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Wealth Management

Wealth Management sits at the intersection of a financial plan and the implementation of that plan. It is a service which provides ongoing coordination with the client given the evolution of their financial circumstances. All wealth management clients must first go through the financial planning process to identify planning objectives and concerns. The plan provides context for the implementation.

Most clients think wealth management means investment management, and investment management certainly is likely to be part of the implementation of any financial plan. However, wealth management stretches beyond just investment management and may include many of the following components:

  • Securing insurance coverages to mitigate risks. This likely includes appropriate life insurance and making sure the coverage limits on property and casualty insurance are adequate.
  • Executing estate and legal documents to plan for the uncertainty associated with death or incapacitation. This includes re-titling assets or updating beneficiary designations to follow the overall plan. 
  • Asset location - this includes a forecast of assets and the tax nature of the asset (taxable, tax deferred, tax free) in order to structure today's contributions to be tomorrow's tax efficient distributions. 
  • Tax planning requires a comprehensive view for tax efficiency. For example, should you wait to rebalance a portfolio if you've exercised options this year? Should you contribute to a traditional or ROTH IRA?
  • Team coordination - As a fee-only advisor, Sanitas does not sell insurance, and since there isn't an attorney on staff, Sanitas cannot draft legal documents. However, wealth management means identifying the need and coordinating with your insurance provider or estate attorney to implement an appropriate solution. 
  • Plus many more aspects of a client financial plan including philanthropy, gifting, college planning, longevity planning, etc. 

The distinguishing characteristic of wealth management is that it is not a standalone service, but is an ongoing coordination of financial plan and implementation which changes as financial circumstance evolves. 

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