Just Married? Should You Hire A Wealth Manager?

Getting married is an exciting new chapter in your life. You may be wondering, now that you’re married, what you should do with your money. If you or your spouse are well-off, then you may be considering hiring a wealth manager. When you spend decades working in the hopes of being able to retire comfortably, many factors will come into play as your financial future becomes clearer. Should you be fortunate enough to accumulate a large amount of wealth, you may consider hiring a wealth manager. Also called a financial advisor, a wealth manager can help you better understand how complex financial decisions can impact your future. To know when it's the right time to hire a wealth manager, here are some tips to keep in mind.

Big Life Change

When you are facing significant life changes such as marriage that will shape your financial future for the years ahead, a wealth manager's advice can be instrumental in helping you reach your financial goals. Whether you are approaching retirement, are ready to send your children to college, or have sold a business and want advice on how to invest your money, knowing how these changes will impact your future will allow you to make smart decisions.

Growing Long-Term Wealth

If you are focused on growing long-term wealth rather than simply trying to get quick returns on your investments, a wealth manager is crucial to making this happen. Generally, you would hire a wealth manager if you are considered to be a high net worth individual, meaning you have at least $750,000 that you want to be managed. However, you can have less than this and still hire a wealth manager.

Professional Advice

Should you be too busy to keep up with factors that impact your finances or simply feel as if you don't have the expertise to manage a large amount of money, hiring a Horan wealth manager can be beneficial. Since these financial professionals usually offer such services as tax optimization and portfolio management, you can get financial advice from a professional you can trust.

One Financial Professional for Everything

When you have a substantial amount of money to be managed, you can gain peace of mind if you have only one financial professional who can handle a multitude of areas. When you hire a wealth manager, you can deal with a financial expert who can handle researching investments, estate planning, and much more. Otherwise, you may find yourself hiring a stockbroker, financial planner, CPA, tax attorney, and others, which could leave you with more questions than answers.

Once you hire a wealth manager who offers the services you need, has experience and knowledge you can trust, and has a financial philosophy that is similar to yours, the financial future ahead of you will look very bright.