7 Benefits of Hiring a Private Wealth Management Company

November 7, 2022
November 7, 2022

Did you know that half a million Australians plan to retire in the next five years? Unfortunately, many of these individuals are in for a rude awakening when they go to retire.

The reality is that if you don’t engage in proper financial planning, there’s a good chance you won’t have enough to retire on. That’s just one of the reasons why you should consider contacting a private wealth management company.

But what are the actual benefits that come with hiring private wealth management?

If you want to learn the answer to this question, you’re in the right place. In this guide, we’ll go over seven of the benefits that come when you get in touch with these professionals.

1. Helps You Create a Financial Plan

The most significant benefit of private wealth management is that it can help with both your short-term and long-term financial goals. They do this through the use of financial planning.

Wealth managers have the experience to advise you on your particular financial situation. They can help you develop a specific strategy for achieving those goals.

Maybe you want to go back to school? Or do you want to start investing your money? Private wealth management companies use their skills to help you formulate these plans to stick with.

2. Eliminates Financial Uncertainties

When you think about your financial future, do you get stressed out? If so, know that you’re not alone. This can happen when you spend little to no time thinking about your finances.

But know that it doesn’t have to be this way. With wealth management, you can clearly see where all of your money is going. You will also have a better handle on your savings contributions and investments.

If you lose your job or encounter an unexpected expense, you’ll know exactly how many months or years of security you have.

Essentially a private health management company can help clear away the fog that might be clouding your financial future. That way, you can be better prepared for the unexpected.

3. They Can Help You With a Variety of Services

Often people make the mistake of thinking private wealth management companies can only help them with investments. The reality is that managers don’t just target one area of their finances.

They can help with everything from estate planning to tax help. Here at Next Generation Advice, we offer advice related to the following:

     

      • Private wealth

      • Securities

      • Property

      • Superannuation

      • SMSF

      • Insurance

    If you want to learn more about how we can help you in each of these different areas, make sure to check out our private wealth management services page.

    4. Allows You to Set Financial Goals

    If you’re feeling lost financially, goals can serve as a north star that you’re working toward. The odds are that you have financial goals; you just don’t know them yet. Some common ones include:

       

        • Getting out of debt

        • Preparing for a wedding

        • Buying a car

        • Buying a house

        • Becoming financially independent

        • Preparing for retirement

      A private wealth manager will help you define these goals. Then, they’ll help you formulate an investment plan that allows you to work toward them.

      On top of that, they’ll also monitor your progress, track your transactions, and provide advice for investment products that can help you. Remember that financial goals aren’t set in stone either.

      Sometimes you’ll hit a road bump like losing a job. A good wealth management company will help you figure out how to overcome these obstacles.

      5. Provides Advice for Investments

      Investing your money is the best way to grow your wealth. Unfortunately, this process is not without risks, especially if you don’t understand how things like bonds, ETFs, index funds, and stocks work.

      Luckily, that’s not a problem when you work with a wealth management company. These professionals can give you industry advice for an investment strategy that aligns with your goals.

      They’ll also spread your investments across a variety of different types of geographic locations. That way, if one fails because of market fluctuations, you won’t lose all of your eggs from putting them in one basket.

      Investments don’t have to be intimidating, especially when you have expert advice on your side.

      6. Helps You Prepare for Risks

      Let’s face it; life can be unpredictable. Even when things seem stable, something like a global recession can upend all of your financial planning. However, this is far less likely if you properly prepare for the risks.

      A regular financial assessment is key to preparing for any potential storms. Unfortunately, if you perform this assessment yourself, there are key things you can miss.

      Private wealth managers can find the blindspots, so you aren’t caught unprepared. That way, you’re ready for anything that life and the economy throw at you.

      7. Your Consultation Is Free

      This benefit isn’t true for all private wealth management companies. But, when you go with businesses like Next Generation Advice, your first thirty to forty-five-minute meeting with us is free.

      After two weeks of research into your financial situation, we’ll prepare a statement of advice. Then, if you decide, we’ll help you implement that statement of advice into a functioning financial strategy.

      Need Private Wealth Management? Contact Next Generation Advice

      We hope this article helped you learn some of the benefits of hiring a private wealth management company. Remember that you needn’t be wealthy to benefit from these services.

      These types of services are all about building your wealth while minimizing risk and taxes. So, if you’re ready to start preparing for retirement seriously, it’s time to contact a company like Next Generation Advice.

      Regardless of what stage you’re at in your wealth-building journey, we can help you. So, contact us today to schedule your free consultation.

      Can You Financially Prepare for a Recession?

      Can You Financially Prepare for a Recession?

      A probability model from Ned Davis Research indicates there is currently a 91.8% chance of a global recession. A recession can be a difficult time for anyone, and depending on your current situation, you might not be sure how you'd get through one. The best way to be...

      read more
      6 Essential Tips on How to Build Wealth in Your 30s

      6 Essential Tips on How to Build Wealth in Your 30s

      The net worth of the average Australian in 2022 is just over a million dollars. So how do you measure up? Are you on track to build a healthy portfolio of assets now you're in your 30s?  The reality is that most of us could be doing more with our money, whatever...

      read more
      6 Benefits of Getting a Financial Assessment

      6 Benefits of Getting a Financial Assessment

      Are you looking to grow your wealth and become financially secure? When it comes to managing your finances, things can feel a little overwhelming. Many people don't bother, and that's a real shame. Getting a financial assessment done is the first step in knowing where...

      read more
      How to Create A Personal Financial Plan

      How to Create A Personal Financial Plan

      Millions of Australians retire each year, many of whom have strong financial blankets underneath them as they leave the workforce. Knowing how to conduct personal financial planning is a crucial part of this process. But how do you create personal financial freedom?...

      read more
      Superannuation: Mistakes Your Employer Could Be Making

      Superannuation: Mistakes Your Employer Could Be Making

      Superannuations are super for good reason! Australians have more than $3.1 trillion in their super accounts. Your super account can create a comfortable retirement. But you can't just put money in your account and forget about it. You need to work with your employer...

      read more
      Superannuation Advice for Beginners

      Superannuation Advice for Beginners

      In Australia, there are 24.4 million superannuation accounts but 38% of Australians don't know how superannuation works. With a total of 84 fund providers, it can be difficult to understand super accounts. Simply learning the basics of superannuation can help you...

      read more
      Free Superannuation Advice for 2024

      Free Superannuation Advice for 2024

      COVID-19 has given everyone a bit of a shake-up when it comes to financial planning. It's made a lot of people reconsider their options and what they want from their life. This is supported by the required financial planning needed to achieve their retirement dreams....

      read more
      How to Build Wealth in Your 40s: The Ultimate Guide

      How to Build Wealth in Your 40s: The Ultimate Guide

      Are you in Australia and are looking to build wealth in your 40s? You can implement plenty of superannuation advice to help you financially during this crucial year of your life. For most people, turning 40 is a critical inflection point personally and professionally....

      read more
      Where Is the Best Place to Get Superannuation Advice?

      Where Is the Best Place to Get Superannuation Advice?

      An Australian couple will need an estimated $63,799 a year for a comfortable retirement. If you're single, you'll need at least $45,239. Is your superannuation giving you the results you need for a comfortable retirement? Would you like to be getting better returns?...

      read more
      The Best Financial Advice for Financial Stability

      The Best Financial Advice for Financial Stability

      Are you looking to achieve financial stability? Many people seek the best financial advice so that they can get their finances in order and achieve stability. Financial planning is not always easy, particularly in turbulent times like these, but there are a few pieces...

      read more