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Wealth Management is more than just investments. It encompasses a broad range of services and uses a comprehensive, integrated approach in order to accumulate and grow assets, while preserving, protecting, utilizing and (potentially) transitioning them in a tax efficient manner to future generations and charitable causes
Many firms today are advertising a Wealth Management service, however for affluent families and business owners, Wealth Management requires a high level of sophistication and complexity that most firms are simply unequipped to provide. Select Portfolio Management, Inc. is a veteran in providing sophisticated financial services and delivers an authentic and satisfying Wealth Management experience to it's clientele.
The most powerful differentiator is the Wealth Management firm’s ability to develop an integrated overall strategy and implement it. It doesn’t matter whether the implementation is through the Wealth Management firm, one of their strategic partners or one of the client’s existing professional advisors. What matters is whether a well designed comprehensive strategy and plan is created and implemented. In essence, a good Wealth Management firm will help their clientele define what their overall financial objectives are and the timeframe they want to accomplish them, from both a professional and personal perspective. Then, they help them develop a comprehensive and integrated plan, but more importantly, implement the plan, with the client being the owner of the plan and the Wealth Management firm taking the role as the “general manager”.
Today’s affluent individuals need a comprehensive and integrated wealth management approach. Wealth Management delivers a consultative and integrative approach compared to traditional firms which tend to focus on a single product or area of specialty.
Some of the aspects that differentiate Wealth Management firms are:
- Single point of contact for a broad range of comprehensive wealth management services
- Consultative approach that helps educates the client during the comprehensive wealth management design and implementation process
- A personal, flexible and customized approach – one approach does NOT fit all
- Coordination with other advisor professionals
- Keeping the client more involved throughout the process and ultimately more in control of deciding the best approach for them
Some of the core services of most Wealth Management firms are:
- Investment Management
- Financial Planning
The more advanced Wealth Management companies also have strategies for:
- Tax Reduction Planning
- Asset Protection
- Charitable Giving
- Selling appreciated investment property
- Deferred Executive Compensation Planning
- Trust Planning
- Family Owned Business Planning
In addition to providing high-level expertise and a comprehensive range of services, Wealth Management firms differentiate themselves in the way they link a multi-disciplinary planning process with the client’s vision and purpose…taking into account a family’s aspirations as well as its assets.