Do I Need Wealth Management? And Other Questions to Consider in Investment Planning

Wondering whether you need wealth management? 

Wealth management is a multifaceted offering that should provide opportunities for growth and security. It’s also quite complex. You need to be 100 percent sure that you’re working with established experts that you can truly trust. 

Have you been asking yourself, “Do I need wealth management?” Then it’s time to do some research and figure out whether you’re a good candidate for this specific service. 

Here’s what the experts at BNC National Bank have to say. 

When to Consider Wealth Management

A big part of figuring out whether you need wealth management is knowing what, exactly, wealth management is. 

A wealth management team provides specific financial advice catered to clients with a high net worth. With investment planning, estate management, and retirement planning expertise, a wealth manager can help people manage large sums of money to the most strategic possible end. 

Depending on your unique goals, you may seek a wealth management team focusing on estate planning, philanthropy, small business oversight, or skills suited to best support your plans. 

How a Wealth Manager Can Help You

A savvy wealth manager can provide deep, expert-backed analyses and practical, logistical support to help you manage and grow your assets. 

For example: 

• If you’re interested in diversifying your revenue streams, a wealth management team can help.
• Need to be confident that you’re making responsible decisions with your resources? Not only is a wealth manager well-versed in financial strategy, but they’re also an objective outsider—which can provide the clarity you need to move forward strategically.
• A wealth management team can provide robust services to support your ideal future, from investment planning to estate planning (and beyond). 
• Your wealth manager can help you pull together and manage a financial team that works together as flawlessly as a Swiss watch. In addition, a great wealth management team will connect directly with your legal expert, tax preparer, and other professionals you trust to simplify your to-do list and keep you in the know. 

The specific services your bank offers will depend on the bank. The most important consideration for your experience, however, is to find a financial institution that you have a good connection with. 

Do I Need Wealth Management? 

You may be a good candidate for wealth management if: 

• You’re nearing retirement
• You need a way to set up intergenerational wealth
• You’re a successful entrepreneur or business owner
• You have a high net worth
• You manage finances for a large family
• You manage a trust

Do any of these situations ring true for you? If so, it may be time to get in contact with a wealth management team. 

Getting Ready to Work with a Wealth Manager

If you’re a good candidate for wealth management, that’s great! Identifying that you require the service is half the battle. Your wealth management team will, for the most part, take it from there. 

As you’re getting ready to onboard a wealth manager, however, there are a few ways to ease the process and set your new partnership up for success. Before your first meeting with your management team, prepare in the following ways: 

1. Gather your paperwork together.

Your team will want to see a variety of financial documents, including investment plan details, your most recent tax return, and any debt or loan details applicable.

2. Determine your general financial goals.

Your wealth management team will help you use money to accomplish your goals—but what are those goals? Whether you want to retire early or see your small business grow, it’s key to identify and articulate that interest early on.

3. Compile a list of questions to ask your team upfront. 

Remember, you should be vetting your wealth management team from day one. It’s essential to assess the services your team offers, whether the bank’s philosophy matches yours, and whether your communication style is a good fit. (Here’s a list of questions to inspire you!)

Our Team of Financial Experts Is Ready to Support Your Specific Needs

Getting started with wealth management and investment planning can feel overwhelming, even starting from that very first question: “Do I need wealth management?” 

At BNC, we pride ourselves on putting your priorities first and providing practical, objective financial advice. Our team can help you assess your goals and take stock of your assets to determine whether wealth management is right for you. 

Speak to a member of our team today to learn more about the resources and analyses we can make available to you!