7 Pillar Series - Wealth Management
Welcome to our seven pillar series where we talk about the seven major aspects of your financial life and why we think wealth advisors should be focusing on them. The first topic we’re going to discuss is wealth management. And yes basically this is what to do with your money and how to invest it. But that’s not how it starts, there’s two pieces we need to touch on first. The first one being, what are we trying to achieve? What are your goals? Are we looking to retire? Are we looking to buy a house in a few years? Are we looking to send a kid off to college? We need to understand what the goal is. What the purpose is. That WHY.
Second we need to understand your risk tolerance. We don’t want you losing sleep at night over how you’re invested. If your portfolio goes down, and you’re going to lose sleep, we don’t want that so we need to understand your risk tolerance. Once we have those two pieces put together, now we can start looking at recommendations. How to invest the money? Where to invest the money? What account type? Once we’ve made those decisions, we can put your money to work.
But that’s not where it ends, next we need to look at reviewing this on a regular basis. We can’t just set it and forget it. We need to make sure we’re still aligning with your goals and maintaining that risk. And so, here’s what you should do – ask yourself, “Do I know why I’m investing and how I’m investing?” And if that answer is “No” then we should probably sit down and have a conversation.
That’s all I have on wealth management. Next week, join us for our next topic in this series, Risk Management.
Securities offered through LPL Financial, Member FINRA/SIPC. Investment Advice offered through Priebe Wealth, a registered investment advisor and separate entity from LPL Financial.