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Wealth Management Services
I deal with clients with asset bases from, roughly, $500,000 to $7,500,000. What I do for them is true financial planning. Obviously I cover investments, but I also address disability and life insurance, long term care, retirement, divorce, death , psychological problems and issues (many times with their children) and so on. Unfortunately, "Wealth Management" has now become a new buzz word that supposedly provides some unique services beyond the norm. In that context, I can say that if your asset base is above $10,000,000, there may be elements of trust services and bank loans that can be viable through some specialized services- though why a good financial planner/plan would also not address those is unknown. That said, most financial planners are simply closet asset allocators that try and get as much money under fee and do little else.
But, surprise, most of wealth managers- certainly in California and as many as 35+ other states- cannot provide full services legally. Longtime readers will know that they do not possess the licenses to do insurance fee planning and that, in itself, tremendously limits services. There is no question that insurance is the toughest area to learn and also keep current on. Very, very hard. No matter the activity of a true adviser, they must maintain a life license in order to maintain any modicum of knowledge and real life application.
Yes, literally all of them offer investment advice and that tends to be the key feature that clients focus on . However, how did they do in 2000- 2002? Were clients left holding losing investments as they continually tanked? I opted out of equities during 2000 and my clients made money during the bear market since they were in bonds. You will need to validate anyone's true capabilities before selection.
Just check my resume- you won't find anything that comprehensive in the U.S.
Email at efm@efmoody.com
Call at 510 352-4127
510 459-7797 (Cell)