Every year on July 4th, we gather with friends and family to celebrate the birth of a country that became the shining example of what it means to be free. In the financial services industry, it is common to hear the phrase “financial freedom” in brochures or spoken by a financial advisor. It is an overused phrase. The image that the industry is trying to convey is that of financial liberty, but perhaps financial freedom sounds better? There is a difference between freedom and liberty. Freedom is something we are all born with. You are free to travel or buy a second home, but you don’t necessarily have the liberty to do so. At WealthEngage we understand that your wealth should do more than just provide you with peace of mind. It should LIBERATE you!
In order to accomplish this, there are many basic examples of generic advice that is dispensed by advisors such as:
Pay off debt…have a budget…save money every month…etc.
This helps create a solid foundation, but many of you don’t need a financial advisor to tell you that. Sure, the advice is sound, but it is not enough to get you where you truly want to go. If you do work with an advisor, there are several important questions you should ask to make sure your wealth is managed thoughtfully:
- Is there a well thought out process, covering all areas such as protection, growth, tax management and legacy?
- Does my advisor know what is truly important to me and my family?
- Is my advisor taking an active role in the care of various portfolios and insurance vehicles, or is his scope limited?
- Does my advisor use a basic buy and hold strategy, or does she make prudent recommendations to both grow AND protect my portfolio?
Why do you invest?
There are lots of reasons, but in the end, it is because you want to live a better life. You want to do what you want on your terms. In order to do this, wealth plays an important role. But just investing isn’t enough. You must make good decisions consistently. Avoiding mistakes is paramount to building and keeping your wealth. WealthEngage can help.
I am a Co-Founder of WealthEngage which is an independent wealth management office whose main purpose is to raise the level of education and awareness of financial products and advice so that people feel empowered to make informed decisions about their wealth. Our process is transparent, and we continually ask ourselves (and our clients) if we are meeting or (hopefully) exceeding their expectations. Our team has developed and refined a process to help our clients put all the pieces of their financial puzzle together. It is a dynamic process that adapts as their needs evolve.
With that, I wish you a very happy Independence Day and a safe summer!