Wealth management helps you optimize your resources to ensure financial health. For the best results, it requires proper planning. The good thing is that you can work closely with an experienced financial advisor. In doing so, you take advantage of the advisor’s considerable investment expertise to get things done correctly.
According to Andrew Denney of Springfield, MO, a veteran investment advisor and business leader, one-on-one meetings with a financial expert provide peace of mind. The chances of getting things wrong are slim to none. Regular consultations provide an opportunity to review wealth management strategies and plan the way forward.
Denney says it’s vital to remain flexible in your planning to ensure a stable financial future. That way, your assets can continue working for you. Once you start accumulating substantial wealth, you shouldn’t be content holding just a checking and savings account. It becomes important to start learning about financial planning and various investment channels.
Some key steps in this process include taking out personal and business insurance coverage. Denney also recommends adopting a values-based portfolio strategy. This approach involves targeting various assets that bring high returns. Your advisor evaluates the performance by monitoring results based on specific timeframes and benchmarks.
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Here are key components of wealth management that can make a huge difference in the stability of your finances.
Your wealth management advisor offers tailored solutions that yield the best results for your situation. Depending on your investment needs and financial goals, the advisor can focus on things like debt management, estate planning, superannuation, and cash flow management. Other focus areas include insurance, financial structuring, stock brokering, retirement planning, taxation, and mortgages.
No wealth management strategy is complete without retirement planning. So, your advisor will definitely cover this topic, irrespective of age. By planning for retirement, you can rest assured that it becomes easier to stretch your finances. Doing so ensures that you’ve enough money to last your entire life. Denney says incorporating this component helps you maintain the same lifestyle, even after retirement.
As you look into ways to optimize your wealth management and maximize returns, you need to take a closer look at the role of advanced planning. This type of planning focuses on wealth optimization, transfer, protection, and philanthropic activities. These key aspects provide a clear picture of how to boost investment returns, preserve your wealth, and extend its utility.
On top of that, you also plan how you’ll safeguard and transfer your wealth. Without a clear plan on these matters, it’s easy to get it wrong. Charity activities need planning too. According to Andrew Denney, you wouldn’t want to just sign out checks without thinking about how each contribution affects your golden pot.
As Chief Executive Officer of Prosperity Financial Group of the Midwest, Andrew Denney understands the importance of comprehensive planning to boost and preserve your wealth. His experience in the financial sector spans many years. He boasts an impressive track record spanning financial advisory, portfolio management, and estate planning.