The term Wealth Management has become almost a cliché, but how many times is it actually delivered?
Too often what is actually delivered is relegated to asset management with cursory attention being given to the other equally important areas that impact your financial well being. That is of course how advisors generally get paid, so it should not surprise us when that is the primary focus. Contrast the typical approach with the services we commit to deliver.
True Wealth Management starts with two features
First, the team must have the ability to consolidate and track all of your assets and liabilities regardless of where they are held and report on them.
Second, a crack team of dedicated specialists with extensive experience and competence in each field, covering at least these five areas:
- Asset Management
- Financial Planning
- Estate Planning
- Risk Management and Insurance Planning (Often involves several professionals)
- Tax Planning
Questions to Ask About Advice:
- Ideally advice should be as objective as possible. Are they fee only or do they receive commissions on investment products?
- What about life insurance? Do they receive commissions? Would the insurance be cheaper or perform better without them?
- Does the advice cover non life insurance and investment based risks? What about home, auto liability and other risks you are exposed to? Is your advisor truly monitoring your risk in all areas even though money spent on these areas may not result in commissions for them?
- How about how you are charged overall? Is it based on how much you have with them? Are you confident when it comes down to paying off a debt, buying a house, purchasing a yacht, or increasing your contributions to tax favored accounts (such as 401k’s) that the advice won’t be biased toward what will lead to more assets and higher fees for them?
True Wealth Management is about the advisor as a fiduciary. At Thompson Creek Wealth Advisors, we believe in the word “Fiduciary”. As a fiduciary, we are charged with always putting your interests first no matter what impact that decision may have on us financially.
True Wealth Management is comprehensive with demonstrated expertise in each discipline. It shouldn’t be just another marketing tactic to “gather more assets.”
If you’d like to talk further with us about your unique situation, please contact us today. There is no charge for any initial discussions.
We’d love to have the opportunity to meet with you and see if Thompson Creek Wealth Advisors is a good match for you. We provide a free, no-obligation get-acquainted meeting to all potential clients. Please call us at 225-302-8946 or complete our contact form to schedule an appointment.