The “financial advisor” title is about as generic as saying all doctors practice medicine. Is every doctor a heart surgeon? Some may be chiropractors, college professors, or pastors at the local church. Yet, those professions still use the title “doctor.” But you wouldn’t let your chiropractor perform open heart surgery on you, right?
People are accustomed to hearing the term “financial advisor” or “financial planner” when a more appropriate term might be “financial professional.” An individual trained to help people invest their money differs from someone giving tax and estate planning advice. A “financial professional” as an umbrella term offers far more capability, such as assisting a client in developing asset protection, a Medicaid spend-down strategy, or, more critically, averting the “IRA time bomb.”
A Wealth Management Accounting (WMA) financial advisor is a trained professional who is backed by a team who helps develop a plan to help you achieve your personal goals and dreams. This team includes a CPA, Attorney, Bookkeeper, and Investment Broker. Investment advice on managing a portfolio is not a plan. The WMA financial plan goes beyond your portfolio management. It can only be crafted by a team of planning-focused professionals working together.
What Will a WMA Financial Advisor and the Team Do For You?
- We provide accurate, meaningful, live human input through a proactive, knowledgeable team that is available and accessible to reassure and provide timely information as needed. Our personalized touch ensures that each client gets the help they need in each moment.
- What is a proactive team? Your financial advisor must have instant access to a CPA, Attorney, and an accountant surrounded by qualified staff trained to provide timely assistance at a moment’s notice. An experienced team of professionals involved in your planning is a must-have quality of a good financial advisor.
- The advisor’s role is more critical today than it has ever been. It is why you should strive to find a financial advisor that is part of an experienced team. The quality of an advisor’s team determines the level and breadth of planning they can provide you. An advisor who is backed by a team of professionals can help:
- Develop a wealth management plan that includes tax planning and tax diversity tools.
- Have instant access to information on changing taxation laws.
- Plan for income strategies in up/down/flat economic markets.
- Be aware of social security and insurance options that will impact your planning.
- Ensure you are prepared for the “IRA time bomb” and offer choices to enhance your tax efficiency and legacy.
- Provide solutions and strategies for the dreaded nursing home dilemma.
- Offer charitable gifting strategies that enhance your estate and leave a legacy.
- Maximize your estate to transfer tax efficiently to your loved ones.
Financial advisors are capable of much more than advice on investments. They can tailor plans to reduce tax liability and use those savings to increase your wealth exponentially. A strong financial advisor is a must for growing wealth, and they are often only as strong as their team. Here at WMA, we seek to cover all aspects, from investments to tax law, estate planning to charitable giving. We cannot stress enough the potential number of options available when you utilize a team in conjunction with clearly defined goals.
