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What Are the Different Types of Wealth Management? Thumbnail

What Are the Different Types of Wealth Management?

Stocks and bonds can be a great investment, but what if that type of investment isn’t the right one for you? You might end up spending hours of research trying to figure out what to do to preserve and grow your wealth. With wealth management, you don’t have to do that. A net worth advisor will do the brunt work of the wealth management process to help you make informed decisions based on your goals and comfort level.

What exactly is wealth management, though? And do you really need a financial advisor? This blog will answer all those questions so you can be sure you are making the right decision. Let’s dive in.

What Is Wealth Management?

Wealth management is an advisory service available to high net worth individuals or high earners that are not rich yet (sometimes called HENRYs). Specifically, a financial advisor guides these individuals in handling their money, whether it be which investments to make, how much money to set aside for retirement, etc., so that they can reach their short- and long-term financial goals. The goal of wealth management is to not only preserve and protect a high net worth individual’s wealth, but to grow it as well. There are several types of wealth management that a financial advisor can help you with. Delta Wealth Advisors has financial advisors who can assist with any of these types, which we go over below.

What Are the Types of Wealth Management?

There are five main types of wealth management, all of which a qualified financial advisor can help you with: financial planning, asset allocation, asset management, estate planning, and tax accounting. Let’s take a closer look at each of them.

  • Financial Planning: This type of wealth management focuses on advising you on financial decisions based on your finances so that you reach both your short-term and long-term financial goals. Specifically, financial advisors will help you budget, invest, save for retirement, do taxes, and more.
  • Asset Allocation: This type of wealth management focuses on creating an investment strategy based on your financial goals and willingness to take financial risks. The premise of it is to balance risks and rewards and adjust the percentage of investments accordingly. 
  • Asset Management: This type of wealth management is all about, as it sounds, managing your money. Asset managers aid you in working towards your financial goals by helping you buy stocks, bonds, and funds and then monitoring them for you. Asset management differs from asset allocation in that asset allocation focuses on more high-risk, high-reward investments than asset management.
  • Estate Planning: This type of wealth management focuses on setting up a plan for managing your estate if you become incapacitated or die. 
  • Tax Accounting: This type of wealth management focuses on tax returns and payments. Tax accountants will help you figure out what deductions you can make so that you pay less when tax season comes around and will help you with your taxes that may be difficult due to investments you’ve made. 

When you are a high net worth individual, it can get complicated to manage your own assets. Using financial advisor advice, and even letting the financial advisor manage your wealth, eases that burden so you can spend more time with the ones you love doing what you enjoy doing. The financial advisors at Delta Wealth Advisors are your solution for easing the stress that comes with managing your own wealth.

Why Wealth Management?

The main reason to use wealth management is to relieve the stress that comes with making financial decisions. If something unexpected happens, you will want to make sure that you and your loved ones can still live the lifestyle you’re used to. By hiring a financial advisor to manage your wealth, you put someone with knowledge and experience in your corner who can give you the guidance you need to not only help you through the unexpected, but also to prepare for it. 

Because financial advisors are meant to know a good amount about money and investing, they can teach you about strategies that will give you more of a bang for your buck. No more having to do the deep market research that you might’ve done to make the most informed decision. Your financial advisor will do that. You just have to find the right one for you.

Find the Best Wealth Management at Delta Wealth Advisors

If you are ready to give up the unnecessary burden of figuring out how to preserve and grow your wealth on your own, then turn to Delta Wealth Advisors. Our financial advisors go beyond giving just stocks and bonds advice to tell you what you need to know about taxes, real estate, small businesses, and more. There is more than one right way to grow your income, and we at Delta Wealth Advisors will look at your finances and your goals to find the best route for you. 

Not rich yet but have a bright future ahead of you? We will help you, too. We believe that starting a partnership with us before you come into your wealth gives us the opportunity to grow our relationship with you for years to come. If you’re ready to get started on your wealth management journey, schedule a call with us.