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The Benefits Of Holistic Wealth Management

When it comes to managing your wealth, it’s easy to focus on the numbers and view them as the ultimate or only goal. You most likely already have a figure in mind for retirement and other financial aspects such as savings and investments. You may also be working with financial advisors who have developed a plan to help you achieve those figures. However, life is not as linear as that. Your goals and aspirations will probably evolve. If you also consider life events, whether expected or unexpected, you suddenly have a more complex situation that doesn’t necessarily align with your wealth goals.

Holistic wealth management is a way of considering all areas of your life and discovering the part they play in your wealth journey. Wealth management shouldn’t focus on one aspect. If you decided to lose weight, for example, focusing on diet alone tends to be less effective than considering exercise, stress management, and lifestyle.

Any financial advisor can plug in a few essential details into a computer and let it decide the best options for you. A holistic wealth manager, on the other hand, will ask questions such as:

  • What are your goals and objectives, and how can we reach them?
  • What do you value most?
  • What’s most important to you in the short-term as well as the long-term?
  • Are there any exceptional circumstances that may affect your needs?
  • How would you like to account for unexpected circumstances?

By getting to know you, your goals and circumstances, your holistic wealth manager can build a comprehensive profile of you and your needs. Once they have this information, they will create a holistic wealth management plan that helps you to achieve your goals faster.

What Kind Of Goals And Circumstances Should You Be Discussing?

The more comprehensive you are, the more holistic wealth management can do to help you achieve your objectives. It’s essential to consider not only your plans, such as your retirement plan, but also contingencies for when life doesn’t go as planned.

Typical areas for discussion are:

  • Retirement planning
  • Paying for your children’s education
  • Real estate aspirations
  • Creating/building a nest-egg
  • Finding investment options that align with your values
  • Sudden loss of income
  • Transition planning
  • Reducing or expanding your business
  • New business ventures or an industry change
  • Charitable giving
  • Marriage and divorce
  • Inheritance (receiving or planning for)
  • Sudden illness or incapacitation
  • The current and future financial landscape

By discussing these areas, holistic wealth management plays a crucial role in helping you understand your wants and needs thoroughly. Armed with this self-knowledge and information, you can work with your advisor to craft a robust financial plan that can weather multiple storms.

Holistic Wealth Management Benefits

Holistic wealth management allows you to discover what matters most to you rather than what other people think you should value. By investing in your needs and goals rather than figures, you can build a financial future aligned with your values.

A financial advisor that takes the time to build a relationship with you and understands your circumstances can help you make better, more effective long-term financial decisions. When unexpected situations arise, your holistic wealth manager will be equipped to deal with those changes swiftly with minimal financial loss.

While holistic wealth management is usually more of an investment compared with advisors that simply crunch the numbers, the quality you get from the service is far higher. Having a financial expert that knows you and can make suggestions and decisions in your best interests is invaluable, especially in a changing economic landscape.

If you want:

  • A strategic financial plan that evolves as you do
  • Investments aligned with your ethos and beliefs
  • Contingency plans for unexpected events
  • A clear path to achieve your goals no matter how small or insignificant some of them may seem
  • A financial advisor that takes the time to listen and understand your situation and works in your best interests

Then holistic wealth management is the right choice for you. By choosing to invest in holistic wealth management, you will be future-proofing your assets and investments as well as remaining flexible enough to make necessary adjustments without suffering a significant loss.

All great relationships flourish and improve with time. This is the kind of relationship you will develop with your holistic wealth manager who will examine all aspects of your situation to help your wealth flourish and improve, too.