Wealth Management in Illinois
Managing your money in today’s world can be confusing. From handling unpredictable markets to making sure you’re saving on taxes and planning for the future, it’s easy to feel unsure about how to grow and protect your money. Even with good intentions, decisions can lead to missed opportunities, unnecessary risks, and a lack of clear direction without expert advice.
Are you sure your portfolio is set up to meet your goals? Are you taking advantage of tax breaks or preparing for unexpected life changes? Whether you’re just starting to save or looking to grow what you have, the many investment options and strategies can feel overwhelming and hard to handle on your own.
At Legend Financial Partners, located in Illinois, we help clients like you tackle these challenges with confidence. Our wealth management services are customized to fit your needs. We provide expert help with investments, tax planning, estate planning, and more. We also offer free in-person or virtual consultations to get you started on the right track. Whether your goal is to grow your wealth, protect your savings, or secure your future, our team is here to help you succeed with clear and straightforward guidance.
Legend Financial Services
Reviewed By: Trevier Minton, Financial Advisor
What is Wealth Management?
Wealth management is a comprehensive financial service focused on both investment management and long-term financial planning. Unlike basic financial advisory services, wealth management encompasses a wide range of areas, including estate planning, tax planning, risk management, philanthropy, and investment strategies.
This holistic approach addresses all aspects of your financial picture, providing tailored solutions that meet each client's unique needs. Wealth management not only focuses on growing your assets but also ensures they are well protected from risks such as market volatility, taxes, and unforeseen life events, giving you a clearer path toward achieving your financial goals.
Why Work with a Wealth Manager?
A wealth manager is a skilled financial professional who delivers personalized financial services tailored to a client's unique needs. They often integrate investment strategies, estate planning, and tax management to create a comprehensive financial plan. This unified approach allows clients to rely on a single trusted source to coordinate services rather than working with multiple professionals for advice and products. Here's how wealth managers can make a meaningful impact on your financial journey:
Personalized Investment Strategy
A wealth manager develops a tailored investment approach that aligns with your financial goals and risk tolerance. Using asset allocation, fixed-income options, and other strategies, they work to optimize your portfolio for growth and stability.
Comprehensive Financial Planning
Wealth managers offer services that provide a complete view of your financial picture. This includes estate planning, tax management, and wealth transfer strategies, ensuring all aspects of your wealth are accounted for.
Protecting and Growing Your Wealth
Wealth management services focus on growing your assets while protecting them from market volatility and unnecessary taxes. Your financial advisor can guide you through strategic decisions, helping you to achieve your long-term goals.
Wealth Management Strategies
Effective wealth management strategies are tailored to meet your unique financial goals while minimizing risks and maximizing returns. Below are some investment strategies wealth managers employ to grow and protect your wealth:
Asset Allocation
Asset allocation involves strategically distributing your investments across different asset classes, such as stocks, bonds, real estate, and cash. This ensures that your portfolio is aligned with your risk tolerance and financial goals, helping you achieve a balanced approach to growth and stability.
Diversification
Diversification is the practice of spreading investments within asset classes to minimize risk. By investing in various sectors, industries, and regions, you can reduce exposure to any single market's volatility, thereby enhancing your portfolio's resilience and long-term growth potential.
Rebalancing
As market fluctuations cause asset values to shift, rebalancing adjusts your portfolio back to its original allocation, helping to manage risk and optimize returns. By periodically selling overperforming assets and reinvesting in underperforming ones, rebalancing maintains your desired risk level, supports long-term growth, and aligns your portfolio with evolving financial priorities. Wealth managers often integrate tax-efficient strategies, like tax-loss harvesting, to minimize liabilities during the rebalancing process.
These are just a few strategies wealth managers may use to help you reach your investing goals. The specific strategies employed will depend on your unique situation.
How Wealth Management Works: The Process Explained
Initial Financial Assessment
The process starts with a comprehensive review of your financial picture, which involves analyzing your income, expenses, assets, and liabilities to provide a detailed understanding of your financial health. This allows the advisor to understand your goals, identify opportunities, and address potential challenges in achieving your financial objectives.
Developing a Personalized Wealth Plan
Based on your financial assessment, your wealth manager will create a tailored investment strategy and personalized plan covering all aspects of wealth management. This plan includes detailed tax planning, portfolio diversification, risk management, estate planning, and ongoing adjustments to align with your evolving financial goals, ensuring a comprehensive approach to managing and growing your wealth.
Ongoing Investment Management and Adjustments
As market conditions shift and your needs evolve, ongoing management is essential to adjust strategies, ensure your portfolio remains aligned with your financial goals, and protect and grow your wealth over time.
CLIENT TESTIMONIAL
5.0 out of 5.0
I first met Trevier Minton in 2016 as a recent widow needing financial advice. He has been my trusted advisor since, consistently knowledgeable, helpful, and prompt. Trevier goes above and beyond for his clients, and I highly recommend his services to anyone seeking expert financial guidance.
Wealth Management Services Explained
Wealth management services encompass a wide range of solutions aimed at helping clients achieve their financial goals. These services often include:
Investment Management
Wealth managers focus on managing a diversified portfolio by employing tailored strategies that aim to maximize returns while taking into account each client's risk tolerance and financial goals. This includes ongoing investment management to ensure that the portfolio adapts to changing market conditions, incorporating elements such as asset allocation, risk management, and periodic rebalancing.
Financial Planning
Creating a comprehensive financial plan that addresses both short- and long-term financial goals. This involves budgeting, retirement planning, and aligning investments with the client's aspirations. Financial planning also includes education funding, managing debt, and setting up emergency funds to cover all aspects of a client's financial needs.
Estate Planning
Ensuring a smooth wealth transfer process to heirs while minimizing estate taxes. Wealth managers assist in structuring wills, establishing trusts, and addressing any legal matters that could impact the distribution of assets. Estate planning also involves reviewing beneficiary designations, creating healthcare directives, and ensuring that all documents are up to date to reflect the client's current wishes.
Tax Planning
Structuring investments and financial decisions to minimize tax liabilities. This includes using tax-advantaged accounts, strategic timing of income and deductions, and strategies for charitable giving to optimize tax outcomes. Effective tax planning helps clients retain more of their wealth and can significantly impact their long-term financial success.
Trust Services
Helping clients establish trusts for asset protection, legacy planning, and support specific family or philanthropic goals. Trust services ensure that assets are preserved and managed according to the client's wishes, providing flexibility in how and when beneficiaries receive assets. Trusts can also offer protection from creditors and help maintain family privacy.
Comprehensive wealth management services are designed to provide value across all aspects of a client's financial life, ensuring that wealth is not only grown but also preserved effectively. The goal is to create a complete financial picture that helps clients feel confident about their financial future, offering personalized solutions to meet evolving needs and helping them achieve their financial aspirations.
Should I Hire a Wealth Manager?
The decision to hire a wealth manager depends on your financial situation, goals, and confidence in managing your finances. If you're clear about your objectives and feel capable of selecting the right strategies to grow and protect your wealth, you might not need a wealth manager. However, if you face complex questions or have unique financial needs, a wealth manager can provide expert guidance, help navigate uncertainties, and offer strategic advice tailored to your situation.
Choosing the Right Wealth Manager
Selecting the right wealth manager is a critical decision that can significantly impact your financial future. Begin by evaluating their services—do they offer comprehensive solutions such as investment management, financial planning, tax strategies, and estate planning? A well-rounded wealth manager should be equipped to provide a tailored plan that aligns with your specific financial goals and risk tolerance.
Assess the firm's investment approach and ensure it matches your preferences, whether you're seeking growth, income, or preservation of wealth. Review the advisory fees and minimum investment requirements to understand the cost structure and any additional fees, such as exchange fees or account maintenance charges. Transparency in pricing is key to building trust.
Credentials also matter; look for certifications such as CFP, CFA, or CPWA, demonstrating expertise and adherence to fiduciary standards. Research their reputation by checking client reviews, testimonials, and regulatory records on platforms like FINRA or the SEC. Finally, consider how well the wealth manager prioritizes your needs—strong communication, regular updates, and a commitment to "putting what's important" first are essential qualities of a trusted advisor.
Credentials: What to Look for in a Wealth Manager
When selecting a wealth manager, verifying their credentials is essential to ensure you're working with a qualified professional. Key designations include Certified Financial Planner (CFP), which demonstrates expertise in financial planning and adherence to fiduciary standards, and Chartered Financial Analyst (CFA), which highlights proficiency in investment analysis and portfolio management. Wealth managers holding these credentials bring credibility, deep knowledge, and an ethical commitment to prioritizing clients' best interests.
Confirm their registration with the Financial Industry Regulatory Authority (FINRA) or Securities and Exchange Commission (SEC) to ensure compliance with regulatory standards. These credentials, combined with a strong track record and transparent fee structures, can help you select the right professional to meet your financial goals.
Fees: Understanding the Cost of Wealth Management
When considering wealth management services, understanding the fee structure is essential to ensure you get value for your investment. Advisory fees are typically charged as a percentage of assets under management (AUM), with industry averages ranging between 0.50% and 2.00% annually. This percentage often decreases as your portfolio size increases, rewarding those with higher investable assets.
Some wealth managers charge flat fees or hourly rates, particularly for one-time financial planning or advisory sessions. Depending on the firm and the products used, additional costs, such as exchange fees, transaction fees, or custodial charges, may apply. It's important to ask whether services like tax planning, estate planning, or trust management are included in the advisory fee or come with extra costs.
Transparency is crucial; a good wealth manager will clearly outline all fees and explain how they align with the services provided. While fees are an important consideration, focus on the overall value delivered, including expertise, personalized planning, and strategies that can help you grow and protect your wealth over time.
In conclusion, wealth management is about more than just investments; it's about building a comprehensive financial strategy that supports your goals and secures your future. By partnering with the right wealth manager, you gain access to tailored advice, expert insights, and a holistic approach that covers every aspect of your financial life. Whether you're looking to grow your assets, plan for retirement, or manage your estate, wealth management services can help you navigate the complexities of finance with confidence and clarity.
Frequently Asked Questions (FAQs)
How Much Money Do I Need to Hire a Wealth Manager?
The amount of money needed to hire a wealth manager varies depending on the firm's requirements and the level of services offered. Many wealth management firms set a minimum investable assets threshold, typically ranging from $250,000 to $1 million.
For individuals with smaller portfolios, some wealth managers may offer tailored services or flat-fee financial planning for clients who don't meet traditional asset minimums but still want professional advice. The right option depends on your financial goals, investment needs, and desired level of personalized service.
Contact a Wealth Management Expert Today
Ready to discuss your wealth management needs with an experienced advisor? Contact Legend Financial Partners today. Our team can provide you with the confidence that your financial future is secure and that your wealth is protected. If you're seeking expert guidance on wealth management, reach out to us for a free initial consultation.