FORT MYERS, FL – OCTOBER 14th, 2022 – People and families of high net worth likely rely on a wealth management service to diversify their investments and maintain their wealth responsibly. Those with millions, or even billions, of dollars often have complex portfolios and complicated tax situations. As such, relying on their wealth management team to ensure their finances are in order and aligned with their personal goals is of critical importance.

While there are no two people with the exact same goals, one thing is certain: there are many ways to meet financial goals and the strategies to achieve them tend to be similar.

To gain a better understanding of the fundamentals of wealth management, Mark Robert Salem, a wealth management expert who helps clients identify and implement various financial strategies, discusses three of the most important wealth management principles. 

Advanced Planning

Advanced planning typically involves a range of services, such as wealth enhancement, wealth transfer, wealth protection, and philanthropic strategies. What makes it important, however, are the skills involved. Planning a long-term strategy for managing a client’s wealth and keeping the strategy flexible by anticipating scenarios that could affect it are crucial skills for wealth managers. Futureproofing your strategy will allow you to weather most storms and plan for worst case scenarios, enabling your client to still meet goals in spite of different types of challenges.

“With proper planning and a bit of proactivity, wealth managers can protect their clients’ individual and family assets from future threats,” explains Mark Robert Salem. “This requires that your client is up front about their long-term goals so that we can develop strategies that actively work toward those objectives with measurable steps along the way.”

Empowering Independence

Wealth managers and financial advisors must run their accounts like a business. They must be empowered to decide the clients they work with, which services to recommend to their clients, and when to collaborate with others in their organization to met their clients’ needs.

“Clients want to be able to trust their wealth managers or financial advisors. This would be difficult if their wealth managers or advisors aren’t free to recommend to them the best products and services,” Mark Robert Salem explains.

Empowering independence in wealth managers or financial advisors also reiterates the benefits of the organization by attracting top talent and, in turn, more clients. Choosing a wealth management company that allows their managers to design creative plans that are not one-size-fits-all style is key to making an informed decision.

Alignment

In recent years, especially during the height of the pandemic, the landscape of business and investment has changed. This is why today’s wealth-building strategies must be aligned with family interests.

“Although purpose-driven investment has been the theme in wealth management, particularly in family offices for quite some time, it has shifted to mean more than just steering clear of investing in companies engaged in unsustainable activities,” says Mark Robert Salem. “It also means aligning your family’s overall goals and interests with investment patterns. This is why investment decisions should be based on the family’s purpose and chosen for how well they align with the family’s values.”

When clients and their family office have set a purpose, and everybody is of one mind, then wiser, more informed investment decisions will follow.

Wealth management has never been as important as it is today. With so many threats to wealth, including inadequate investment planning, poorly invested assets, lack of insurance coverage, and litigation, wealth managers and financial advisors must come equipped with the right knowledge, a clear understanding of the fundamentals of wealth management, and the drive to help their clients succeed and grow.

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