The majority of the consumers probably view Investment Management and Wealth Management as one in the same or very similar. However, that couldn’t be farther from the truth. If you believe they are the same or similar, allow me a moment to share their differences.
Investment Management primarily involves advising and managing client investments based on reaching their financial goals. Services include client meetings and communications, making recommendations and implementing investment decisions, trading, rebalancing and preparing and processing all the paperwork for the client.
Wealth Management takes things a step further, encompassing all parts of a client’s financial life. This includes: Investment Management, Advanced Planning and Relationship Management.
Advanced Planning includes guidance and implementation for Tax, Insurance, Education, Real Estate, Retirement, Charitable giving, Legal and Estate planning.
Relationship Management involves coordinating and managing your expert team of professionals such as your Attorney, Accountant and Insurance professional.
Handling all these areas on your own can be pretty overwhelming, that’s why consulting with a Wealth Management Advisor who will assist, advise, coordinate and manage it all for you can take much of the burden away so you can enjoy your wealth and know that your wishes and your families future will be well taken care of.
As you can see there is a vast difference between an advisor that handles Investment Management only and an advisor who offers Wealth Management, encompassing a wider variety of services. Hopefully, this explanation will help you decide with service is right for you.
Robert J. Pyle, CFP®, CFA is president of Diversified Asset Management, Inc. (DAMI). DAMI is licensed as an investment adviser with the State of Colorado Division of Securities, and its investment advisory representatives are licensed by the State of Colorado. DAMI will only transact business in other states to the extent DAMI has made the requisite notice filings or obtained the necessary licensing in such state. No follow up or individualized responses to persons in other jurisdictions that involve either rendering or attempting to render personalized investment advice for compensation will be made absent compliance with applicable legal requirements, or an applicable exemption or exclusion. It does not constitute investment or tax advice. To contact Robert, call 303-440-2906 or e-mail firstname.lastname@example.org.
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