Dechtman Wealth Management | June 5, 2023
What are the key wealth management questions that you should be asking in 2023?
Managing your wealth properly is essential to pursuing your financial goals and seeking to secure your future. However, with constantly evolving financial landscapes and economic conditions, it can be challenging to navigate the world of wealth management effectively. That’s why it’s crucial to ask the right questions when it comes to managing your finances.
Let’s explore some of the key wealth management questions to ask in 2023. By asking these questions and finding the right answers, you can make well-informed decisions that will help you plan for your future.
Wealth management can encompass the comprehensive management of an individual’s or a family’s financial resources. It involves financial planning, investment management, and the implementation of various financial strategies to pursue wealth growth, preserve assets, and ultimately achieve specific financial objectives. Wealth managers may help with:
With such a range of options and approaches, it’s important to know the right questions to ask a wealth manager. Individuals can gain a clear understanding of their financial aspirations and identify the necessary steps to help reach their goals by asking thoughtful wealth management interview questions to help create a well-defined strategy tailored to their unique circumstances, risk tolerance, and time horizon.
One of the most important wealth management questions to ask pertains to your financial goals. Defining your financial goals is crucial because it provides a clear sense of direction and purpose in managing your finances. It helps to establish a roadmap for making informed financial decisions and ensures that efforts and resources are channeled toward specific objectives.
When working with a wealth manager, it’s important to ask some of the following questions:
Knowing your current financial situation provides a baseline from which you can develop an effective financial plan. It allows you to assess your income, expenses, assets, and liabilities, providing a comprehensive snapshot of your financial health. This understanding forms the foundation for setting realistic goals, making informed decisions, and tracking progress over time.
Here, you’ll want to work through a wide range of questions about your income, assets, and liabilities, including:
Next, you’ll assess the gap between your current standing and your financial goals, and work with a wealth manager to bridge it.
In addition to the wealth management questions listed above, there are a few vital questions to ask a prospective wealth management firm before working with them. Perhaps the best question to ask a wealth manager is “how do you stay up to date on changes in the financial world?”
Ideally, wealth managers should read economic reports, pour over financial statements from companies, stay on top of current events, and track changes to retirement laws. Your financial advisor should be a student of market history to bring context.
Also ask how a wealth manager will keep you up to date on all of these matters. At Dechtman Wealth Management, for example, we communicate in a lot of different ways:
We send info on tax law changes, market matters, and more. We also host events, webinars, and in-person events. If our clients realized they would be affected by some changes, the next steps would be a meeting with our team to discuss the next steps.
These questions are especially important in 2023, as the landscape is changing quickly. Many forecasters believe there is a high likelihood that there will be a recession by the end of 2023. A good investment strategy includes understanding what has worked well in the past during volatile markets, but also understanding how those lessons may be applied today.
As we explain on our website, faith in the markets is central to our approach: “Despite world wars, natural disasters, terrorist attacks, changing political landscapes, etc., the markets have proven to be incredibly resilient.”
Ask your wealth manager this technical question: “Are you a fiduciary financial advisor?” A fiduciary is an individual with a legal responsibility to act with the best interests of their clients at heart. When financial professionals take the Fiduciary Oath, a highly revered code of ethics, they are obligated to follow several rules, according to The National Association of Personal Financial Advisors:
This wealth management question will help you to ensure that your financial advisor is on your side.
Dechtman Wealth Management is a group comprised of investment professionals registered with Hightower Advisors, LLC, an SEC registered investment adviser. Some investment professionals may also be registered with Hightower Securities, LLC, member FINRA and SIPC. Advisory services are offered through Hightower Advisors, LLC. Securities are offered through Hightower Securities, LLC. All information referenced herein is from sources believed to be reliable. Dechtman Wealth Management and Hightower Advisors, LLC have not independently verified the accuracy or completeness of the information contained in this document. Dechtman Wealth Management and Hightower Advisors, LLC or any of its affiliates make no representations or warranties, express or implied, as to the accuracy or completeness of the information or for statements or errors or omissions, or results obtained from the use of this information. Dechtman Wealth Management and Hightower Advisors, LLC or any of its affiliates assume no liability for any action made or taken in reliance on or relating in any way to the information. This document and the materials contained herein were created for informational purposes only; the opinions expressed are solely those of the author(s), and do not represent those of Hightower Advisors, LLC or any of its affiliates. Dechtman Wealth Management and Hightower Advisors, LLC or any of its affiliates do not provide tax or legal advice. This material was not intended or written to be used or presented to any entity as tax or legal advice. Clients are urged to consult their tax and/or legal advisor for related questions.
Form Client Relationship Summary ("Form CRS") is a brief summary of the brokerage and advisor services we offer.
HTA Client Relationship Summary
HTS Client Relationship Summary
Securities offered through Hightower Securities, LLC, Member FINRA/SIPC, Hightower Advisors, LLC is a SEC registered investment adviser. brokercheck.finra.org