Why Do I Need a Wealth Manager

What constitutes as “wealthy” might be a topic of varying opinion. For some people, being a millionaire is good enough to designate as “wealthy”, while for others at least $10mn wealth is required to be designate as a “wealthy” person. This isn’t any shocking to people with the most basic understanding of market pricing. Besides the rocketing prices of real estate is an easy indication of why “wealthy” status is hard to quantify.

Now, beyond the dispute of how much wealth you need to be called as “wealthy”, one thing that’s indisputable is that you’ll certainly need a wealth manager, in the process of getting wealthy. In fact, hiring a wealth manager increases your chances to achieve the target wealth goal; often earlier than expected. Efficient management of tax liability is the ultimate differentiator that will have its influence over your financial goal. Thereby, even if you don’t feel wealthy as yet, you can better manage odds in your favor by exploring different wealth management consultancies in your area.

Now, you might ask yourself; if I really need a wealth manager?

Well, if you ask me, I would yes a definite yes. Nonetheless, I am sure not all can be convinced by a simple recommendation, that’s why I thought to share four signs that give you a clear indication to shook-up a meeting with a wealth manager.

You are almost reaching pension contribution limit

As per my longtime friend and a well-established wealth manager Portland Oregon , “low thresholds of lifetime pension contribution allowances, is one of the most pressing wealth management concerns for affluent individuals”.

That’s primarily because most individuals are too naïve to thought about pension contribution limits, which often results in exceeding this limit. This also means that people who have actually bagged huge sum of money in their early to mid-thirties need to start looking for alternative saving routes, else they might easily exceed their limits till the retirement age, which will have a massive impact on their overall savings.

Increasing Tax Bills – It hurts!

Let me just quote one of the largest wealth management lake Oswego , “To have any chances of accumulating significant wealth, tax planning is the first step you need to take”. I think that says a lot about the importance of tax planning and is in direct relation to wealth accumulation.

Now, other than few tax saving tricks, which almost everyone knows, there are tons of other more rewarding strategies where a wealth manager can help you save maximum on your tax obligations. Just to give you a hint, there are specific government offerings that come with high rewarding tax incentives.

It’s getting hard to keep track of your DIY investments

Well, in today’s age there is virtually no boundaries that stop investors to go on for wild rage investments and to be honest many of those investments grew big as well. However, if you succeed with your wild rage investment, chances are that at one point of time it will become hard for you to track down all stocks or go further down the line with diversification. In this case, an efficient wealth manager will not only help you keep track of all the investment but rather also help you diversify your investment portfolio in line with your objectives and risk management.

You feel comfortable investing in own market

Well, that’s a global trend and fully understandable. Individuals with low market knowledge like to play safe, which make them invest only in home markets. Now, where this behavior is quite safe, to say the least, it also means you might be losing big opportunities elsewhere. Remember, to achieve your wealth goals, you need a diverse portfolio of investment; because that’s how maximum returns come. Again, hiring a wealth manager will help you grab investment opportunities elsewhere by leveraging their experience and expertise in the marketplace.

To conclude, understand this, to be able to truly dominate the market, you need to understand the rules of the game. Hard work alone isn’t sufficient today to increase wealth today, you need to work smarter by outplaying the market by its own rules and there is no one that can do this better for you than a wealth manager.