An Expert's Advice to Wealth Management in Arizona

, | July 25, 2022 | By

When you require wealth management in Arizona, you’re often in need of a wide range of services. You may be looking for a holistic approach to protecting your assets—a one-stop shop that combines investing advice, retirement planning and more to ensure that you (and your money) are always in good shape

 

At the same time, you’re looking for a personal, consultative approach. Perhaps you’ve worked with big financial institutions in the past, organizations that simply treated you like a number (instead of making sure you understand your numbers!). 

 

Meeting this complex need can feel frustrating. We’re here to make the searching process more straightforward. 

 

We’ll start by answering a few critical questions. For example: What is wealth management? What can a wealth manager help you accomplish? Is wealth management the same thing as financial advice? (And do you even need wealth management in the first place?) 

 

Let’s dive in! 

Do I need wealth management? Arizona’s financial advisors give their take.

If you’re looking for wealth management in Arizona, you may be doing so for these practical reasons: 

  • You want to ensure a steady retirement income stream.
  • You want to really have a handle on your net worth.
  • You want to plan for your children’s education.
  • You want assistance with risk management.

Partnering with an institution that offers just one of these services (e.g., investment management) may help you meet some of these needs, but not all. 

 

A community bank in your specific location may be best poised to provide the multifaceted services you need while supporting you in a way big banks can’t. 

 

Taking care of all of these needs on your own may be possible, but it’s (at least) one full-time job in itself to accomplish the goals we mentioned above. A community bank will have investment experts, retirement planning specialists, and more on staff to provide precisely what you need. 

What’s the difference between a wealth manager and financial advisor?

Wealth managers and financial advisors aren’t the same, and it’s understandable why there is confusion. Sometimes, these areas of expertise may seem interchangeable. 

 

Let’s take a moment to clarify the difference between the two roles: 

 

What is a financial advisor?

A financial advisor is an expert who provides advice and support to clients who require assistance with their finances. If it sounds like a financial advisor might provide a wide range of services, that’s accurate: Advisors might specialize in assisting a specific population of clients or providing a niche type of financial advice (think: investment management, or financial planning). 

 

What is a wealth manager?

A wealth manager is a type of financial advisor who has the training, background, and expertise necessary to meet the specific needs of clients with a high net worth. Managing large sums of money requires targeted experience; after all, simply filing taxes on large amounts of income or investment requires select knowledge. 

 

Typically, a wealth manager helps their clients with all or many of the services they require—managing their entire financial situation, instead of simply providing advice. The services a wealth management firm in Arizona provides may include retirement planning, support with investment strategies, estate and philanthropic planning, and more

 

How do I know if I need a financial advisor or a wealth manager?

Ultimately, your choice to work with a wealth manager or financial advisor comes down to your preferences. For example, do you want to work with several different companies and specialists individually to figure out the best way to manage your money? Or would you rather take more of a team approach? By working with a wealth management team in Arizona, your banker can work directly with your tax and legal experts to make sure everyone’s on the same page – and you can worry less about keeping tabs on everything yourself! 

Ask these questions when searching for wealth management in Arizona.

Finding a wealth management team that suits your specific circumstances can be difficult. Because there’s no one-size-fits-all solution for the most strategic wealth management in Arizona, you need to feel empowered to ask practical questions that get you your need-to-know answers.

 

When interviewing wealth management firms or wealth managers at community banks, make sure to ask these questions. Carefully consider the answers you receive before proceeding with a partnership of any kind. 

  • What is the wealth management firm’s business model? 
  • What concrete services do they offer their clients? 
  • Does the firm manage investments or manage wealth? 
  • What is the firm's approach to investing? 
  • Does the firm design personalized plans for each client (instead of using one plan to fit everyone’s needs)? 
  • What range of services does the firm offer?
  • Is the wealth management firm aligned with your philosophies, goals, and needs?

BNC National Bank is ready to help with practical wealth management in Arizona.

If you’re looking for a compassionate, experienced wealth advisor to help you protect your family’s savings, you need to work with a bank that offers a wide range of competencies.

 

Ideally, finding a bank that understands your unique circumstances, options, and goals is key. Partnering with the wealth management team at a community bank can provide this solution. 

 

By working with the personable experts at BNC National Bank, a team that’s well-versed in wealth management in Arizona, you’ll benefit from the most relevant information for you, your family, and your future. 

 

Give our friendly team a call or reach out online to learn more about what BNC National Bank can do for you. In the meantime, check out our latest resource to learn all about securing loans specifically tailored to the needs of a small business!