the client and talks through potential investment options and portfolios suited to the client based on many factors. Those factors may include age, family situation, goals, risk tolerance, etc.

Based on those discussions, the advisor recommends investment accounts and strategies he or she believes are suitable for the client.

If the client agrees, they complete the paperwork, and transition the money into those accounts.

The client is typically given online access to the custodial platform on which their accounts reside. The client typically receives monthly or quarterly statements showing activity in those accounts.

The advisor fees are likely shown on those statements; however, there may be other fees not present on those statements. The industry calls those “hidden fees.” They may be for account maintenance, loads, expense ratios, custodian fees, etc.

Selling You Products

Many financial advisors are looking for potential clients to whom they can sell a product.

For example, an advisor may specialize in annuities and believe that most people need an annuity in their lifetime wealth portfolios.

They have marketing systems that target the potential clients for whom they are looking. They convincingly approach those people with conversations, literature, illustrations, and stories why annuities are one of the very best tools in a financial portfolio.

Life Insurance

Another example may be a life insurance salesperson. They believe a certain type of life insurance is a “must have” for a potential client to survive retirement and provide for their loved ones.

They, too, have targeted marketing systems that make the product sound so good you would be a fool not to have one of their life insurance policies in your possession.

If the prospective client believes the financial advisor, they sign and submit the paperwork. If approved, the client is now the proud owner of that life insurance product recommended by the salesperson!

Product salesperson advisors earn commissions off the products they sell to you.

Custom Designed Lifetime Wealth Management Strategy

Wealth Management

Some financial advisors help their clients understand their current financial foundation, including all the places and ways they have been saving money over the years. These types of advisors take time to learn about your existing financial situation, goals, needs, retirement dreams, legacy desires, etc.

Once they establish the foundation, these advisors talk through all the potential pitfalls and risks to the safety of your money over your lifetime and into your legacy.

They will address concerns such as:

Depending on your unique financial foundation, these may or may not be concerns of yours. However, without proper lifetime wealth management planning, these types of issues may surface their ugly heads and derail your best laid plans.

Financial Advisor

Once a proper lifetime wealth management strategy has been designed, THEN your financial advisor will provide investment strategies, advice, options, and products to fill in any gaps and cracks in your plan based on your goals, needs, and desires.

Wealth Management Tools

Financial investments and products are tools. Using the proper tool depends on the job to be accomplished. For example, if you were given a piece of wood and a screw, would you grab a hammer? Probably not. That doesn’t make the hammer bad.

The same is true designing and building wealth management plans. It’s the job of the lifetime wealth strategist to grab the proper tools to accomplish your goals, needs, and desires to live the lifestyle you envision.

Consider This

You are already paying fees or commissions to a financial advisor or financial advisors to manage your money or sell you financial products. Why aren’t they also helping you with your lifetime wealth management plan?

What is happening to your hard-earned money? Who are you trusting? Is that person providing the types of services that are going to provide and project your lifetime wealth management plan, especially given all the variables that impact wealth distribution?

Carpe Diem! Seize the Day! Find someone who can design and build YOUR unique lifetime wealth management strategy. Gain clarity and confidence. Relieve stress, worry, and anxiety.


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Advisory services are offered through Royal Fund Management, LLC, which is registered as an investment adviser with the SEC and only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

All investment strategies have the potential for profit or loss. Changes in investment strategies, contributions or withdrawals, and economic conditions may materially alter the performance of your portfolio. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment or strategy will be suitable or profitable for a client's investment portfolio. There are no assurances that a client’s portfolio will match or outperform any particular benchmark.

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This is a voluntary testimonial by a verified client. Client was not provided any product, service or benefits in exchange for their statement. There is no material conflict of interest present. Testimonials are a representation of the client experience and do not reflect the view of the Investment Adviser Representative, Royal Fund Management, LLC or its affiliates.  Judy Carlson is an Investment Adviser Representative of and advisory services offered through Royal Fund Management, LLC, a SEC registered Investment Adviser.