Financial Planning: Keep Your Finances in Order with a Wealth Manager
JR Raebiger is a managing director and senior wealth advisor with Waldron Private Wealth – a boutique wealth management firm located in Pittsburgh, Pennsylvania. JR was recently brought on board to manage the firm’s Eastern Pennsylvania presence and brings over 20 years of financial service experience to the position. Here, JR reviews some common questions clients face when selecting a wealth management partner.
What’s the difference between a financial advisor and a wealth manager and which one is right for me?
There isn’t truly a difference between a financial advisor and a wealth manager in terms of job function. Both individuals manage a client’s financial assets to set them up for future success. However, a wealth manager is typically more specialized, working primarily with higher net worth individuals and families.
In our experience, as wealth grows, so do the complexities and the need for additional services. At some point, a family often finds themselves with multiple investment managers or a very large sum of money that they are managing on their own. This is when it makes sense to consider a wealth manager to assist with the increased complexities and choices.
What exactly does a wealth manager do?
A wealth manager is multi-faceted and provides services relevant to significant wealth, such as:
- Developing an overall investment plan that aligns with family goals, required return, risk tolerance and capacity, unique tax situation and various other personal circumstances.
- Implementing the investment plan by allocating funds amongst various investment managers, while performing ongoing manager due diligence and fund re-allocation.
- Providing other relevant ongoing services, including cashflow planning, tax and estate coordination, philanthropic planning, education planning, corporate benefits planning and risk management, among others.
What makes Waldron Private Wealth different than other wealth management firms?
The team at Waldron takes financial planning to a whole new level. Clients are not just clients; they are partners. Waldron takes the time to understand their history and their dreams, and it is through that understanding that new, personalized opportunities are discovered.
If you’d like to schedule a time to meet with JR, please contact our business development lead, Andrew Feldmann, firstname.lastname@example.org.This post was produced and paid for by Waldron Private Wealth