When do you need a wealth planner?

While everyone can benefit from thoughtful financial planning, wealth planning offers specific solutions to help high-net-worth individuals address their unique challenges and opportunities.

Wealth management goes beyond standard financial advice such as tax planning guidance from an accountant or mutual fund recommendations from a financial professional.

Wealth planning involves a comprehensive look at the entirety of your financial situation, with a financial advisor helping you craft strategies on multiple fronts. That might include insurance needs, estate planning, Liquidity management, tax planning, small-business advice or retirement preparations.

Best of all, it is a bespoke service. A financial advisor experienced in wealth planning can help create highly personalized solutions based on your financial situation and aspirations.

One key question for high-net-worth individuals is often “When do I need a wealth planner?” The answer is often a major life event, such as the sale of a business, or receipt of an inheritance or a large raise or bonus. All of a sudden, you find yourself in need of more targeted financial guidance.

But there may be other answers. You may realize you’re not sure what to do with your money after a major global event, such as the COVID-19 pandemic or the war in Ukraine. Or perhaps you experience a significant event in your personal life: marriage, divorce, a new child or the need to care for elderly parents.

Any combination of these factors, especially at higher levels of wealth, can signal the need for a financial advisor well-versed in wealth planning.

Each life stage can require its own financial plan. Yesterday’s budget and goals are not always today’s, and today’s are not always tomorrow’s.

For business owners, the financial plans for expanding a thriving business, preparing for family succession, or selling that business and investing the proceeds are all unique and challenging. Or imagine you receive an unexpected inheritance: Should you invest the money, pay off debts, create a trust or all of the above? In the same way, if you’re nearing retirement you will have different needs and goals than someone growing their family or planning to launch a company does.

A financial advisor with wealth-planning experience can offer financial guidance for any situation. This can free you to focus more on time with family or travel, growing your business, enjoying retirement or whatever you care about most.

Let’s address some common myths about wealth planning:

1. “I don’t have enough money to need a wealth planner.” Wealth planning is not only for the ultrarich. Financial advisors with wealth-planning experience are there to help anyone grow their investments, protect wealth and create a Legacy.
2. “Wealth planning is for retired people.” Age doesn’t determine whether someone can benefit from wealth planning, and these services are not meant exclusively for older, “established” individuals. Wealth planning can be a valuable contributor to anyone’s long-term financial goals at any age.
3. “Once I have a wealth plan, I’m set.” It may be tempting to take a “set it and forget it” approach, but wealth planning is an ongoing process of refining your plan based on changes in your personal life, your business and your goals.

Don’t let these myths keep you from contacting a financial advisor and discussing how you might benefit from their wealth-planning experience. 

Wealth brings numerous benefits, but it comes with responsibilities and challenges. A skilled financial advisor can help create a wealth-planning strategy that fits your unique situation, regardless of your age or net worth.