Wealth management is a type of financial advising. It’s intended to handle high income and affluent individuals. The general idea of financial advising is to provide individuals with professional help in managing their assets, investments, wealth and future wealth allocation.


What are the basic steps involved in wealth management?


  • Financial planning — One of the components of wealth management is financial planning. This is necessary for your wealth manager to understand where your financial values lie. It also helps them understand what goals you have for your money.

  • Cash flow analysisCash flow analysis is another important step in the wealth management process because it determines if there are any areas of concern in your finances and to make sure your income is higher than your expenses.

  • Investment allocation and management — The next step of the wealth managing process, investment allocation and management, is where a wealth manager can analyze your investments already made and where you’d benefit from allocating them in the future.

  • Tax planningTax planning can help individuals reduce their tax liability and plan for future taxes.

  • RetirementRetirement planning is an integral part of the wealth management process. This focuses on promoting your wealth in preparation for and during the length of your retirement. It can also be essential for planning how your wealth will be distributed to family members and/or organizations after death. 


Talk to a ProVise CFP® professional about the wealth management process


At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance, and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.


Are you ready to talk to a professional about the wealth management process? Contact ProVise today to schedule a complimentary consultation.