What is Private Wealth Management (and is it worth it?)

If you look at the frequently asked questions in Google Search around the term “Private Wealth Management” here’s what you find:

What is private wealth management?
What does a private wealth manager do?
Is a private wealth manager worth it?

It’s a series of questions I hear often.

You might be unsure of the answers yourself, so I wanted to take a moment to answer them here.

What is Private Wealth Management?

Private Wealth Management is a customized advisory experience where you and a professional wealth manager work collaboratively together to:

1. form a roadmap for financial success
2. set goals and targets for this plan
3. allow your advisor to help execute this plan on your behalf

What does a private wealth manager do?  

A private wealth manager should: 

• Remove the stress or pressure to constantly monitor your financial plan
• Make sure you understand the latest changes to your plan, tax law changes, and economic factors that could impact your investment strategy
• Keep you on track, with accountability to stick to your plan and the ability to find solutions you might not have known about without working with an advisor  

Additionally, the private nature speaks to the discretion of the relationship, as well.

Privacy is extremely important to us at HoganTaylor Wealth.

Is a private wealth manager worth it?  

Private wealth managers can create value in many different ways.  

In our case, your HoganTaylor Wealth advisor helps implement cost-effective management that typically saves clients money in the short and long-term of holding certain investments. And as fee-only, fiduciary advisors, cost-effective management is top of mind.

Additional benefits and value include: 

• rebalancing on a regular basis
• placing certain investment assets into the best locations
• helping with withdrawal strategies
• behavioral coaching to help you stick with the plan amidst all of the “noise” 

Our goal is for all of these benefits to add up to more value than you’d ever pay for the service.

Have another question about Private Wealth Management? Simply click Talk to an Expert and I'd be happy to answer.