Private Wealth Management: Find The Best Firm For You

When looking to find a top wealth management company, it helps to be clear on what you are looking for, how it services you, and then locate one that offers solutions suited for your unique needs and preferences, such as location and references.

To get started with clarifying things, here are answers by expert wealth advisors in the following “Q & A”.

Q. What is wealth management? It sounds like something for millionaires. I’m not rich, so I don’t need it, correct?

A. Wealth managing includes investment management that takes tax and estate planning into account. If you have investments, wealth managers could help you maximize your after-tax returns and improve your estate planning. You don’t need to be a millionaire to benefit from professional management of your wealth, but the service does have a cost. For the benefits to outweigh the costs, you should probably have at least $500,000 in assets that you can invest.

That said, everyone can benefit from financial planning advice from a qualified professional consultant, regardless of your net worth. It will help you maximize your investment returns, reduce taxes, ensure you have proper insurance and plan for your future.

Q. I’ve recently moved to Mississauga from another province. I inherited quite a bit of money from my parents, and have managed to grow that legacy, but I’m looking for a top local wealth managing firm to help me manage it. I don’t really know what’s involved in managing my wealth because my previous advisor wasn’t that communicative, so I’d also like to know more about what’s involved.

A. Most investment advisors just look at your investments and manage them using an asset allocation strategy based on the results of your risk tolerance questionnaire. That approach can result in the lack of communication you experienced with your previous advisor.

To get the best comprehensive advice you need a financial planner who specializes in managing personal wealth giving you a complete holistic view. It is important to look at your whole financial picture, not just your investments. This broad integrated view can make a huge difference to your after-tax rate of return and can protect your high net worth. A top notch financial planning wealth advising expert will examine tax minimization strategies suited to your specific situation. They will also assist with estate planning so that your legacy can be maximized in the long term to benefit your family.

The top financial planning firm in Mississauga is Dedicated Financial Solutions, as voted in the 2013 Top Choice Awards. The Dedicated team are experts at consulting with families from Toronto to Oakville and recommending the best solutions for each unique situation.

Q. I’m a 29-year-old single woman who has inherited some money. I’ve had a couple of financial advisors, but I’m tired of 70-year-old men patronizing me and telling me what to do with my money as if I wasn’t able to understand. I’m looking for a different approach to expert wealth managing services. Can you give me some tips for finding someone I can work with?

A. One of the most common ways of finding an advisor is asking for referrals from satisfied friends. However, given your age, your friends are probably not in the same financial bracket as you. It sounds like you would like an advisor who works with you as a partner to help you protect and maximize your assets, perhaps a consultant who focuses on women.

The best wealth manager professionals are financial planners who have expert knowledge in several areas. They should be able to work with you to minimize your taxes to make the most of your assets. You may search online for private wealth management firm in your area (by adding your city and or region details, such as: “in Mississauga” or “Toronto Ontario Canada”), and then read some of their information to ensure their practice is to look at your whole financial and life situation. Review their credentials to see if they are certified and can provide expert advice. Check that their training is up to date, not acquired decades ago. Once you have a short list, make appointments and meet the consultants to determine whether they are a good fit for you. Don’t be afraid to keep looking if you’re not comfortable.

Expert Consultant Solutions

The Wealth Managers at Dedicated Financial Solutions offer solution products and services tailored to the needs of an individual, executive and/or business client. This also includes personalized solutions specially suited for the needs of the high net worth family, widow, senior, guardian and more. For those with High Net Worth Wealth needs, also see the Question and Answer article titled: Finding The Best Wealth Management Firm for High Net Worth Needs. To learn how our expert wealth advisors can optimize your financial future and/or to speak directly with an expert wealth advisor, contact us today!

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The Dedicated Financial Solutions office is located in Mississauga of the Greater Toronto Area, Ontario Canada. To get answers and expert wealth and financial planning advice suited to your unique needs, contact Dedicated Financial Solutions today!

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