Wealth Managers Answer the Top 5 Most Asked Finance Questions

Managing your finances can seem like a daunting task, especially if you are just starting out. To help you on your journey towards financial wellness, Vantage West Wealth Managers responded to some of the most asked finance questions.

1. Who needs a wealth manager and why do you need one?

Almost everyone can benefit from meeting with a wealth manager and making sure that they’re on the right track to pursue their financial needs. There is a saying in our industry that even a wealth manager needs a wealth manager. A wealth manager can help guide an individual through investment planning, tax planning, retirement income planning and estate planning. We think of ourselves as your financial doctors. We listen to your situation, diagnose your financial needs, and recommend a course of action.

2. How should I plan for retirement, and how much do I need?

A good wealth manager will consider a multitude of variables before helping you formulate a plan for retirement. How old will you be when you decide to retire? How long will you be in retirement? Where do you see tax rates going by the time you retire? What expectations do you have for inflation in retirement? Have you considered the potential for increasing medical costs or long-term care needs? The first step to planning for retirement is actually making a plan. Retiring is one of the biggest decisions an individual can make and one that culminates over a lifetime of work and a compounding of decisions. Utilizing a wealth manager can help to mitigate many of the retirement planning pitfalls and create a clear organized path.

3. I want to invest, but don’t know much about it. How do I start?

There are many great resources on investing both online and in books, however you have the unique opportunity to meet with a wealth manager and receive information from individuals that have dedicated their time and careers to helping people invest and pursue their financial goals. Take advantage of this opportunity!

4. There are so many investment types out there. How do I know what’s right for me?

Roth IRA, Traditional IRA, SEP, SIMPLE, 401k, 403b, ESOP; these are all just examples of types of retirement accounts and doesn’t even get into how to invest properly within those accounts! It would be extremely difficult for an average investor to know everything about all of them. This is why a wealth manager is so important. Find a wealth manager that can teach you about all your options and help guide you to a decision that is in your best interest.

5. I don’t know much about investing. Is everything in the stock market?

No! There are a multitude of investment options to choose from. The decision you and your wealth manager should make is one that makes sense for your unique financial situation, risk tolerance and time horizon. Some recommendations may utilize stocks and bonds, while other options may provide guarantees such as a fixed annuity. The investment choice really depends on each individual and their circumstances. We will discuss all the available options and make a recommendation we believe to be in your best interest.

The professionals working at Vantage West Wealth Management are skilled at helping you plan for the future while keeping your best interests first and foremost. Whether your needs involve retirement planning and management, financial planning, or wealth management, Vantage West Wealth Managers are here to help.

Learn more about the services that Vantage West Wealth Management has to offer.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.  To determine which investment(s) may be appropriate for you, consult a financial professional prior to investing.