Tips for Selecting Wealth Management Firms in Lehi, UT
Wealth management is a specialized service focused on helping individuals and families manage their financial resources. It includes a range of financial services, such as investment management, tax planning, and estate planning. The aim of wealth management is to help clients maximize their wealth and achieve their long-term financial goals. This article explores who might benefit from wealth management services and offers tips for selecting wealth management firms in Lehi, UT.
Not Just for the Ultra-Rich
Wealth management is not just for the super-rich. Anyone who has significant financial resources may benefit from the services of a wealth management firm. This could include individuals who have inherited wealth, business owners, executives, or anyone else who has accumulated significant assets.
The services provided by wealth management firms can help individuals and families create personalized financial plans, manage investments, and efficiently and effectively pass on wealth to future generations.
Our wealth management services are personalized to each client’s needs. However, they often include:
Personal, fee-only financial planning
Tax planning and preparation
Cash flow planning and management
Retirement, tax, and estate planning strategies
Disciplined portfolio management
Asset allocation model construction
Retirement plan rollover guidance
Advice about stock options
How to Select Wealth Management Firms in Lehi, Utah
We believe trust should be the cornerstone of any wealth management relationship between advisor and client. The right wealth advisor can provide valuable guidance and support to help you achieve your long-term financial goals. However, if you do not trust the advisor, you may find it difficult to follow their advice.
Knowing that the advice you receive is unbiased and objective can help increase trust. When an advisor provides such advice, they help dispel any suspicion of conflicts of interest or hidden agendas. This can help build a strong and lasting relationship between the advisor and client based on trust and respect. Given this, you may want to consider the following tips for finding an advisor in Lehi who provides objective, unbiased advice:
Look for a fiduciary firm. A fiduciary firm is legally required to act in the best interests of its clients. This means they must provide objective advice, avoid conflicts of interest, and act with transparency and loyalty. A fiduciary firm must always put the client’s interests first, even if it means recommending a course of action that is not in the firm’s best financial interest. As a Registered Investment Advisor, our wealth management firm has a fiduciary obligation to clients.
Consider a fee-only firm. Fee-only firms charge clients a transparent fee for their services, often based on a percentage of the assets under management. This fee structure helps eliminate the conflicts of interest that can arise with commission-based compensation. When a firm earns a commission, there is a risk they may prioritize selling certain financial products that may not be in the best interest of the client. Fee-only firms help avoid this risk by providing advice not influenced by compensation.
Look for an independent firm. Independent firms are not affiliated with any financial institution, such as a bank or insurance company. This means they can recommend products and services without being influenced by any particular company.
Research online and ask for recommendations. One of the best ways to find a wealth management firm in Lehi, UT, is to research online or ask for recommendations from friends, family members, or colleagues. Online research can help you identify firms with the services and experience you seek, while referrals can help you identify firms that have a track record of success with people close to you.
Check the backgrounds of potential advisors. Once you have identified potential wealth management firms, it is important to conduct further due diligence to help ensure that they are reputable. You can check the background and registration status of individual advisors on the U.S. Securities and Exchange Commission’s Investment Adviser Public Disclosure webpage. For brokers, you can use the Financial Industry Regulatory Authority’s BrokerCheck search. These resources provide information about the advisor’s work history, qualifications, and any disciplinary actions or complaints filed against them.
Schedule a consultation with the top picks. Finally, it is important to schedule a consultation with your top picks to learn more about their services and see if they fit your needs. During the consultation, you can share your goals and concerns and discuss how they may be able to help you. You can also ask about their fee structure, their legal obligation to you, and other questions you have.
The right wealth management firm can provide valuable guidance and support to help you build and preserve your wealth and achieve your goals.
Our independent wealth management firm offers a 15-minute call to discuss your concerns and situation. Schedule a call today.
This material was generated using artificial intelligence (ChatGPT) 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.