Some people have always had huge sums of money, others acquire it over time, and others still become rich overnight. Regardless of which category you fall in, it is important that you work with a wealth manager like Patrick Dwyer Merrill Lynch to ensure you are not only able to keep your money, but to make it grow for you as well. That said, exactly what a wealth manager does besides charging fees well in excess of those of a financial planner is often not clear to people.
What Wealth Managers Do According to Patrick Dryer Merrill Lynch
A wealth manager charges far more than a financial planner because they do much more as well. Because they are managers, they handle a far greater variety of things. They often have a team of people working for them, including financial advisors, and go above and beyond making recommendations to you that you can then choose to follow or not. Rather, they also look at what you do with your wealth and how you handle it, essentially taking charge.
Wealth managers can help at any point where you need to make decisions. Perhaps you want to simply bank and save your money, or maybe you want to invest it. Either way, the wealth manager will show you the pros and cons and point you towards the decision that is likely to lead to the greatest earnings. Should you decide to bank it, they will advise you on which bank and why. Should you decide to invest it, they will manage your investment portfolio, finding you a broker, and more. Essentially, they will make your money grow.
Another important thing that a wealth manager does is review whether there are factors in your life that threaten your wealth. This could be something like rogue employees, a not fit for purpose prenuptial agreement, untrained financial advisors, and so on. As such, they look beyond the figures of your money and consider every influencing factor.
Most importantly, however, wealth managers are there to help you plan your financial future so that you can live comfortably after you retire. They will make full plans and strategies and explain these to you, before actually putting your money into banks and investments – with your agreement. They are responsible for securing your future, ensuring that, once you retire, you will be able to have as much disposable income than you did when you worked, if not more.
Essentially, a wealth manager is there to create financial stability for you and, if at all possible, financial comfort as well. Their role is well-beyond advisory, because they also perform all the necessary actions, albeit with your agreement. This is also why it is so important that you properly review the different wealth managers, choosing one that you will feel most comfortable working with. After all, they will hold your financial future in their hands and you must be able to trust that they will do what is right.