Step 1: ACT ON YOUR DESIRE
Act on your desire to achieve wealth. One of the biggest obstacles to achieving wealth is procrastination. Although you may feel that you have plenty of time to save for your future, you must remember that building wealth does take time. A wealth management advisor can provide you with the knowledge and the tools you need to start early and stay committed.
Step 2: DEFINE “WEALTH”
Define what wealth means to you. It may sound simple, but turning your dreams into “numbers” can be more challenging that you think. Your wealth management advisor will help direct you by asking you important questions, including:
- What are your lifestyle goals?
- When do you want to retire?
- When you retire, do you want to maintain or increase your standard of living?
- How do you want to distribute your estate?
Step 3: REVIEW
By reviewing your documentation, your wealth management advisor can help put your current financial situation into perspective. This process will help to establish where you currently are, and what is realistic for the future. Some areas of review include, but are not limited to:
- Estate planning
- Tax strategies
- Risk management
- Insurance issues
- Retirement Planning
- Education funds
Step 4: DEVELOP STRATEGIES
Your advisor will work with you to develop a customized financial strategy that will incorporate your goals and risk tolerances. Review the strategies and recommendations to make sure you feel comfortable. Once you agree to the proposal, your advisor will help to implement the strategies.
Step 5: MONITOR
Wealth management is an ongoing process. As your priorities change over the years, so will your financial goals. Your advisor will regularly meet with you to monitor your progress and to revise your strategies as required. This “maintenance schedule” will help to ensure that your wealth continues to work for you.