The Investment Scientist

What is Wealth Management?

Wealth Management means having clients’ financial challenges solved and their financial situations enhanced on a continuous basis. In its simplest form, it comprises three phases:

  1. Using a consultative process to establish close relationships with clients in order to gain a detailed understanding of their goals and most important financial wants and needs.
  2. Offering customized choices and solutions designed to fit each individual’s needs.
  3. Delivering these customized solutions in close consultation with the clients.

To orgnize our thinking and approach to wealth management (WM), we use a simple, all-encompassing formula:

WM = IM + AP + RM

Investment Management (IM) is our core offering. It is a foundation on which clients preserve their hard-earned wealth.

Advanced Planning (AP) addresses the range of financial needs beyond investment management. It consists of four areas: wealth enhancement, wealth transfer, wealth protection and charitable gifting.

  • Wealth Enhancement – Using smart planning to mitigate taxes
  • Wealth Protection – Insulating accumulated wealth from catastrophic loss
  • Wealth Transfer – Ensuring heirs are taken care of
  • Charitable Gifting – Leaving a lasting legacy

Finally, Relationship Management (RM) involves coordinating clients’ other advisors (attorney, CPA, etc.) to work towards clients’ best interests.

Discovery Meeting (or Phone Call)

The first step of engaging MZ Capital’s wealth management service is to schedule a discovery meeting. The purpose of the meeting is for us to understand where you are financially, where you want to go and how we can help. It’s also an opportunity for you to get to know us and our process. By the end of the meeting, we will know if we should move forward.

Second Opinion Financial Review

According to Wall Street Journal, 86% of investors with $1mm or more in investible assets plan to tell their friends to avoid their advisor. The majority stay with their advisor because they don’t know where to turn to. For them we offer the complimentary no-obligation second opinion financial review to explore if we can make a significant difference.

1 Response to "What is Wealth Management?"

I enjoyed reading your post here about Wealth Management! Keep up the great work.

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Author

Michael Zhuang is principal of MZ Capital, a fee-only independent advisory firm based in Washington, DC. He is also a regular contributor to Morningstar Advisor and Physicians Practice. To explore a long-term wealth advisory relationship, schedule a discovery meeting (phone call) with him.



You may also get his monthly newsletter, or join his Facebook page for regular wealth management insights. Michael's email is info[at]mzcap.com.

Twitter: @mzhuang

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