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What is Wealth Management and Why is it Important?

January 2021 Newsletter
A financial advisor standing in an office holding a digital tablet

The Importance of Wealth Management

There comes a time in your life when you need to start thinking about your future — your financial future, to be precise. While you may be actively contributing to a 401(K) plan already, there’s more than meets the eye; you may have other financial goals you’re looking to achieve but may not be sure how to achieve them. 

Luckily, that’s where wealth management comes in.

What is Wealth Management?

Wealth management, also known as financial planning, is when you meet with a private wealth advisor to evaluate your current and future financial state based on present financial objectives (also known as variables). A private wealth advisor will take your short-term and long-term monetary goals (e.g., buying a home) and provide you with solid financial advice, as well as strategies, on how to meet those goals over a certain period. 

Why is Wealth Management Important?

Wealth management is vital for every individual. While you can map out your financial future on your own, it’s wise to have the help of a private wealth advisor instead. You can think of a financial advisor as a coach: they’ll be cheering you on to meet your monetary goals while paying close attention to your financial plan to make sure you’re on track or if any adjustments need to be made.

As mentioned earlier, there’s a chance you’re contributing to a retirement plan or saving for your golden years on your own. Regardless of the situation, your private wealth advisor will set goals for how much money you should be saving to live comfortably, as well as offer advice on the types of investments you should consider owning in your portfolio.

In addition to planning for your retirement, financial planning can help you prepare for unexpected events that may arise in the future. For instance, your vehicle may give way, and you’ll need to purchase another one — or you may need surgery, and those funds you work to secure now will help cover the costs of your medical bills for anything insurance will not take care of.

Speak to a Private Wealth Advisor Today

At Round Rock Advisors, we take a holistic approach to financial planning. Our private wealth advisors are here to help you plan for your short-term and long-term monetary goals while helping set you up for success. 

To schedule a consultation with our financial advisors in Wilton, CT, call us at (203) 920-4774 or visit our website — we look forward to helping you!

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