Have you relied on financial planning to manage your growing portfolio and assets? If so, you may be missing key parts of the puzzle when it comes to actually managing accumulating wealth. In fact, wealth management includes financial planning, but it goes far beyond that. Here are the four key elements of good wealth management. 

1. Financial Planning

Financial planning is the most obvious part of wealth management. It includes creating financial goals, determining what's need to reach them, implementing goals, and checking back to see if the plan is on track.

A financial plan should change over time as both the external world changes and as the client changes. It might be altered based on the economy, a person's age and risk tolerance, and their family circumstances. However, the plan may be limited by the client's ability to carry it out. 

2. Investment Advising

Investments are a big part of both growing and stabilizing your wealth. Riskier investments generally speed up growth to reach bigger or long-term goals.  Investments with less volatility help your portfolio avoid losing money you already have.

Depending on each client's personality and needs, investments could be very traditional — stocks and bonds — or they could include alternative ideas like direct business investment or physical assets.  

3. Building Relationships

A good wealth manager knows that they are not the only advisor you need. While your manager brings an overview of many financial concepts, other experts bring targeted expertise in specific areas that serve as key factors. For instance, they may help you seek out qualified tax planning advice, health insurance or management professionals, business planners, insurance pros, or attorneys. 

4. Changing Behavior

Each client can be a hindrance or a benefit to the good management of their money. As part of your team, a wealth manager knows that everyone has a unique relationship with money and faces individuals challenges. They can help you take control of any bad habits, such as being overly risk-averse. They can also help you strengthen useful talents, such as building up your own business. 

Are you ready to take your wealth management to a new level? Then it may be time to take on a more holistic approach that encompasses not only making a plan but also using the tools and your own strengths needed to carry it out. Learn more by making an appointment with a wealth management advisor today.