Not all wealth management strategies are built alike—and why should they be? A truly effective wealth management strategy must be designed to meet both your current and future financial goals —and these are as unique as you are.
If you’re a high-earning individual looking to develop a strategic wealth management plan for your assets, you may want to consider developing a working partnership with one of the expert CPAs at Rigby Financial Group to help you devise and implement a wealth management strategy designed to meet your own unique goals.
This whitepaper will outline what it takes to build a reliable and effective wealth management strategy with the guidance of a CPA.
At first, one may wonder how “wealth management” varies from the strategies and services that make up traditional financial planning. The truth is that the two are inextricably linked: in essence, wealth management is the natural result of following a comprehensive, personalized financial plan. Wealth management strategies are geared towards the development and enhancement of one’s financial portfolio. Since any comprehensive financial plan will include this as part of both short and long-term goals, wealth management becomes the natural result of good financial planning.
Despite the fiscal and regulatory impacts of 2008’s financial recession, the current wealth and asset management industry in North America is thriving. Aite Group reports via Business Insider that in the United States alone, the industry was worth over $29 trillion (USD) by Q3 of 2020 and that the total assets under management in North America are expected to reach $73.3 trillion by 2025. These statistics highlight just how critical it is to develop an effective, long-term wealth management strategy that corresponds with one’s specific financial goals and security needs.
The highly-tailored, comprehensive wealth management services offered by banks or financial firms generally require clients to meet minimums of investable assets. However, these are not the only financial service providers available to those seeking out wealth management strategies. Today, many American CPAs hold the Personal Financial Specialist (PFS) accreditation from the American Institute of Certified Public Accountants (AICPA) and can assist you in creating and executing a solid wealth management strategy within your financial plan.
You may wonder where to even begin when it comes to creating a wealth management strategy that integrates naturally into your current financial plans and goals. To help our clients make the most of their assets, Rigby Financial Group has developed the DERIV™ Process. Through the five steps of this process—Develop, Explore, Review, Implement, and Verify—our expert CPAs help our clients discover, achieve, reexamine, and exceed their financial goals in order to expand their wealth and assets.
The DERIV™ Process is not static: rather, it is designed to be an ongoing collaborative process between our team and clients, in order to address each client’s changing needs, fears, goals, and desires. We outline each of the key steps in this process below:
Any effective strategy for wealth management must be tailored to the current and future needs and goals of the individual client. At Rigby Financial, we believe that the development of an open and honest relationship between client and advisor is absolutely key to crafting a comprehensive wealth management strategy tailored directly to the client’s unique needs, taking into account each individual’s current financial picture, their goals, their risk tolerance, their timeline, and their obligations.
The development step of the DERIV™ Process requires clients to fully understand their personal relationship with their wealth and assets. Further, clients must be willing to share the most sensitive details of their financial position with their advisor. In addition, a key factor in development is understanding precisely why and how money matters to each individual client, and what it represents for them, personally.
In order to help you attain the goals you have for your financial portfolio, your advisor will need a deep understanding of the current state of your assets. Wealth management plans are most effective when approached holistically, meaning that each category of your assets is taken into account when integrating strategies to manage other asset categories and/or individual assets.
In this step, you share with us any financial documents and records necessary to the development of your financial plan. Your financial and tax records will help us craft a portrait of your current financial state and offer a realistic perspective from which to develop the best wealth management strategy for your unique needs and goals.
Effective strategies for wealth management are all about synthesizing the current state of your finances with your goals and objectives for the future. During the review process, we will evaluate the best options for the management of your wealth. Together with you, we will work to create a truly personalized, holistic strategy to increase your financial portfolio according to your personal goals and the financial future you hope for.
Truly effective long-term wealth management plans will feature a well-balanced synthesis of various financial planning services and strategies. While the balance and particulars of these services may shift depending on the needs, desires, comfort, and financial standing of each individual client, any wealth management strategy must integrate a diversity of financial services to address the full breadth of your assets and goals.
Wealth management strategies don’t only exist in the abstract. Once we have developed an understanding of your goals, your current financial circumstances, and the best paths forward, the next step is to set your financial plans in motion.
Some people may fear their relationship with their financial planning advisor might falter at the implementation of their plans. Not at Rigby Financial Group – our CPAs are here for continued guidance, support, and troubleshooting of the wealth management strategy that has been crafted for you. We assist you in the implementation of your financial planning at every step.
Wealth management requires consistent monitoring of your plan and assets in order to ensure – so far as possible – the short and long-term success of your plan. As your wealth management strategies are implemented over time, there are innumerable factors that can change the course of your financial goals and needs, or affect the efficacy of your original plans. For example, it’s important to consider global market and regulatory changes on the horizon which may impact the approach we take to developing our clients’ wealth, as became apparent during the global COVID-19 pandemic in 2020.
The truth is that highly personalized, comprehensive wealth management strategies must remain nimble enough to change course when the need arises. Our advisors know this well and are here to meet with you regularly, to map the progress of your financial strategy and ensure it continues to grow with you.
With the expert guidance of a CPA, you can adopt various effective wealth management strategies to cultivate a well-balanced, long-term plan to manage, secure, and increase your wealth. Rigby Financial Group’s team of experienced CPAs can help you create a strategic wealth management plan that aligns with your goals for your assets, enhances your investment portfolio, protects your family, and more. To schedule a consultation with a member of our team, contact us today.