Either write something worth reading or do something worth writing. - Benjamin Franklin

Why Do You Need A Wealth Manager?

Why Do You Need A Wealth Manager?
Why Do You Need A Wealth Manager?

“Money is the opposite of the weather. Nobody talks about it, but everybody does something about it.” – Rebecca Johnson. Let’s change this quote and actually start talking about money. Managing your own finances is a lot like doing the one chore on the list nobody else in the family wants to do. It can be a pain in the butt but it has to get done one way or another. This is where the possibility of hiring a wealth manager comes into play. Wealth managers not only excel in their fields of investing, coming up financial strategies, retirement plans, and so much more, but they also let their clients have a say in all their decision making. Wealth managers just help ease the stress of doing it all by yourself. Think about it, how awesome would it be to not have to worry about a possibly tanking stock market, creating retirement plans, and refinancing your home? These are all incredibly stressful situations and that is why hiring someone you trust to manage your finances is your best bet to deal with it all in a way that is beneficial to both parties.

There is also an emotional side involved with wealth management. Money is a touchy subject for a lot of people that brings about different concerns and difficult life choices. Hiring somebody you ultimately trust with your finances does in fact, involve a lot of consideration and mental awareness. The person you hire is going to be with you when you get that big raise at work, when you finally purchase the dream vacation house you’ve been saving up for, and will even help you decide where to send your children to college. These are all huge life decisions that impact not only you but your family too. Wealth managers know this and make it their job to build an unbreakable bond to help you be the best you can be when it comes to money.

After doing quite a bit of research on the other benefits of a wealth manager, I came across a few interesting studies. One in particular by Vanguard, a nationally renowned investment firm, said that by hiring a money manager or advisor, your investment returns will have an increase of about 3.75%. A lot of people are against hiring an outside source to help them with investments because they believe they can do it on their own. But in reality, a lot of people who do that suffer losses at some period in their investing. Wealth managers are skilled at what they do which gives them the means necessary to either avoid or bounce back from such losses in the market if that was the case.

Marianela Collado of Tobias Financial Advisors stated, “with each event, things change; finances change.” This is a very important idea because it relates to all financial advisors and wealth managers. Their duty is to help your strategies change with your life, no matter the situation. This is especially important when having the same money manager for many years. Visitation and elaboration are necessary in working with a professional with your finances. Wealth managers strive to make that and your well-being, a priority.
If you are reading this article and are still questioning why not to hire a wealth manager, well I have news for you. There are even more reasons to get one that I am about to tell you. Wealth managers have a passion for helping. That is why they got into this career field in the first place. The drive they feel to help others with their finances goes without saying. And this is coming from a marketing director who works at a wealth management firm. I have learned a lot about the business and the undying compassion comes with the job. Blossoming beautiful client to manager relationships is what it’s all about. You want to fully trust your wealth manager so having a good relationship with them both on a professional and friendship level is vital.

Trust, emotions, and overall awareness about finances are the building blocks to hiring a wealth manager. They truly do make life easier and less stressful since the fact of the matter is, money is sometimes tough to deal with on your own. Picking the right one for you is the next step in the process. I can’t speak for all wealth managers but at Lifelong Wealth Management, we offer a free complimentary financial review in our Lake Oswego office. If you’d like to set one up, please do not hesitate to call us at 503-747-6534.

About Our Financial Planners

As financial planning experts in Lake Oswego, we offer a unique approach to develop a comprehensive financial plan that fits your unique situation.

Lake Oswego Office

5 Centerpointe Drive, Suite 400
Lake Oswego, OR 97035

(503) 747-6534
(503) 214-6534


Palm Spring Office

777 E. Tahquitz Canyon Way, Suite 200-105
Palm Springs, CA 92262

(760) 606-0087
(760) 606-0084


Roseville Office

3017 Douglas Blvd., Suite 300
Roseville, CA 95661

(916) 546-8598