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Navigating Wealth Management: A Beginner’s Guide

By Shared Vision Wealth

September 14, 2023

People experience many financial twists and turns along life’s journey. However, as they progress, they learn to accumulate and use resources to help them. Managing those resources can sometimes become time-consuming and even burdensome or overwhelming.

It doesn’t have to be.

Whether you are just beginning to navigate wealth management or have already started but wonder if you’ve taken the proper steps, a guide to wealth management can be a helpful resource. The Shared Vision Wealth Group has compiled this beginner’s guide to point you in the right direction.

Make a Plan

No matter where you are on your journey, having the correct map can make all the difference between successfully arriving at your destination and wandering around in circles. A financial plan is that map.

A holistic financial plan encompassing your investments, taxes, and estate planning is the first step toward successful wealth management. This plan can help guide your actions and ensure you reach your long-term goals.

Pick the Right Vehicle

Successfully achieving your long-term goals requires finding the right vehicle to carry you the distance. In wealth management, investments are those vehicles. It would be great if one easy-to-identify investment guaranteed you would get across the finish line in style. Unfortunately, there is no such thing.

Instead, history has shown that the optimal strategy for long-term success is the application of a patient and disciplined approach to investing. Your best bet is to allocate capital across many diverse investments while remaining mindful of risk management, tax efficiency, and the reduction of unnecessary costs.

Many people who are beginning to learn about wealth management find that they have already picked up several investment vehicles thus far — a savings account with cash for emergencies, a 401k at work, a life insurance policy purchased when a child was born, etc.

However, these investment vehicles lack coordination and either overlap unnecessarily or, more often, leave significant and inefficient gaps that can slow your progress toward your destination. Here is where having an experienced navigator can help.

Pick the Right Navigator

Most people find that having a skilled and knowledgeable navigator to advise them along the wealth management path brings much-needed peace of mind. When selecting the right advisor, consider looking for specific worthwhile attributes.

First, search for someone with a proven track record. In this case, it helps to get a referral from a trusted family member, friend, or colleague.

Also, credentials matter. Look for someone with an advanced professional certification, such as a Certified Financial Planner™ (CFP®). These professionals have received rigorous formal training and passed a financial planning exam, and they must stay current on industry topics with yearly continuing education commitments.

Finally, look for someone working in a fiduciary capacity. This means they must put your interests ahead of their own when working with you. These advisors will often be fee-only or fee-based to ensure your interests are aligned.

Stay on the Path

When it comes to navigating wealth management, patience keeps the vehicle from careening off the road at the exact wrong moment. Too often, investors veer from the path to chase the mirage of better returns or get nervous about the yawning chasms they must bridge from time to time. Staying the course is optimal once you commit to a prudently planned path.

Get Started Now

Are you ready to take the next steps to navigate your wealth management? Get help from an experienced team of dedicated advisors. Contact us today!

“Shared Vision Wealth Group, LLC is an SEC registered investment adviser. This publication is not intended to provide investment advice and is intended for your information only. Shared Vision Wealth Group, LLC does not provide tax or legal advice.”

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* Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP®certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.