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10 Benefits of Hiring a Wealth Manager

For people looking answer the question, "Is it worth paying a wealth manager?", and simplifying their financial planning process, hiring wealth management services can be a smart choice. Wealth managers understand the complicated strategies involved in finance and use professional guidance to help clients secure long-term success with their finances.

With years of experience in the field of investments, tax planning, and money management, these financial advisors are able to provide invaluable insight that can lead to improved financial results.

This blog post will dive into 10 specific benefits of hiring a qualified wealth manager – from increasing profit margins; reducing unnecessary risks; streamlining complex processes; as well as providing counsel on best practices for building, sustaining, and growing your personal portfolio.

Keep reading for more information about how working with a dedicated wealth manager might just be one of the smartest decisions you ever make!

What is Wealth Management?

Wealth management is an invaluable service that involves expert financial advice and guidance to help people attain their long-term goals. It takes a holistic approach to wealth management that involves investment management, retirement planning, estate planning, and tax services.

Wealth managers are highly trained professionals who can provide personalized solutions for each client’s wealth needs and help them take the steps necessary to pursue their short- and long-term wealth goals. With wealth management, individuals can have the peace of mind knowing that an experienced and dedicated financial adviser is on their side.

Often a wealth manager is a part of a wealth management firm that can provide a range of services, such as investment management, financial planning, portfolio analysis, and risk management.

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What does Wealth Managers Do?

Wealth managers are financial professionals who assist those with a high net worth in managing their wealth in an efficient and secure manner. Through wealth management strategies, these wealth managers offer a personalized financial plan that provide financial advice on a range of topics such as taxation strategies, investment portfolio organization, trust entry, retirement planning and estate planning.

A wealth manager is able to bring their expertise and experience to the table when they provide tailored advice specific to each person's needs.Wealth management firms not only offer wealth managing services, but they also provide comprehensive wealth management plans tailored to each individual through investing in secure investments and establishing trusts. Investing with a wealth manager ensures that you receive professional guidance with your finances in order to maximize your success.

Benefits of Hiring a Wealth Manager

Below we will examine the top 10 benefits of hiring a wealth manager and why it can be a critical step to securing your financial future.

1. Individualized Financial Strategies

A financial advisor or certified financial planner can be a huge benefit to those looking to develop an enterprise financial strategy and wise investment choices that best meet their goals and objectives. Trained financial experts such as wealth managers understand the complexities of financial life and can provide tailored advice for individuals and families alike who want to achieve financial stability.

By hiring a wealth manager, an individual will have access to expertise in insurance planning, portfolio management, retirement planning, estate planning, taxpayer strategies, and more. All these perspectives lead to better decision-making and help you realize your long-term financial goals through sound investment advice.

Your personal finance is unique to you, and your wealth manager will be able to tailor their services to meet your specific financial needs. Afterall, your wealth manager is not just an advisor – they’re your partner in financial success and will strive to ensure that you reach your desired outcomes.

2. Improve Long-Term Financial Performance

A wealth manager can be the key to improving your long-term financial performance. They have a deep understanding of both assets under management (AUM) and the current economic environment, which allows them to provide advice on investments that could help grow and protect your assets.

With their expertise, they can develop strategies tailored to each client's financial situation, helping them to make informed decisions that will help ensure long-term financial success. Through this personalized service, clients can benefit from improved long-term performance. Wealth managers give you the confidence that you are making the right decisions for your future.

In a situation where a person might be in deep debt and feeling overwhelmed, a wealth manager can analyze the situation from a financial perspective and help to create a plan that helps to pay down debt. Wealth managers have access to tools, resources, and strategies that may not be available on your own. This gives you an advantage when it comes to making important decisions that involve money.

3. Professional Guidance and Expertise

One of the most significant benefits of having a wealth manager is access to their professional guidance and expertise. Do you want to buy a house? Invest in stocks? Start a business? Your wealth manager can guide you through the entire process, helping you make the right decisions for your situation.

Your wealth manager can provide advice on how best to invest and manage your money while also making sure that you are well informed of all possible options. They’ll discuss with you the risks associated with certain investments as well as potential rewards so that you can make the best decision for your unique financial situation.

4. Risk Management

When it comes to financial planning, private wealth managers have the necessary resources and expertise to provide comprehensive financial advice. One of the most important things they can do is provide risk management and this means helping you to identify, analyze, and manage potential risks associated with your financial investments and goals.

With detailed guidance given by a wealth manager, you can make wise decisions that will maximize profitability while minimizing potential losses and give you peace of mind knowing that your money is secure and well-managed.

This is especially important when it comes to larger investments such as stocks, real estate, or businesses. With the help of a wealth manager, you can rest assured knowing that your assets are in good hands and being managed efficiently and effectively.

5. Cost Effective Fee

Working with a wealth manager is one of the best ways to maintain and grow your financial portfolio. You will get real value for the advisory fees and wealth management fees you pay since they provide personalized guidance that takes account of your individual needs and situation. Your wealth manager can help identify areas that may be overpriced, or where you could be saving more money, putting those advisory fees to a good use. Not only are they cost-effective, but they also understand that time is precious, creating financial plans tailored to meet your needs and save money in the long run. With their fee structure designed to optimise returns, you can rest assured in knowing that you are getting the bang for your buck when working with a wealth manager.

6. Tax Planning

Tax planning is a complex task, and it’s often best left to the professionals. A wealth manager can use their expertise to improve your tax situation by helping you develop strategies specifically designed for optimal financial growth. They can also help you save money on taxes by identifying areas in your financial portfolio where taxes may be reduced or eliminated.

A wealth manager will be able to advise you on the best legal and ethical ways to reduce taxes while helping to maximize your overall financial gain. With their assistance, you can save time and money while also ensuring that your situation is up-to-date with all relevant tax codes and regulations.

7. Regular Financial Reports and Reviews

Working with a wealth manager specialized as chartered financial analyst provides numerous advantages, especially for high net worth individuals interested in having deeper insight into their financial situation. By providing regular reports and reviews, such a professional can assist you in building wealth through smart investment decisions and help you stay on top of your assets while charting new strategies that maximize returns and limit exposure to risk.

Financial reports and reviews provide you with a detailed overview of your situation, often highlighting areas where you may be able to increase savings or investments. This is invaluable as it puts the power back in your hands and allows you to make informed decisions about how best to manage your wealth.

8. Estate Planning

Estate planning is a crucial part of your financial plan and most financial advisors now offer wealth management services to help with it. This guidance enables clients to create wills and trusts, name beneficiaries, and determine how their assets will be spent after they are no longer with us. With help from a wealth manager, clients can rest assured that the hard work they put into acquiring their assets won't be wasted. The right professional will provide personalized advice on how best to structure an inheritance for optimal tax efficiency and to ensure that it meets the client's specific wishes.

Additionally, a wealth manager can look out for potential risks, such as those related to probate or estate taxes. They can recommend the right legal and financial vehicles to protect your assets and help ensure that they are passed on according to your wishes.

9. Retirement Planning

Retirement planning is one of the most important steps in financial planning, and a wealth manager can help you make the right decisions so that you can enjoy a secure retirement. A wealth manager will be able to assess your current situation, create an optimal investment plan, and develop strategies to maximize returns while minimizing risk.

They can also advise on important topics such as Social Security benefits, pension options, annuities, and estate planning strategies. With their help, you can make sure that your retirement years will be comfortable and secure.

10. A Personal Wealth Tracker

Having a wealth manager means having a personal wealth tracker that monitors your investments and financial activities. This allows them to keep a close eye on your investments, making sure that you are taking advantage of any opportunities for growth and avoiding potential risks. They can also alert you when there may be an opportunity to optimize returns or adjust your strategy, so that you always stay ahead of the curve.

A wealth tracker can help you make more informed decisions, and it can take the guesswork out of financial management. It’s a great tool to have in your corner when working with a wealth manager.

Final Words

Having someone on board who is dedicated to helping you meet your goals is a huge advantage in today’s economy, and many high net worth individuals have found that working with a wealth manager has been incredibly beneficial. If you are looking for more personalized guidance and advice on your finances, it might be time to consider investing in the services of a qualified wealth manager!

Lyons Fundamental Small Cap Value Strategy

Are you missing out on this market rally? Wall Street has seen a surge in small-cap stocks lately, with the Russell 2000 index climbing over 10.7% in the past month versus 5.5% gains in the S&P 500 and 6.1% uptick in the Nasdaq Composite. This rally coincides with cooling inflation data and hopes for Fed rate cuts in 2024.
We utilize our Fundamental Process, including our proprietary GRAPES valuation model, to screen the universe of mid, small and micro-cap companies, use the link below for more information.

Lyons Small Cap Value Fund >>

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DISCLOSURE ¹ This statement applies generally to initial purchases of a position. Additional shares of a particular stock purchased at subsequent quarterly rebalances may still remain in short-term holding status (owned for less than one year) at the time of this publication. Broadridge MarketPlace is an investment manager database that serves as an objective, third-party supplier of information. Broadridge MarketPlace's Best Money Manager ranking is a comprehensive survey of institutional money manager performance. To be eligible for recognition as a Broadridge Best Money Manager, performance must be calculated on an asset size, which is at least $10 million in size for traditional US asset classes or $1 million for international and alternative investments. Classifications must fall into one of the categories that Lipper ranks (minimum of 20 contenders). All performance data must be calculated net of all fees. For additional information regarding the criteria used by Broadridge MarketPlace, see Minimum Criteria for Inclusion in Best Money Managers listed in the Disclosure of Lyons Wealth’s separate Lipper ranking history document. This material is for the exclusive use of the person to whom it has been delivered, is confidential, and may not be copied, distributed, or otherwise given or disclosed to any person other than your authorized representatives. This material was prepared exclusively for information and discussion purposes and to indicate preliminarily the feasibility of a possible investment opportunity. This material is not meant to be nor shall it be construed as an attempt to define all terms and conditions of any transaction or to contain all information that is or may be material to an investor. Lyons Wealth Management, LLC is not soliciting any action based upon this material, and this material is not meant to be nor shall it be construed as an offer or solicitation of an offer for the purchase or sale of any security or advisory or other service. Lyons Wealth Management (“LWM”) began formally tracking its portfolio performance as of April 2nd, 2012. Portfolio composite returns are preliminary and are presented on a time-weighted, size-weighted total return basis using monthly portfolio valuations. The composite returns for each LWM portfolio presented herein include all eligible LWM accounts. To be eligible for inclusion in the LWM composite, an account must be fee paying, fully discretionary, and not part of a broker wrap program. New portfolios that are managed to the Tactical Allocation Portfolio investment strategy and meet the composite definition will be added to the composite when fully invested. The composite is not representative of all accounts managed by LWM. All returns are expressed in U.S. Dollars and are presented net of all fees and expenses. The returns reflect the reinvestment of all dividends and interest. The return information presented herein has not been audited or otherwise verified by an independent accounting firm, and past performance of any LWM portfolio does not guarantee future results. No current or prospective client should assume future performance of any specific investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Changes in investment strategies, contributions or withdrawals may cause the performance results of your portfolio to differ materially from the reported composite performance. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will either be suitable or profitable for a client's investment portfolio. Historical performance results for market indices and/or categories, generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment-management fee, the incurrence of which would have the effect of decreasing historical performance results. Economic factors, market conditions, and investment strategies will affect the performance of any portfolio and there are no assurances that it will match or outperform any particular benchmark. The information, data, analyses and opinions contained herein (1) may include the confidential and proprietary information of data provider, (2) may include, or be derived from information which cannot be verified by data provider, (3) may not be copied or redistributed,(4) do not constitute investment advice offered by data provider, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, data provider shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature.