- 16 Apr
What Goes Into Comprehensive Financial Planning?
Are you a movie buff? Whether you stay up-to-date on all the latest new releases, or you only catch a few flicks per year, it’s hard to deny that there’s something so powerful about the art of cinema, isn’t there?
One of the incredible things that film can do, which no other art form can, is to give audiences a look at the big picture and the tiniest details, all at once. So, say you’re watching a classic gladiator action movie. As you’re watching a dramatic battle scene, you’re going to get wide, sweeping shots of the whole arena, and tight close-ups on the determined faces of our heroes.
This is the talent that a skilled director brings to a film. He or she knows that viewers need to understand and look out for the big picture, while also accounting for all of the small details and features that contribute so much to the whole story.
In a lot of ways, an experienced and talented fiduciary has the same unique skillset – except instead of balancing all of the big and little things that go into making a film, they handle all of the moving parts that make up a comprehensive wealth management plan.
What is comprehensive wealth management for individuals? It’s a vital concept to understand – but sometimes, even seasoned investors and advisors alike tend to take it for granted.
Here’s how an excellent Forbes article breaks down the idea:
“Advisors who offer comprehensive wealth management are like financial concierges. Their only goal is to meet your needs. If you ask for fresh strawberries, they try to find them for you. And then they ask if you would like dipping chocolate or fresh cream to go with them.
The job of fiduciary wealth managers is to do what you would do if you had their time and expertise. First, they get to know you. Then they service your requests. And lastly they learn to anticipate your needs. The four practical areas involved are investment management, financial planning, wealth management and life planning.”
And here’s an effective overview, courtesy of investment news source The Street:
“A wealth manager will ask what the client wants to achieve and assembles an asset strategy based on those goals.
This is called goal-oriented advising. It starts with a conversation about outcomes… From there a wealth manager begins to put together advice on how you should manage your money to achieve these goals. This plan will be cross-disciplinary, encompassing everything from taxes to investments and more.
Basically, a wealth manager asks “what do you want to do with your money,” then helps you figure out how to do it.”
In short, comprehensive wealth management is about looking at your entire picture as an investor, and as a citizen. It’s about using various services, including…
- Asset Protection Planning
- Financial Planning
- Investment Planning
- Retirement Planning
- Wealth Planning
… all to help investors get to where they want to go and achieve their hopes and dreams, using money and wealth as a tool to maximize every stage of life’s journey – whether you are focused on accumulating wealth, investing for income, solidifying your retirement plan, or devising the distribution approach to meet your lifestyle and legacy goals.
Comprehensive wealth management and planning is about looking backwards and forwards. It’s about considering your unique wants and needs, and balancing your goals with changes to the market, while evaluating and implementing the investment strategies that will help get you to where you’d like to be.
That’s the FourStar difference. We use every tool and strategy at our disposal to assist our clients at every stage of life’s journey, using our unique “Build. Live. Share.” approach. Our goal is to help you live a full and complete life, at every stage, by assisting you when it’s time to:
This is the phase when many of us work, save, and plan for the future. During the building stage, your goals may be to save for retirement, enjoy travel opportunities and new experiences, purchase or build a home, and plan for college for your children. At this stage,your wealth management professional can help by regularly evaluating your saving and investing plans, and measuring whether you’re on the right track to build the assets you need for the next portions of life. Your advisor can help monitor your progress, provide assistance in helping you stick to your plan, and even alter your plan in midstream should your circumstances change.
This refers to the period of a person’s life in which individuals are not generating substantial new savings and investment (or perhaps some, but not as much). This is the time of life most folks refer to as retirement, and it can take many different forms, depending on your preferences and goals. There are many important considerations that go into the “LIVE” phase – including the best ways to draw income from your long-term investment strategies, as well as other resources. This phase is all about smartly managing resources, so that you can enjoy this stage of life and live better, with confidence and security.
We know that people are generous, and want to share what they have with their community, friends and family, and charities. An advisor offering a comprehensive approach to wealth management can assist in advising you in your philanthropic endeavors, in addition to helping manage your distribution of gift assets to family and facilitate early transfer of family wealth. It’s all about focusing on how to share in the right ways, taking into account tax issues, family concerns, and charitable intent.
Build, Live, Share – Your Way
As financial advisors offering comprehensive wealth management and planning, we view our task as assisting in all phases of life: To help clients BUILD a strong life by best efforts and practices at managing resources, to LIVE and enjoy those resources, and to SHARE those resources as they desire. At the same time, it’s key to recognize that there is no one exact way. Many paths can be taken to accomplish what you want to accomplish. The specific way will be unique, from individual to individual.
At FourStar, our goal is to help folks and families articulate their wants, needs, and desires, and implement the strategies that will allow them to live a truly full and complete life.
About FourStar Wealth Advisors
FourStar Wealth Advisors is an independent Registered Investment Advisor firm headquartered in Chicago, founded on providing the most impactful and tailored wealth management solutions to all clients. To do this, FourStar Wealth Advisors utilizes the latest technology and a broad range of investment solutions to ensure that each client has the proper tools and resources to put them in the best position possible to achieve their personal financial dreams.
Have any questions? Want to get in touch? Don’t hesitate to give us a call at 312-667-1750, or use our online portal to contact us today.
GENERAL ADVERTISING DISCLAIMER
This article is provided by FourStar Wealth Advisors, LLC (“FourStar” or the “Firm”) for general informational purposes only. This information is not considered to be an offer to buy or sell any securities or other investments. Investing involves the risk of loss and investors should be prepared to bear potential losses. Investments should only be made after thorough review with your investment advisor, considering all factors including personal goals, needs and risk tolerance. FourStar is a SEC registered investment adviser that maintains a principal place of business in the State of Illinois. The Firm may only transact business in those states in which it is notice filed or qualifies for a corresponding exemption from such requirements. For information about FourStar’s registration status and business operations, please consult the Firm’s Form ADV disclosure documents, the most recent versions of which are available on the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov/
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