The What, How and Why of Wealth Management


Why the formula (WM = IC + WP + ERMT) is so powerful

Key Takeaways

  • Wealth management combines investment consulting, wealth planning and access to an expert resource management team. Fewer than 7 percent of advisors can offer this.
  • Among successful families, 80 percent are actively shopping for new advisors at any given time.
  • Wealth management is more than just a formula for comprehensive services—it’s about having a passion for helping people achieve their lifelong dreams and goals.

With nearly half a million professionals calling themselves things like financial planner, financial advisor, private wealth advisor, wealth advisor and wealth manager, among other titles, we know it can be tough to determine exactly what advisors do for clients. It can be even tougher to understand how advisors do it and how advisors can help you. So let’s break it down into a simple formula: WM IC WP ERMT

In other words: Wealth Management = Investment Consulting + Wealth Planning + Expert Resource Management Team. Let’s look at each of these elements individually:

1. Investment Consulting (IC) is what most of the nation’s 460,000 financial advisors do–simply managing money.

2. Wealth Planning (WP) has four parts: (1) Wealth Enhancement—mitigating taxes; (2) Wealth Transfer—a plan for efficiently transferring your assets to your heirs; (3) Wealth Protection—keeping your assets from being unjustly taken; and (4) Charitable Giving—your plan for supporting philanthropic causes. If wealth planning sounds pretty comprehensive, it is—surveys indicate that only 6.6 percent of the 460,000 advisors out there actually do it.

3. Expert Resource Management Team (ERMT)—a collaborative process for getting a CPA, estate planning attorney, insurance agent and banker all working together to provide wealth services to you.

Our four-step consultative process

At Coyle, we have a four-step consultative process for providing wealth management:

1. In the discovery meeting we sit down with you and really try to figure out where you are financially and where you’re going, and we look at gaps in your financial plan and try to fill them in over the long term.

2. The investment game plan looks at what you have in terms of assets and what you can do with them.

3. The wealth game plan brings in the CPA, attorney, insurance pro, banker and other specialists to help you get your long-term plan in order.

4. Finally,wealth advocacy management is the maintenance process—ongoing progress reports, meetings, phone calls and emails, so we can continue to deliver wealth services to you and your family for a long, long time.

For my colleagues Kevin Coyle, Ed Kelly, Jackie Murphy, Adam Blonsky and me, wealth management is more than just a job. It’s a passion. Please check out each of their personal stories through the links below. You can view my personal story at the end of this video or the link below.

Second opinion service

Finally, we know that four out of five successful families are actively looking for a new advisor at any given time. That’s why we’re offering our second opinion service. We’ll do a complimentary review of their finances to see if there are any significant gaps. Contact us anytime to find out more about our free second opinion service.

Personal Stories

Gary KlabenKevin CoyleEd KellyJackie MurphyAdam Blonsky

www.coylefinancial.com
800-480-7913 | coyle@coylefinancial.com