Flip the Yellow Pages to “W” or do an internet search and you’ll find there is no shortage of firms listed as wealth management in Kansas City. However, we question how many actually belong in this category.
It seems as though there is a growing number of firms touting their services for comprehensive wealth management. Just pay attention the television and radio ads and you’ll no doubt hear this phrase use by a broad range of financial firms. You’ll be surprised at how often you hear the phrase wealth management. In all fairness, it does have a nice ring to it and allows financial professionals to present themselves to a broader audience. In Kansas City alone, there are literally hundreds of financial planning firms and investment advisors who claim this title. To be sure, this number includes many who focus in more specialized areas, such as tax planning, insurance, investments, estate planning, and other unique fields. Certainly, each of these areas is important in their own way. Each field listed above has its own complexities and it’s often valuable to work with someone who specializes in these areas. On the flip side, it’s important to understand that taxes, insurance, investments, and estate planning all overlap each other in the world of financial planning. For instance there are tax implications when you buy and sell investments that vary by account type and holding periods. In addition insurance often plays a key role in estate planning and can have its own investment and tax considerations, as well. So, while we do acknowledge the benefits of specialization, we encourage you to seek out a financial planning firm that looks at each of these areas as interconnected aspects of your broader financial picture. We partner with our clients to ensure these unique aspects of their finances are working in cohesion with each other. To us, this all-inclusive approach is at the core of quality financial planning. We take the time to evaluate where each of our clients stand on a broad range of financial related issues in order to identify areas of strength, weakness, and opportunity. From there each one of our registered investment advisors develops a financial plan that allows our clients to clearly understand their current situation and set a course of action towards their financial freedom. Once your plan is place it is reviewed and refreshed on an ongoing basis. Our firm has been focused on the true principals of wealth management since day one and will never lose sight of the big picture. So, the next time you reach for the Yellow Pages, type an internet search, or talk to your neighbor on the subject of wealth management you’re best served to filter through the quantity of names and focus on the quality of advice. We encourage you to contact The Retirement Planning Group to learn more about how we’re helping our clients achieve their financial goals through comprehensive wealth management.