Life is a journey and figuring out how to make smart financial decisions at various stages of your life is easier with the help of a wealth advisor. Creating wealth often begins with smart saving, but to grow it efficiently requires mindful investment of those savings through the right channels to achieve your specific goals. Wealth management is about tailoring a personalized wealth strategy to map out the long-term plan to inform and guide these important decisions.
Studies have shown that people who work with a wealth advisor tend to accumulate significantly more assets over time than those who don't. This is often attributed to having a disciplined plan and better savings habits. Here are five ways a wealth advisor can help you build your personal wealth:
- Assess your current financial situation. A wealth advisor will first start out by analyzing your current financial situation to understand you better and also understand what your personal risk tolerance is.
- Identify goals. Your goals can be both your personal and financial goals that you want to work towards, whether they are short- or long-term goals. Goals may be related to education, major life events, or hitting a certain financial target. Wealth advisors will start doing analysis to gauge your goals in relation to your financial situation.
- Map out a strategy. A full financial strategy will be created for you based on your goals, along with a full plan on how to get you there. Both of your short- and long-term goals will be accounted for in your strategy.
- Recommend financial solutions. This is where your wealth advisor will recommend different types of accounts or investments you should take part in. Solutions are optimized to make sure you are maximizing the tax benefits that are available to you.
- Implement solutions. Your wealth advisor will work with you on how much you should invest and what length of terms to select. Most importantly, your wealth advisor will be by your side as life events happen and provide check-ins to make sure you are achieving your goals.
Wealth advisors work to help you achieve each of your financial goals with consideration for your overall financial situation. Access Credit Union is proud to provide members with a full spectrum of wealth strategies like: cash flow planning, education planning, tax planning, investment planning, retirement planning, and estate planning. Book an appointment with a wealth advisor to start your wealth journey today!