If you’re looking for high-quality wealth management in 2023, you’re in the right place. We’re providing an overview of wealth management, why it’s a great idea to work with a professional, and the key things to know about wealth management in the upcoming year.
Wealth management refers to a category of services for high-net-worth individuals to help them make the most of their assets. It can include estate planning, investment management, and more.
While the name of the service, “wealth management,” does seem to pinpoint a specific type of clientele, anyone with assets to protect may benefit from speaking with a wealth manager. This has never been more true than right now, as we continue to see the effects of the past few years ripple through the investment and financial industries.
The services a wealth manager offers may vary depending on their experience, but generally, you can expect wealth management to include the following:
Personalized investment advice
Recommendations for managing your small business
Recommendations for managing charitable donations
Management for your estate
Your wealth manager can also work with your tax preparer, lawyer, and other professionals supporting your success.
If your financial situation is becoming more complicated, having a professional wealth manager will pay off to ensure you make the most of your assets. However, not everybody knows that this is a clear benefit. If you’re DIY-inclined or have a financial background, you could be tempted to figure out your own wealth management.
Maybe you could—but it wouldn’t be the best idea. There are plenty of reasons that professional wealth management will always be worth the investment.
Even if you have the training and expertise necessary to manage substantial assets well, it can take effort to make the best decisions if those assets are your own. It’s much better to allow someone with a little emotional and professional distance to handle your finances with the benefit of perspective.
There are financial planning, investment forecasting, industry financial analyses, and other tools and resources only available to wealth management professionals. Without this information, DIY wealth management can only go so far.
Let’s say that you could emotionally distance yourself from your finances or you felt confident you could do research to make up for your lack of resources. That would require an incredible amount of energy! Professional wealth experts take these managerial decisions and activities off your plate so you can enjoy living your life.
That’s not all. Working with a wealth manager can help you know that you’re prepared for retirement and that your family has enough resources to weather unexpected life changes. You’ll even be able to discuss your financial goals with your wealth manager, who will then use the tools at their disposal to help you achieve them.
The best wealth management strategies will always take context into account, and 2023 is bringing unique financial factors that should influence the way you save, invest, and spend. A savvy financial or wealth advisor will be highly aware of these factors and ensure that your wealth management plan is built for success in this specific year—and beyond.
The trends we’re currently keeping an eye on in 2023 include:
Your wealth manager will focus on ensuring your documentation is accurate and updated.
Wealth managers are catering their recommendations to meet the differing needs of baby boomers, Gen X, millennials, and Gen Z.
Many investors are looking for ways to diversify their investments and make them more environmentally conscious. Likewise, wealth managers are finding ways to help high-net-worth individuals make that happen, if desired.
The past few years have taught us that we must be prepared for anything! This year, wealth managers are seeking ways to keep assets protected and families resilient against unexpected financial situations that come their way.
Wealth management, or the collection of services available through wealth management, can help you set yourself and your assets up for success—and less financial stress. During this time of widespread financial instability, working with a professional to protect your future is one of the most strategic moves you can make.
Fortunately, you don’t have to look far for wealth management expertise. In fact, you shouldn’t, because a local wealth management team will have even more insight into your specific context to help you achieve your goals.
BNC National Bank is ready to get started with thoughtful, personalized wealth management strategies today. Call our friendly team today to schedule a meeting at your convenience.