Wealth Management 101

It starts when you open your first checking and savings account. Then you get a job and contribute to your retirement savings plan, and maybe open an investment account, too. You'll need a mortgage for your house or a loan to start a business. Eventually, you'll begin to think about who will care for your children or how your assets will pass, and you'll want to draft a will or trust.

These are the steps toward building wealth. But you can't do it alone. You'll need professionals to help you along the way, including accountants, attorneys, bankers, trust officers and financial advisors. It helps to also have someone you trust who has the complete picture of your current financial situation and your goals, and can help assemble your wealth management team.

That's your wealth advisor.

Your wealth advisor will work with your wealth-management team to encompass all parts of your financial picture and plans. He or she can help guide you to assembling the team members that are necessary in your financial situation.

Then, as you progress through the stages of your life, your wealth-management team will be able to assist you with current needs and plan for your financial future. Early on, your plans may be focused on matters such as caring for your family if you are not there to provide for them. Later in life, or as you build wealth, your plan may focus more on transfers to the next generations and/ or to charities that are near and dear to your heart. And you will always want to have an eye on retirement planning and how to maintain your standard of living through your golden years.

Your wealth advisor will be there to assist in putting the right people on your wealth management team for each of these stages.

It's important to remember that, regardless of where you are in life, you can be proactive and intentional to find that trusted wealth advisor. Once you do, he or she can help build a team that can effectively guide you through the process of developing a financial plan based upon your financial situation, goals, and comfort level - a plan that will maintain and increase your wealth.

Just as you take the time to select the doctor who will oversee your medical health, you should take the time to select a wealth advisor who can oversee your financial health. It will pay off in dividends!