Wealth Management East Tennessee: What It Includes
Wealth management brings multiple financial decisions into one planning relationship. Instead of looking at an investment portfolio by itself, wealth management may consider investments, retirement, taxes, estate planning, cash flow, charitable giving, and business interests together.
Wealth management in East Tennessee can be particularly relevant for households whose finances have become more complex over time.
What Services Can Wealth Management Include?
The scope varies by firm, but services may include:
Investment management
Financial planning
Retirement income planning
Tax planning coordination
Estate planning coordination
Business succession planning
Charitable giving strategies
Family wealth planning
The goal is to coordinate decisions that may otherwise be handled separately.
Who May Benefit From Wealth Management?
Wealth management can be relevant to business owners, retirees, professionals, families managing inherited assets, and households preparing for significant financial transitions.
For example, selling a business can create investment, tax, estate, and retirement questions at the same time.
Firms such as ProffittGoodson identifies individuals, multigenerational families, business owners, retirees, trusts, and estates among the people and organizations it serves.
Investment Management Is Only One Piece
A portfolio can be well structured while other financial decisions remain unresolved.
Consider a business owner preparing to sell. The investment portfolio may need to change after the transaction, but so may the household's tax strategy, estate plan, insurance needs, cash flow, and retirement income assumptions.
ProffittGoodson describes wealth planning as coordinating investment planning, retirement income, tax considerations, estate planning, business succession, and family wealth discussions.
What Should You Look for in a Wealth Management Relationship?
Ask potential advisors:
What services are included?
Are you a fiduciary?
How are fees structured?
Who manages investments?
How are tax and estate professionals coordinated?
How often are plans reviewed?
Do you work with business owners or multigenerational families?
Understanding the relationship before engaging an advisor can make the process more productive.
Wealth Management Is an Ongoing Process
Financial circumstances can change significantly over time. Retirement approaches, family responsibilities evolve, businesses transition, and tax rules change.
A wealth management relationship should provide a process for reviewing assumptions and adjusting planning when appropriate.
Conclusion
Wealth management East Tennessee households use can bring investments, retirement, taxes, estate considerations, business planning, and family wealth decisions into a coordinated framework. The appropriate scope depends on the complexity of the household and the services it needs.
FAQ
What is wealth management?
Wealth management is a broad financial service that may combine investment management with planning for retirement, taxes, estate matters, cash flow, and other financial priorities.
Who typically uses wealth management?
It can be useful for families, business owners, retirees, professionals, and others with multiple interconnected financial needs.
Is wealth management the same as investment management?
No. Investment management focuses on portfolios, while wealth management may address a broader range of financial decisions.
How should I compare wealth management firms?
Consider fiduciary status, services, fees, investment process, communication, and experience with situations similar to yours.
This material is for informational purposes only and does not constitute legal, tax, or investment advice. Please consult appropriate professionals before making decisions.
DISCLOSURES: The information provided in this letter is for general informational purposes only and should not be considered an individualized recommendation of any particular security, strategy, or investment product, and should not be construed as investment, legal, or tax advice. Proffitt & Goodson, Inc. makes no warranties with regard to the information or results obtained by third parties and its use and disclaims any liability arising out of, or reliance on the information. The information is subject to change and, although based on information that Proffitt & Goodson, Inc. considers reliable, it is not guaranteed as to accuracy or completeness. Source information is obtained from independent financial data suppliers (Interactive Data Corporation, Morningstar, etc.). The Market Categories illustrated in this Financial Market Summary are indexes of specific equity, fixed income, or other categories. An index reflects the underlying securities in a particular selection of securities picked due to a particular type of investment. These indexes account for the reinvestment of dividends and other income but do not account for any transaction, custody, tax, or management fees encountered in real life. To that extent, these index numbers are artificial and cannot be duplicated in real life due to the necessity of paying those transaction, custody, tax, and management fees. Industry and specific sector returns (technology, utilities, etc.) do not account for the reinvestment of dividends or other income. Future events will cause these historical rates of return to be different in the future with the potential for loss as well as profit. Specific indexes may change their definition of particular security types included over time. These indexes reflect investments for a limited period of time and do not reflect performance in different economic or market cycles and are not intended to reflect the actual outcomes of any client of Proffitt & Goodson, Inc. Past performance does not guarantee future results.