The Ultimate Guide to Wealth Management in Claremont CA
As wealth increases, financial situations can get complicated. And if you need help with that complexity, you might be considering wealth management. But what exactly does wealth management entail, and how do you find a wealth manager in Claremont, California? This article breaks down wealth management services and provides tips for finding a financial advisor in Claremont.
What Wealth Management Is
Wealth management is a professional service that combines various financial planning areas to help you achieve your goals. It typically includes retirement planning, investment management, tax planning, estate planning, and risk management, among other areas. The goal is to provide a comprehensive, customized plan that aligns with your specific needs and objectives.
Wealth management typically includes:
Retirement planning: One of the most important areas of wealth management is retirement planning. A financial planner will work with you to create a retirement plan that includes setting retirement goals and estimating how much money is needed to achieve those goals. They will likely develop a retirement income plan to meet those objectives while helping ensure you have enough savings to sustain you for life.
Investment management: A wealth manager will help create a diversified investment portfolio that aligns with your risk tolerance, return needs, and financial goals. Investment advisory services should include monitoring the portfolio’s performance and adjusting as necessary to ensure that it remains on course.
Tax planning: Wealth management can include tax planning to help minimize your tax liability. This may include strategies such as tax-loss harvesting, charitable giving, and tax-efficient investing.
Estate planning: A wealth manager should work with you to help create a tax-efficient estate plan that passes on your assets according to your wishes. The plan should also protect you should you become incapacitated.
Risk management: A financial advisor will help you identify and manage risks that could impact your financial future. This may include insurance review and recommendations for coverage such as life, disability, and long-term care insurance, as well as risk management strategies for investments.
Other financial services can include business succession and exit planning, cash flow analysis, debt management, and college funding for children and grandchildren. Our Registered Investment Advisor (RIA) firm creates a personalized plan that may incorporate all the above and other services according to each client’s needs. These services are part of their overall financial plan to help them turn their retirement savings into retirement income without using annuities.
Overall, wealth management helps create a comprehensive financial plan that considers all aspects of your financial life. By working with a wealth manager, you may feel more confident that you are taking the necessary steps to achieve your financial goals and build a comfortable future.
Who Provides Wealth Management Services?
Several types of financial professionals provide wealth management services. Two common types include:
Registered Investment Advisors (RIAs): These firms are registered with the U.S. Securities and Exchange Commission (SEC) or state regulators. They must act as fiduciaries and disclose any potential conflicts of interest. They typically charge a fee based on a percentage of assets under management.
Brokers: These are professionals who are registered with the Financial Industry Regulatory Authority (FINRA). They may receive commissions for the financial products they sell and may not be required to act as fiduciaries.
Our firm is an RIA because our clients’ trust is essential to achieving their goals. As fiduciaries, we are legally bound to act in our clients’ best interests. We are also fee-only advisors, meaning we charge client fees for the services we provide rather than receiving commissions from third parties. By serving as fee-only, fiduciary advisors, we help align our interests with our clients.
When considering a wealth manager, you may want to focus on firms that don’t receive commissions and have a fiduciary obligation to you. You are entrusting your wealth to the advisor, and you should feel confident that the advice you receive puts you first.
How to Find a Wealth Manager in Claremont, CA
Finding a wealth manager in Claremont, CA, can be a daunting task, but by following a few simple steps, you can find an advisor to meet your financial needs. Here are some tips to help you find a wealth management service in Claremont, CA:
Check local listings by professional organizations: One of the best ways to find an advisor is to check the membership listings of highly regarded professional organizations. You can start by looking at the CFP Board’s Let’s Make a Plan directory of CERTIFIED FINANCIAL PLANNER™ (CFP®) professionals. CFP® professionals have comprehensive education and experience requirements and must serve as fiduciaries. You can also check FeeOnlyNetwork.com or the Find an Advisor directory by the National Association of Personal Financial Advisors (NAPFA). To be listed, advisors must be fee-only financial planners.
Ask for recommendations: You can ask friends, family, and colleagues for recommendations. You can also ask your attorney, accountant, or other professionals you trust for a referral.
Once you have some potential advisors, it’s crucial to conduct research and meet with the advisor before deciding.
Look for expertise in your situation: You can research an advisor’s website to assess their experience and determine if they fit your needs. Check for their firm type, such as an RIA, and how they are compensated (e.g., fee-only vs. commission).
Check them out on the SEC website: You can use SEC searches to ensure an advisor is registered and whether they’ve ever been in trouble with regulators. Similarly, you can use FINRA’s BrokerCheck for brokerage firms and brokers. On the advisor’s website, download their ADV and Form CRS to understand things like fee structure, conflicts of interest, and disciplinary actions.
Schedule an initial call: Once you have narrowed down your list of potential advisors, set up an initial consultation with each one. This will allow you to meet with the advisor, discuss your wealth management needs, and see how they might help you. You can then determine whether you want to move forward.
By following these steps, you set yourself up to find wealth management services in Claremont to meet your needs and help achieve your goals. Keep in mind that finding the right advisor is an important decision and should not be rushed, so take the time to research and find the right advisor for you.
Schedule a call with a fee-only financial advisor today.
This material was generated using artificial intelligence and edited by Kaleido Inc. from information derived from sources believed to be accurate. This information should not be construed as investment, tax, or legal advice.