Throughout my years of working in the financial industry, I've heard many definitions for "wealth management."  So when prospective clients meet with me, I like to share my definition of wealth management, as mine tends to be pleasantly different from what they typically expect.  

I believe wealth management is more than just investment advice; it's a high-level professional service that encompasses all parts of a person's financial life.  I break down wealth management into three buckets: Investment Consulting, Advanced Planning, and Relationship Management.

Investment Consulting includes management of all investment elements and goes beyond goals and assets to develop a foundation of knowledge that drives future decision-making.  The goal is to maximize the probability of clients achieving all that is important to them.

Advanced Planning focuses on finding solutions for clients' key concerns beyond wealth preservation.  These include mitigating taxation, facilitating the transfer of assets to the next generation, protecting assets from litigation, and helping fulfill clients' charitable inclinations.  Advanced Planning encourages meaningful conversations, regular progress meetings, proactivity, and addressing important financial issues on a regular basis.  

Relationship Management is twofold, including client and professional relationships.  The Chesser Wealth Management Experience offers my clients a consultative, consistent experience in which I identify opportunities that intertwine their purpose and financial goals.  The Extended Team is a team of carefully selected professionals: each with a high level of knowledge and skill in key financial areas such as estate planning, accounting, property and casualty insurance, etc.  I coordinate input from this team's expertise or work with the client's existing team to evaluate potential gaps for the benefit of the client.

The moral of the story is that there are many different definitions of wealth management, so be sure to lock in with a wealth manager you feel offers a comprehensive, consistent process and who wants to get to know the real you.