According to Patrick Dwyer Merrill Lynch Miami is home to one of the country’s largest number of wealth managers, and for good reason. Many people in Miami are high net worth individuals and they require significant help with their taxes, investments, banking, and overall estate planning. They need a wealth manager who is able to create a plan that integrates all that they have and all that they want, and who will then manage all their financial services, including their investment portfolio. Wealth management, in a sense, is a high level kind of private banking, usually accessed by people who have significant wealth to begin with. Having this wealth means that people can benefit the most from the available strategies.
Wealth Management Benefits According to Patrick Dwyer Merrill Lynch
Once someone has a significant amount of wealth behind them, they start to get concerned about how this can best be managed. It is vital that this is done properly, so that wealth can continue to grow and so that people can continue to enjoy financial security as well. Doing so properly means that they can also pass on their wealth to the next generations, who will then often have to find their own wealth managers.
With turbulent stock markets, dishonest money managers, and bad investments on the increase, people are worried about how achievable their financial plans are. Wealth managers are there to make sure those plans come to a positive fruition. And in so doing, they offer far more services than what a financial advisor does.
A wealth manager helps money to grow, but they also protect and preserve wealth. They understand which risks are and aren’t acceptable, starting from the point of real worth. Someone who earns a six figure income but spends as if they were born with millions are people who do not truly have real worth. It is those who live within their means, or even below their means, who are able to increase their financial worth and start to require wealth management services. What they do is make sure that the wealth is distributed in such a way that it will last a lifetime and beyond, even growing in value as time goes by. They do this through portfolio diversification, making sound investments, purchasing insurance packages, investment properties, and more.
Through proper manager, these professionals also help their clients identify what their financial goals are. Clients often come in with an initial investment and are then shown that far more is possible. Wealth managers create actionable, streamlined plans with identifiable results. Additionally, they help their clients change their current financial behaviors so that they are able to reach their future goals.
Should you require the services of a wealth manager, it is very important that you properly read your contract. You should also make sure that the management team is experienced and has a solid reputation. Once you have done that, you can trust them to create a strong investment plan that will secure your financial future.