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When it comes to managing your finances, it can be tempting to go it alone. After all, there are plenty of resources available online, and you may feel confident in your ability to make sound financial decisions. However, what many people fail to realize is the true cost of not working with a wealth management advisor.

What is a Wealth Management Advisor?

Perhaps the key to understanding whether you need a wealth management advisor is understanding what a wealth management advisor does and how they may be able to help you. 

A wealth management advisor is a financial professional who helps clients manage their wealth, investments, and assets in order to achieve their financial goals. They work with individuals, families, and businesses to provide personalized investment and financial planning advice.

Wealth management advisors typically offer a wide range of services, including, as Forbes explains:

They work closely with clients to understand their financial objectives and create customized strategies that align with their goals.

The Benefits of Working with a Wealth Management Advisor

a client works with a wealth management advisor

There are many upsides to working with an experienced financial advisor. 

Professional experience and knowledge

Financial planning can be complex and feel overwhelming. Working with someone who has years of experience and knowledge that can help you put the pieces together can make a world of difference. It’s important to understand how each piece of your financial plan works together. 

If you go it alone, you may miss key opportunities, as it’s impossible to know what you don’t know. The experience of a wealth management advisor is more than having a little knowledge in any area, it’s putting that knowledge together into an actionable plan. 

Continual monitoring and adjusting as laws change

Tax and retirement laws change frequently, and it can be hard to stay on top of those changes yourself. A wealth management advisor makes it their business to know about these changes and to help guide you through them.

Tax planning

How comfortable are you with planning and strategizing your taxes? More than just preparing your annual statement, a wealth advisor can help you maximize your benefits and mitigate losses. With a variety of opportunities like tax-loss harvesting, your financial advisor may be able to help you craft a strategy that’s right for you. 

Personalized financial planning

Speaking of “right for you,” one of the key benefits of working with a professional is that they can help customize a financial plan that’s personalized to your own financial goals and situation. 

Retirement income planning and Social Security maximization

Did you know that there are over 80 different ways to file for Social Security? And, did you know that making the wrong choices could potentially cost you money? CNBC explains: “When it comes to Social Security, even small mistakes in planning or claiming the benefit can cost you money. The application process is relatively straightforward, yet there are nuances that you may not be thinking about.”

An experienced wealth management advisor can help you understand your options, and the ramifications of each choice you make. 

Helping you avoid pitfalls you weren’t even aware of

With your personalized plan, and continuous tracking of law changes and market forces, your advisor can potentially help you to avoid pitfalls that you never saw coming. You can put a solution in place in advance to manage the unexpected, from inflation to the loss of a spouse. 

Potential long-term financial consequences that come with not working with a wealth advisor

A happy retired couple

As you can see, there are many benefits to working with an experienced wealth manager. There are also long-term consequences that may come from avoiding their retirement and investment advice.

Missed investment opportunities

Staying on top of all of the potential investment opportunities and financial products in the market is a full time job. That’s why you need a financial planner who is an experienced investment manager. 

As we’ve explained before in our blog, “Investment management is a service where the advisor would do all of the investment research, buy and sell investments on behalf of the client, or in conjunction with the client’s approval, and make those reallocation decisions over time, depending on market conditions and your personal financial situation.”

Inefficient tax planning

As we explained above, tax planning can make a huge difference in your financial life. Without a professional to help you to know the opportunities available to you, it may cost you money.

Lack of diversification

If your investment portfolio is overly concentrated in a few stocks or a particular area of the market, you may be taking unnecessary risk. A wealth advisor can help make sure that your portfolio is properly diversified.

Excessive withdrawals from your portfolio and not having enough money to last through retirement

Everyone wants to ensure that they have the money they need to enjoy their retirement. Without a financial planner to help you plan, it may be challenging to know how much you can withdrawal from your portfolio without putting your retirement at risk.avoid the temptation to withdraw funds from your retirement accounts. It may also be difficult to avoid the temptation of withdrawing too much without the accountability of a trusted advisor. A financial advisor can be a key player in your financial future.

How do I find a wealth management advisor I can trust? 

We recommend that you seek out a fiduciary financial advisor. A fiduciary is a person who is required to always act in their client’s best interests.

Elsewhere in our blog we explain, “It is important to remember that not every financial advisor is also a fiduciary advisor. Unless an investment advisor is registered with the U.S. Securities and Exchange Commission (SEC) or a state securities regulator as a registered investment advisor, or are a CERTIFIED FINANCIAL PLANNERTM professional (CFP®), they are not held to the fiduciary standard.

Start planning for your financial future with Dechtman Wealth Management. Contact us today to schedule a free assessment.

Important Disclosure Information

Please remember that past performance may not be indicative of future results.  Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Dechtman Wealth Management, LLC [“DWM”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful.  Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions.  Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from DWM. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. DWM is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the DWM’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request or at

Please Note: DWM does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to DWM’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

Please Remember: If you are a DWM client, please contact DWM, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services.  Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently.

Please Also Remember to advise us if you have not been receiving account statements (at least quarterly) from the account custodian.

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Jordan Dechtman

A financial services professional for over three decades, Jordan Dechtman’s mission is to help clients live better with more opportunities for fun and family time. Ideally, his goal is to help them achieve their dreams. Jordan brings a unique set of skills and experiences to the industry. His work ethic and drive to improve both himself and those around him have been honed during his 30+ years as a high net-worth private wealth advisor. Jordan holds a BS in Finance from the University of Arizona. Through his memberships in both the Financial Planning Association and the Financial Services Institute, he is dedicated to championing the financial planning process. Based on assets under management, Jordan has consistently been recognized by Securities America as being among the top 1% of over 1900 registered representatives.