At its core, wealth management is about protecting a client’s wealth and assets. However, as the old saying goes, sometimes the best defense is a good offense. What this translates to in wealth management is investment management. This is because growing a client’s wealth is almost always one of the major goals of every CPA, regardless of the service they are providing.
At Klingler and Associates, we take pride in the personal touch that we bring to each client, which translates into a deep understanding of each client’s financial goals, and a solid plan on how to best turn these goals into a tangible reality. Below are several steps about how we get started on each client’s personal portfolio…
What Personal Investment Management Covers
1. Create a Goal Plan
To start off our relationship with a client who wants to expand their portfolio, it is important to address the needs and expectations that a client has about their financial future. At this stage, we work on building a detail-oriented policy statement that addresses what a client hopes to financially achieve in both a short-term time period, as well as in the distant future.
2. Enact an Investment Plan
After clear and tangible goals have been set for our client’s financial expectations, the next step is to actually address how these goals will be reached in the current investment climate. A talented CPA will be able to calculate the potential risks and rewards of investment, and will be able to balance a client’s portfolio with stable, steady investments, as well as riskier investments with the potential of a high payoff. Over time, this strategy should equate to a client experiencing substantial capital growth, which will expand, exponentially.
3. Live Strategy Adjustments
In the wealth management business, the needs of the client and the ever-changing nature of the investment market mean that a CPA must always be ready to enact changes to their strategy. At Klingler and Associates, we provide clients with live strategy adjustments to protect a client’s assets. On top of that, a client’s situation will likely determine how we approach the current business climate. For example, an older client may be less interested in pursuing an aggressive investment pattern, and instead would prefer to steadily maintain their retirement funds. On the other hand, a client who has experienced substantial wealth gains may wish to use that capital for an even more aggressive investment portfolio.