Wealth Management Guide

Wealth management takes a comprehensive approach to managing your finances to achieve your long-term financial goals.

It incorporates a wide range of services including portfolio management, tax planning, estate planning, and retirement planning. It coordinates and synchronizes each of them with the goal of providing a comprehensive solution that’s built around your personal objectives.

For higher net worth individuals and families, wealth management is definitely worth it.

Having a team with a depth of experience and range of services can lead to significantly better long term financial returns than taking a less holistic approach that only uses portfolio management, for example.

When you’re considering hiring a wealth management partner, it’s important to consider how your unique goals will influence factors like asset allocation, diversification, and risk management.

The number of services you may need will also vary depending on the size of your assets, your tolerance for risk and your long term goals for your money.

There are a dizzying number of firms out there to choose from.

We recommend meeting with several potential partners before entrusting your financial success to one. We’re happy to meet with you and provide a free consultation to discuss your needs and give you honest, unbiased answers to your questions.

The amount of money needed for wealth management varies by individual firms and managers.

But generally a net worth ranging from $2 million to $5 million is the lower end of the threshold for where it makes sense to consider partnering with a wealth management advisor. Any lower than that and the fees required to provide services and manage investments may limit the long term performance of the assets.

The more your wealth grows on your life journey, the more you stand to benefit from partnering with an experienced, trusted wealth manager.

It can help protect your money from volatile markets, limit your tax liability and grow your wealth over the long term to ensure you have a strong financial legacy to leave to your beneficiaries.

Let’s take the hypothetical example of an investor who is 54 years and wants to retire by age 60.

When combining the value of her home, 401(k), savings and a recent inheritance, she has a net worth of $7 million.

She wants to have the freedom to travel in her retirement. She also wants to leave her estate to her two children and provide for her new granddaughter’s education. She’s frustrated by high taxes and doesn’t want to give the government any more than she has to.

She meets with her 360 Financial Wealth Mangement team. The team assesses her risk tolerance and creates a portfolio management plan with a moderate risk profile, given that she wants retire in six more years. They set up estate planning services to create a living trust. This will ensure that when she dies, her wishes are carried out and her estate passes to her children without being exposed to probate taxes.

Her wealth management team also collaborates with her CPA to implement a tax-efficient annual gifting strategy that lowers her tax liability while sharing her wealth with her kids and providing for her grandchild’s education. Her holistic plan takes all her goals into consideration and integrates them into one seamless plan.