Paragon Wealth Management ? The Meaning of Wealth Management

By David John Marotta

To view the entire article, please visit forbes.com

The world of financial services is built mostly around products and services. So it is often difficult for families to understand the concept of comprehensive wealth management.

Advisors who offer comprehensive wealth management are like financial concierges. Their only goal is to meet your needs. If you ask for fresh strawberries, they try to find them for you. And then they ask if you would like dipping chocolate or fresh cream to go with them.

The job of fiduciary wealth managers is to do what you would do if you had their time and expertise. First, they get to know you. Then they service your requests. And lastly they learn to anticipate your needs. The four practical areas involved are investment management, financial planning, wealth management and life planning.

Investment management lies at the core of wealth management. Two weeks ago I described some ways that fee-only financial advisors might earn their fee on investment management alone. If they do, all of the other services they provide are at no additional expense to their clients.

If investment advisors earn their fee multiple times on investment management alone, you might think that?s where the most value lies. But I believe comprehensive wealth management offers the greater value. Although harder to quantify, it is what connects your investments to your life goals.

We do not charge hourly for these services. If we did, clients might not use them. Most of our clients are cautious supersavers. They struggle to spend money even when they should. Because their fee includes these services, they?re encouraged to call us anytime with their financial concerns.

Surrounding investment management is financial planning, which can range from college planning to retirement. Long-range financial planning turns on a host of assumptions, variables and random market noise. Much of financial planning is trying to ensure the money will be there when you need it. And in that process nothing is certain.

Even if you put all of your money into FDIC-insured investments, you can?t guarantee its purchasing power in retirement. Investing mostly in bonds or insured products may mean a lesser lifestyle later on.

Retirement planning consists of a wild scatter plot of potential projections. Navigating successfully through possible outcomes requires regular adjustments. Without constant course corrections, financial planning is like walking blindfold across an open field. The chance of random success is small. And the calculations are not easily done on the back of a napkin.

During your accumulation phase, you must save enough to reach your retirement goals. For every decade you delay saving and investing, you cut your retirement lifestyle by more than half. A financial planner can help you calculate how much to save and help you actually do it.

Wealth management is based on the idea that very small changes can yield enormous gains in your family?s finances. And no gain is more valuable than the engine of saving and investing. A financial coach can help automate the process of paying yourself first?.

To view the rest of the article, please visit forbes.com

Paragon Wealth Management is a provider of managed portfolios for individuals and institutions.? Although the information included in this report has been obtained from sources Paragon believes to be reliable, we do not guarantee its accuracy.? All opinions and estimates included in this report constitute the judgment as of the dates indicated and are subject to change without notice.? This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.? Past performance is not a guarantee of future results.

Source: http://blog.paragonwealth.com/2013/01/08/the-meaning-of-wealth-management/

fun. hepatitis c symptoms david bradley david foster wallace pinterest attwireless taylor swift zac efron