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Wealth management is a comprehensive service, which takes a holistic approach to the total financial situation of a client. It combines the disciplines of investment management and the advanced planning concepts of estate planning, tax planning, financial planning and asset protection.
At Leonard Wealth Management, we feel very strongly that true wealth management can best be provided by firms that are independent in the disciplines that make up the sub-specialties of wealth management. As an example, there is an undeniable bias of the employees and financial representatives of a brokerage firm that has its own investment products, especially if part of their compensation is commission based.
A wealth management firm needs to have a fiduciary relationship toward their clients and have a compensation structure that removes as many conflicts of interest as possible – fee-only.
Since regulation has prevented many of the brokerage firms, banks and insurance companies from calling their services “financial planning,” many have a new name for their services and are using the term “wealth management.” They’ve changed the name, but not necessarily the underlying compensation structures, lack of fiduciary duty, and/or lack of training needed to provide 360 degree advice.
At Leonard Wealth Management we define Wealth Management as:
1) Comprehensive advice covering:
- investment management plus advanced planning
- estate planning
- tax planning
- financial planning
- asset protection
2) Provided by firms that are:
- independent
- unaffiliated
- fee-only
- fiduciaries
Next: Financial Planning
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