Wealth Management: A Better Approach

Wealth Management: A Better Approach

by | Feb 21, 2023 | Blog, Wealth Management

Is your financial advisor helping you build a custom designed comprehensive, coordinated, holistic lifetime wealth management plan that protects you and your assets…

…or simply providing you with investment advice?

This distinction is more important than ever because of the constant disruption and uncertainty we’ve seen in the economy over the past few years and the litigious nature of people today.

The Old Way

Decades ago, when investors lacked the necessary information to invest their money, it was valuable for the financial services industry to offer investment management as a standalone service. Much of the industry was built around selling stocks to retail investors who had little or no investing information or experience on their own.

Today, extensive information about investment options is more widely available to investors. Yet the financial services industry still believes its value is based on reading and predicting the market and making allocations to help drive returns.

The Right Way

So, what is comprehensive, coordinated, holistic lifetime wealth management planning that protects you and your assets anyway?

Let’s define a few terms.

Comprehensive – complete, inclusive of all parts

Coordinated – the working together of all elements of your financial life

Holistic – concerned with the “whole” plan, not just the individual parts

Lifetime – from today through life expectancy and beyond

Planning – build on today’s foundation

Protect – from risks to the safety of your money

Assets – your wealth should you divorce, be sued, face a long-term care event, etc.

Wealth Management Options

Customized Wealth Management

It all starts with building a trust relationship. Your advisor spends time learning about your family, career, kids, lifestyle, challenges, vision, values, concerns, retirement desires, and legacy.

Together you build your current financial foundation by considering all facets of your financial life: income, pensions, Social Security, bank accounts, 401ks, IRAs, Roth plans, investment accounts, 529 plans, real estate, debts, insurance, annuities, expenses, crypto, coins, fine art, taxes, future income or expenses, etc.

Wealth Management Goals

Now that you have your financial foundation firmly in place, you and your advisor will talk through your lifetime wealth goals over the rest of your career, through your retirement years, and into your legacy.

You will gain answers to your questions such as:

  • Will I run out of money before I run out of life?
  • What will my spendable income be in retirement?
  • How much will I pay in lifetime taxes?
  • What happens if I have a chronic, critical, or terminal illness?
  • What if the market crashes during my retirement years?
  • How much can I count on from my Social Security benefits

Your advisor acts as the “CEO” of your wealth plan! You are the “Board of Directors.” You create and share the vision for your lifetime wealth management plans and desires; your CEO executes your vision! If your CEO is only running your investment department, he or she is missing several other departments. You risk making unwise decisions that could be very costly down the road.

Long Term Care

For example, later in life you may need help preparing meals, and over time, you may also need help getting in and out of the tub or shower, manipulating buttons and zippers on your clothing, and moving about from one place to another. Initially, care may easily be addressed at home by a spouse or family member. However, as the condition worsens, the type and level of care can become far more complex and all-consuming.

A simple plan to address long-term care, should it be needed down the road, can alleviate a lot of wear and tear on the family and several hundred thousand dollars of care expenses.

Wealth Management Tools

There are a plethora of financial “tools” available in the financial services industry to design and build your lifetime wealth management plan and protect and grow your wealth. Your advisor should be looking at all the options available to ensure proper coordination of those “tools.” After all, you want to optimize your ability to live the life you want!

Building a plan with a comprehensive, holistic lifetime wealth strategist:

  • Builds confidence
  • Creates clarity
  • Identifies gaps and cracks
  • Generates your financial blueprint
  • Outlines easy steps to follow
  • Relieves stress, worry, and anxiety
  • Establishes safety and security

Times have changed. Comprehensive, coordinated, holistic lifetime wealth planning offers the greater value proposition. If all you have is an investment management relationship with your advisor…you deserve a better approach!


  1. Connie

    Great information. Thanks Judy

  2. Lori

    Thank you Judy!


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