An Ultimate Guide to Wealth Management in Lehi, Utah
Professional wealth management takes a comprehensive approach to achieve your financial goals. You may find this article helpful if you want to know more about wealth management and how to find wealth management services in Lehi, Utah.
What Can Wealth Management Do?
Wealth management can help protect the wealth you have built while growing it for the long term. As your wealth grows, finances can get complex and hard to understand. A wealth manager can provide comprehensive planning that helps you understand your options and make informed decisions. Ideally, your advisor will tie your wealth management plan to your overall goals, like a comfortable retirement, so all your financial areas work together toward your objectives.
At Parkshore Wealth Management, our Registered Investment Advisory (RIA) firm personalizes each wealth management plan to the client. However, common areas you can expect covered in your wealth management service include:
Creating a financial plan: This is the process of setting financial goals, identifying your current financial status, creating a budget, projecting future expenses and income, and developing a strategy for achieving those goals. The financial advisor should regularly review and adjust the plan to stay on track and make necessary adjustments. The advisor can also help you identify any potential roadblocks and adapt to avoid them.
Managing investments: This area includes creating a diversified portfolio, allocating assets based on risk tolerance and goals, monitoring and rebalancing the portfolio, researching and selecting investments, and regularly reviewing and reporting performance.
Planning for retirement: Creating a retirement lifestyle that is comfortable and sustainable can include estimating retirement income needs, developing a strategy for saving and investing for retirement, evaluating and selecting retirement accounts (e.g., 401(k), IRA), and assessing and managing risks, such as longevity, inflation, and market fluctuations.
Tax planning: Your financial planner can help identify tax-efficient investment and savings strategies, project taxes owed, recommend strategies for tax reduction, advise on tax-advantaged retirement accounts, and provide tax planning guidance in the context of the overall financial plan. A good tax plan can help reduce the overall tax burden and maximize the amount of money that can be saved and invested.
Insurance planning: To protect yourself and your family, you want planning that includes assessing insurance needs, reviewing existing insurance policies, and recommending types and amounts of insurance coverage. If your advisor is a fee-only wealth management firm like ours, they won’t sell you insurance. They will provide insurance recommendations and can offer referrals if you need them.
Estate planning: This area helps ensure your legacy is the one you want to leave. It includes creating a plan for the distribution of assets, recommending strategies for minimizing estate taxes, advising on the use of trusts and wills, and coordinating with attorneys and other professionals as needed.
You may receive additional guidance depending on your needs. For example, you may need college planning to help your children or grandchildren with tuition. Or you may have equity compensation that you want to integrate into your retirement planning without paying undue taxes.
What Wealth Manager Should You Look for?
Wealth managers may not go by that specific title. Instead, they may be called financial advisors, financial planners, or wealth advisors. The key is finding a wealth manager with the education, experience, and ethics to provide objective advice. To that end, you might look for the following advisory characteristics:
Fee-only: Fee-only advisors are paid solely by their clients. They do not receive commissions or other forms of compensation from selling financial products. This means that their advice is not influenced by a potential financial gain from recommending a certain product or service, like a commissioned or fee-based advisor may have.
Fiduciary: Fiduciary advisors are legally required to act in the best interest of their clients. This means that they must disclose any potential conflicts of interest and must not recommend products or services that would benefit them at the expense of their clients. RIAs like our firm are required to serve as fiduciaries.
CERTIFIED FINANCIAL PLANNER™ designation: The CFP® mark is a professional certification that indicates the advisor has met the CFP Board’s highly respected education and experience requirements. CFP® professionals are held to a fiduciary standard, meaning they must act in the best interest of their clients.
How to Find Wealth Management in Lehi, UT
The modern age has made finding wealth management services much easier. You can do a Google search for “Lehi, UT wealth management” and then review the firms that show up in the search results. Check their websites to determine whether they offer the services you seek and whether their qualifications and experience are a match for you.
Online listings of area advisors are also available. For example, FeeOnlyNetwork.com lists only advisors who are fee-only, fiduciary, and independent, meaning they aren’t affiliated with a big company like a bank. You can search for advisors in Lehi, Utah, setting a search radius to suit your needs.
You can also ask for recommendations from family and friends, or referrals from professionals like your accountant or attorney.
It’s important to set up an initial consultation with the advisor to discuss your financial goals and see how they can help you. This will also allow you to ask questions and get a sense of their approach to wealth management.
In summary, wealth management can help you use your financial resources to achieve your goals. When looking for a financial advisor in Lehi, Utah, it’s important to consider the type of advisor and services offered.
Schedule a consultation to discuss how our fee-only, fiduciary wealth management firm can help you.
This material was generated using artificial intelligence and edited by Kaleido Inc. from information derived from sources believed to be accurate. This information should not be construed as investment, tax, or legal advice.
Parkshore Wealth Management is a family-owned, independent, fee-only Registered Investment Advisor with offices in Roseville and Folsom, CA, and Lehi and Logan, UT. We partner with financially responsible individuals and families who are eager to take positive steps that will allow them to use their money to build the life they desire. The firm is led by Harold Anderson, CFP®, and Daniel Andersen, CFP®, both members of NAPFA, the country’s leading professional association of fee-only financial advisors.