WEALTH MANAGEMENT IN LAS VEGAS

In the world of Financial Services, there have ­been many phrases “coined” over the past century on what Financial Advisors in Las Vegas and Missoula Wealth Management Advisors would like their business to be called. In the past “financial advisors” have been called everything from an Account Executive to a Stock Broker. As individuals, families, and businesses have had to evolve in this ever-changing world so have the professionals who help them. Financial advisors today need to be up to date with the latest options, understand the different options available, have numerous strategies to imply and a well thought out implementation process needed to give sound advice. Our world and economy have changed dramatically over the past decades to where when dealing with a financial professional, he or she needs to truly understand your entire financial picture, objective, and everything from your tax situation to estate plan.

Today the most “coined” and generally accepted name for our business is Wealth Management. But this phrase brings up a lot of controversies especially among the baby boomer demographic.

WHAT IS A “QUALIFIED” FINANCIAL ADVISOR?

This is our personal definition but it’s also a widely acceptable definition in the financial community. A “qualified” financial advisor is a an individual who may have a professional credential such as Chartered Financial Consultants, Certified Financial Analysts, Chartered Financial Planner, or an MBA and/or has a deep understanding of Investment Management, Insurance Planning, Retirement Planning, Income Planning, Estate Planning, Risk Management, and employee benefits. It has been generally accepted that the Certified Financial Planner or CFP® designation is the gold standard in the financial planning world because these are the core topics of study.

It may be easier to explain what is not a financial advisor, but if your “financial advisor” cannot offer you the client many non-biased options and talk through the reasons on why the recommendations make sense vs. another option, the advisor isn’t truly giving their client the best options for them.

FINANCIAL ADVISORS NEED RESOURCES AND TO COMMUNICATE

So this brings us back to our definition of Wealth Management. A Financial Advisor who states they work in wealth management, in our opinion, needs to offer the following advice and be able to quarterback the relationship to the other professional partners of the client if need. The financial advisor needs to be able to have legal resources, tax professionals, Trust services, and give advice on Investment management.

A good financial planner should be able to communicate with your CPA, Attorney, etc… to make sure everyone is on the same page in regards to reaching the client’s objectives.