A wealth management advisor can help you navigate steep market terrain so that your assets are protected no matter what. Their expertise will go a long way in keeping you on top of your financial planning and working around complicated obstacles. Here are five topics they should cover when discussing your portfolio.

What Your Advisor Should Cover in Wealth Management

1. Review Your Short & Long Term Plans

The first step a wealth management advisor should take is assessing how your short and long term plans have been affected by the current market. They will review if your financial planning is still viable in the current state and if there are ways to strengthen it against any market ups and downs. They will also help you handle any setbacks that may be hindering your growth, like excess spending or failure to place funds into savings.

2. Assess Cash Flow & Investments

You and your financial advisor should be on the same page when it comes to buying, selling, and holding investments. An expert in wealth management will help you determine what is best for your specific situation based on your cash flow and other factors. They will advise you on when to purchase stocks, hold on to the property, and know if the market is on a downturn. In many cases, your original plan is just what you need to stay stable.

3. Talk About Unpredictability

The equity market can be very unpredictable, and because of this, wealth management can be complicated. The market is often on an “up-and-down” cycle that cannot be tracked with 100% accuracy even by the most seasoned professional. Understanding this concept and that there are no quick fixes will help you in planning your investments and being prepared for changes that can affect them.

4. Know Your Success Probability

It is critical to be able to measure your plan’s success probability based on your cash flow. A good wealth management advisor will be able to sit down with you and discuss how your projects fare over some time. They should be honest and advise you if they believe a transaction you are suggesting isn’t smart. You never want to work with an advisor who is a “yes man,” simply telling you what they think you want to hear.

5. Discuss Management Costs

Make sure that taxes are included in your discussion of management costs since they significantly affect your returns. Be aware of the percentages being taken out and talk over ways to keep this number reasonable. You need to ensure that the services you are getting are worth the fees you are paying. 

When you need wealth management in Chesterfield, MO, call the professional financial advisors at Sage Wealth Planning. Their expertise can help you with financial planning as well as tax and estate planning, all while keeping your personal needs in mind. From strategizing future assets to keeping your current situation stable, your portfolio is expertly maintained. Call (314) 301-9812 to schedule an appointment or visit their website for a look at their helpful resources on money management.