What is Wealth Advisory?
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Wealth advisory is often misunderstood. Many assume it is solely about investment management—managing your money in a portfolio to generate returns. This should not be the case: wealth advisory should take a much more holistic approach. Understanding the services a wealth planner provides will help you evaluate whether they are meeting your needs effectively and comprehensively.
4 Broad Services Wealth Advisors Can Offer:
1. Robo-investments
A robo-advisor manages your portfolio using algorithms with minimal human involvement. While efficient, this approach offers little to no personalization.
2. Wealth Planning
Wealth planning provides a complete review of your financial situation, creating a roadmap to achieve your goals. This includes budgeting, insurance, retirement planning, investment guidance, and other tailored strategies like saving for education or purchasing a home. Your unique goals shape each financial decision.
3. Investment Management
This involves hands-on oversight of your investments, such as asset allocation, portfolio rebalancing, alternative investments, and tax-loss harvesting to optimize returns.
4. Advanced Planning
Advanced planning addresses complex financial needs like estate planning, business succession, legacy planning, and philanthropy. If these services are required, ensure your planner has the required experience to handle them effectively.
Choosing the Right Wealth Advisor
The best wealth advisor for you depends on your unique needs and goals. The key is to equip yourself with the knowledge to ask the right questions and have meaningful conversations about your financial future.
Disclosure: This material provided by Zoe Financial is for informational purposes only. It is not intended to serve as a substitute for personalized investment advice or as a recommendation or solicitation of any particular security, strategy, or investment product. Nothing in these materials is intended to serve as personalized tax and/or investment advice since the availability and effectiveness of any strategy is dependent upon your individual facts and circumstances. Zoe Financial is not an accounting firm – clients and prospective clients should consult with their tax professional regarding their specific tax situation. Opinions expressed by Zoe Financial are based on economic or market conditions at the time this material was written. Economies and markets fluctuate. Actual economic or market events may turn out differently than anticipated. Facts presented have been obtained from sources believed to be reliable. Zoe Financial, however, cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. Zoe Financial does not provide legal advice.
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