What does Wealth Management Mean?

May 25, 2011 | Financial Planning, GWM Firm Announcements, Personal Finance, Videos

What does “Wealth Management” mean, and what do “Wealth Managers” do that is different from other advisers?

Why did I name my company “Generosity Wealth Management”.

I’m glad you asked, because I answer these fine questions in a 3.5 minute video below.

I encourage you to click on it and listen.

TRANSCRIPT:

Hi Clients and Friends, Mike Brady here. This week I want to talk about wealth management and wealth managers and how that might be different than a money manager. And then I’m going to talk a little about why is my company called Generosity Wealth Management.

Wealth management is holistic, it’s integrated, comprehensive and planning based. Now, let me take each one of those words and go a little bit deeper in each one.

Holistic: it looks at the big picture, the whole picture, the whole piece of the pie, all right? You’ve got tax planning; tax issues; you’ve got estate planning; you’ve got retirement planning; you’ve got investment management; all of these are different silos but they’ve got to be brought in together.

And that comes to our second word which is integrated. How do they integrate together for a plan and for your life to get from point A to point B.

Comprehensive, what does comprehensive mean? It means the big picture, it means large, large picture, of how these various components work together.

So it’s holistic, the whole part; integrated, it is comprehensive and it’s planning based.

Now planning based; one of the very first things I do for someone who is in a new relationship with me, a client/advisor relationship, is for us to have the plan- that retirement plan, that investment plan, that estate plan, that tax plan, all together, into a plan that’s for that client. Point A to point B, and how we are going to get there.

And it is really taking into consideration the risks and the individual risks and tolerance level of the client with the various investments, what’s the tax situation, what are the goals as it relates to estate planning; meaning, if you were to die or become incapacitated, what does that mean for your, for your loved ones that are still living?

So that is what wealth management is. A money manager is typically only looking at one, or maybe two of those pieces without regard for the others. And I really feel that wealth management is the best way to work with clients and it’s what I truly love.

Why did I call my company Generosity Wealth Management? If you take all these various areas that I’ve talked about and you’ve come together with a good plan, all these things are working together in sync, then you can be generous. You can be generous. The goal is to be generous with yourself, with your family and with the causes that you believe in. And so my goal is to get a client to the place in their life where they feel that they can be. They can be generous with their life. You know what: “I’ve…you know, now I’m retired, and I feel like I’m in a place where I can go out to dinner a little bit more, or I can spend a little bit on my kids and grand kids. I can go to that foreign country on a vacation whereas I felt that I never could.” And then the causes you believe in, I mean if… to your church, to your community. Whatever those causes might be whether it’s global or local. I want to help clients get to the place where they feel they can be generous with themselves, their families, with the causes they believe in.

So, that’s what I’m thinking about this week. Thank you for listening to me. My name is Mike Brady, my company is Generosity Wealth Management, 303.747.6455. I am a registered representative with Cambridge Investment Research. And give me a call if you think I can help you out. Thank you bye bye.

TRANSCRIPT:

Hi Clients and Friends, Mike Brady here. This week I want to talk about wealth management and wealth managers and how that might be different than a money manager. And then I’m going to talk a little about why is my company called Generosity Wealth Management.

Wealth management is holistic, it’s integrated, comprehensive and planning based. Now, let me take each one of those words and go a little bit deeper in each one.

Holistic: it looks at the big picture, the whole picture, the whole piece of the pie, all right? You’ve got tax planning; tax issues; you’ve got estate planning; you’ve got retirement planning; you’ve got investment management; all of these are different silos but they’ve got to be brought in together.

And that comes to our second word which is integrated. How do they integrate together for a plan and for your life to get from point A to point B.

Comprehensive, what does comprehensive mean? It means the big picture, it means large, large picture, of how these various components work together.

So it’s holistic, the whole part; integrated, it is comprehensive and it’s planning based.

Now planning based; one of the very first things I do for someone who is in a new relationship with me, a client/advisor relationship, is for us to have the plan- that retirement plan, that investment plan, that estate plan, that tax plan, all together, into a plan that’s for that client. Point A to point B, and how we are going to get there.

And it is really taking into consideration the risks and the individual risks and tolerance level of the client with the various investments, what’s the tax situation, what are the goals as it relates to estate planning; meaning, if you were to die or become incapacitated, what does that mean for your, for your loved ones that are still living?  

So that is what wealth management is. A money manager is typically only looking at one, or maybe two of those pieces without regard for the others. And I really feel that wealth management is the best way to work with clients and it’s what I truly love.

Why did I call my company Generosity Wealth Management? If you take all these various areas that I’ve talked about and you’ve come together with a good plan, all these things are working together in sync, then you can be generous. You can be generous. The goal is to be generous with yourself, with your family and with the causes that you believe in. And so my goal is to get a client to the place in their life where they feel that they can be. They can be generous with their life. You know what: “I’ve…you know, now I’m retired, and I feel like I’m in a place where I can go out to dinner a little bit more, or I can spend a little bit on my kids and grandkids. I can go to that foreign country on a vacation whereas I felt that I never could.” And then the causes you believe in, I mean if… to your church, to your community. Whatever those causes might be whether it’s global or local. I want to help clients get to the place where they feel they can be generous with themselves, their families, with the causes they believe in.

So, that’s what I’m thinking about this week. Thank you for listening to me. My name is Mike Brady, my company is Generosity Wealth Management, 303.747.6455. I am a registered representative with Cambridge Investment Research. And give me a call if you think I can help you out. Thank you bye bye.