A Wealth Management Definition that Works for Everyone

Are you trying to save for retirement?

Are you looking for new investment strategies, new retirement income strategies, and new ways to bolster your nest egg for retirement?

Wealth management can mean different things for different people, and often varies based on the services or products that an individual or firm offers. Similarly, the definition of “wealth” varies between people.

One individual may think having $10,000 in the bank would be wealthy, yet for others it may be $100,000 or $1 million. While the standard definition of wealth management is only applicable to the top 1-3% of U.S. households, Forbes has come up with a better definition that can apply to everyone.

A Definition of “Wealth Management” that Can Apply to Everyone

Michael Chamberlain, a contributor to Forbes, says “Wealth management is the utilization of processes, services and products designed to grow, protect, utilize and disseminate one’s wealth.”

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Chamberlain also breaks down this sometimes vague definition of wealth into 3 groups:

  1. Little Wealth - “For those with little resources, one may not be able to afford the associated services or products for the management of their limited wealth. They may be able to keep a roof over their head and food on the table but have no extra resources to protect their limited wealth.”
  2. Moderate Wealth - “Having greater abundance, which could be characterized as being in “the middle class,” allows for more options and the greater likelihood that individuals and families can afford to implement techniques or products to grow, protect, utilize or disseminate their wealth.”
  3. Great Wealth - “With more assets there are greater complexities and more options to wealth management. With greater wealth, it is more common to adopt an overall approach or interconnected level of services. This is the level of services that the industry or press and media often refer to as “wealth management”.”

No matter what your level of wealth is, it would be worthwhile to sit down with a financial planner and determine a plan to grow, protect, and utilize your wealth before, and after retirement!

At Imber Wealth Advisors, we know that wealth management can be complicated. We want to help you balance your money and your life, so you can have the retirement you’ve always wanted! Our team treats you like family, and we will get to know you personally as we help you plan for retirement. To learn more, contact us today!

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