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Wealth Management: An Overview

by markheitner

Before even asking questions about what wealth managers do and
where to find one, most people will want to know if wealth
management is even relevant for their business.  Below are common
questions, and answers, about wealth managers.

DO YOU NEED ONE? 
You don't have to have to be a Rockefeller to secure the
services of a wealth manager. Any business owner who is about to
have a "liquidity event" should seriously consider retaining a
wealth manager.

WHAT DO THEY DO? 
Wealth management is a high-touch, high-service approach to
managing all things financial. A wealth advisor works with a team
of experts on banking and insurance, works with a client's
attorney on issues such as power of attorney and wills, manages
the client's investments. In an a la carte approach, what ends up
happening is that the left hand doesn't talk to the right hand.
The concept of a wealth manager is to have one person manage the
team. Wealth management can even include a 'family office' where
the wealth manager takes care of all the client's financial
problems or situations, perhaps obtaining mortgages or loans for
them and paying bills. So even though you probably work with a
financial professional, you just might be short-changing yourself
if you haven't investigated working with a wealth manager.

WEALTH MANAGEMENT ISN'T JUST ABOUT RETIREMENT. 
With the sale of your business, your focus shifts. The focus of
wealth management is also shifting from the accumulation of
assets to the distribution of assets. Things to consider are how
to pass your assets on to the next generation. Do you want them
to inherit all at once or over a period of time? If you have a
child with special needs, how will you protect the assets of that
child? Should you set up a charitable trust? Remember, you are
not just protecting your assets for yourself and perhaps a
spouse, but also for your children and even for future
generations, or charities.

WHY YOU SHOULD STAERT LOOKING NOW
 The biggest mistake is that families and business owners wait
too long before they start the process. Once you already have a
successful business or you've sold a business, many strategies
that would have been available to you are no longer available, or
they are not as effective. Say you have two children who are
working in the business, for example, and you want to start
giving them a quarter of the business in stock. Giving a quarter
of the business when it is worth $2 million can be done without
paying any gift tax, but giving them a quarter of the business
when it is worth $10 million cannot be done without paying gift
tax.

QUESTIONS TO ASK A WEALTH MANAGER 
Services Do they offer comprehensive services? Is it all
in-house? Do they have strategic partnerships with other folks?
How do they work with the client's accountant or the client's
attorney? What do they do about coordinating banking services?
You should feel that the advisor could actually advise you
personally on several of those different issues or have a team of
experts available to do that. Also look at how the routine
reports and information is presented, to make sure it fits your
preferences. Competence You also want to look at an advisor's
designations--Certified Financial Planner, Chartered Financial
Analyst, Certified Public Account--and the experience and skill
sets of the others on the team. Fees There is no industry
standard regarding compensation, regarding the amount charged as
well as how fees are structured. Fees can be based as a percent
of assets managed, by the hour, by the year, and so forth. As in
most purchase decisions, price is usually not the primary
determining factor.

Mark Heitner, MD, MBA, the founder of <a
href="http://www.midmex.com">MidMEx</a>, is a psychiatrist,
author and software developer. Many patients have been owners of
mid-sized companies with a <a
href="http://www.midmex.com">business for sale</a>. MidMEx helps
sellers by creating a supportive community of verified buyers and
expert business appraisers, brokers and attorneys. Many resources
are available to help owners <a href="http://www.midmex.com">sell
the business</a>.

Syndicated by Top Gazebos - www.topgazebos.net

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