Wealth comes with many significant perks, but there are several risks as well. With more wealth comes greater financial and tax complexities. This is why from investment selection, portfolio planning, and tax optimization to formalizing succession plans and establishing trusts, a high level of experience and knowledge is required in financial planning for accredited investors and wealthy individuals.
When you have more wealth and resources, you tend to have access to a wider scope of investment options. However, you also have more complex financial and tax needs.
Challenges of Finding the Right Financial Advisor
The complex and broad needs that come with higher wealth are the reasons the financial sector has a separate division that works with accredited investors. A financial advisor will help you optimize your investments in order to minimize your income tax liability.
However, if you have ever started down the path of researching various options for investment management, you know the litany of choices can easily become complicated and even confusing. This can make the evaluation process uncertain, making the search far more complex.
You probably know that the financial industry in the US has dramatically expanded its services, which makes it tricky to find a financial advisor who meets your specific needs. Also, the lines distinguishing one financial advisory model from another have blurred.
As a result, it has become highly challenging to cut through the complexity and jargon and comprehend the differences between financial advisors and their firms.
Finding a Financial Advisor for Your Needs
Many wealthy individuals in the US work with advisors recommended by their coworkers, friends, and members of their professional network. However, keep in mind that getting a name is not enough.
Your financial situation and needs are incredibly unique. This is why having a trusted and reliable advisor who you can rely on to manage your funds is essential.
What You Should Look for in a Financial Advisor
There is no doubt that finding the right advisor to manage your funds can take an enormous weight off your shoulders. As you look for a financial advisor, you should pay attention to the answers they give.
If you are looking for a financial advisor who can really provide real value to you and give you peace of mind, it is vital to research multiple options, not simply settle on the first name.
Also, remember that some advisors focus on certain areas of practice –income levels, customer categories, and investing methods. Some professionals assist with taxes, investment planning, and insurance. In contrast, others may concentrate on estate planning and legacy planning.
Check Their Credentials
When looking for a financial advisor, you should check their professional credentials. Seeking out well-recognized standards like Certified Financial Planner (CFP) may point to a strong character of the financial professional.
These financial planning experts earn their professional certifications by being experienced financial specialists who have passed a rigorous financial planning exam and also agree to uphold the highest standards of accountability, integrity, and client service.
Look for a Professional with a Proactive Approach
Excellent financial advisors will maintain open lines of communication with you and keep you informed about current financial possibilities and challenges. They also aid in comprehending unique and complex financial topics, such as investing in derivatives and futures.
An ideal financial advisor will stay in contact with you and proactively assess your unique risk profile so that the financial strategies implemented are functional and practical for achieving your financial goals.
About Salish Wealth Management: Financial Advisor, Bellingham
We founded Salish Wealth Management to form a close-knit practice of loyal clients, supplying comprehensive financial services with a personalized, one-on-one approach. Combining disciplined investment strategies with a high-touch, customized approach, we build financial plans that help our clients pursue their goals.
We specialize in serving individuals and families, many of whom are in retirement. They’ve accumulated their wealth by long-term savings habits and strong investment strategies and seek a full-service firm and financial advisor who can supply them objective advice and keep a watchful eye over their assets so they can focus on their passions in life. We believe clients choose us because we fulfill this need. Many of our clients tell us they know we make decisions with their needs in mind. We prioritize honest and open communication and supply them the resources they need to plan for and address every aspect of their financial life.
Salish Wealth Management
2122 Barkley Blvd Suite 200
Bellingham, WA 98226
360-594-5365
Serving Whatcom County, San Juan County, & Skagit County, WA
Disclosure
Securities offered through Moloney Securities Co., Inc., Registered Broker/Dealer, Member FINRA/SIPC. Investment Advisory Services offered through Moloney Securities Asset Management, LLC, Registered Investment Adviser. Moloney Securities Co., Inc. and Moloney Securities Asset Management, LLC are not under common control or ownership with Salish Wealth Management.